Minister Mwebesa argues that a little money set aside by an employer periodically can help overcome the financial challenge when the need for compensation arises.
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IRA Chief Executive Officer, Haj Ibrahim Kaddunabbi Lubega
Trade, Industry and Cooperatives Minister Francis Mwebesa has implored the insurance industry to turn the focus onto workers safety in Uganda.
Uganda's employers, including government agencies are often accused of having bad or no policies protecting their workers, and those with the policies often violate them when the workers run into problems at the place of work.
Most of the employers are never willing to part with money needed to compensate someone who has got injured or fallen ill at or as a result or work.
Minister Mwebesa argues that a little money set aside by an employer periodically can help overcome the financial challenge when the need for compensation arises. He urges the Insurance Regulatory Authority (IRA) and insurance companies to innovate more into and encourage Workman's Compensation products to encourage employers to make it part of their operating systems.
He was speaking at the fifth Insurance Innovation Awards ceremony Friday.
Employees injured on the job are entitled to benefits, no matter who’s at fault, according to the law and the advice by the insurance industry.
This makes it compulsory for all employers, with cover involving payment of an injured worker up to 66 month salary equivalent.
In 2023, the Worker's Compensation Act enacted in 2000 was amended to provide for faster assessment and compensation, among others.
The Ministry of Gender, Labour and Social Development has been holding consultations on guidelines for implementation.
Mwebesa was representing Vice President Jessica Alupo at the awards ceremony that ended the Insurance Innovation Week under the theme “Redefining Insurance: Trust, Innovation, and Inclusivity."
Ibrahim Kaddunabbi Lubega, the Chief Executive Officer at IRA said that the awards aim to foster knowledge sharing, drive innovation, and expand insurance penetration, adding that "both in the short and long term, the ultimate goal is to enhance customer convenience."
He was hopeful that with continued innovation, as seen over the last four years, the industry will continue meeting public expectations and needs especially with the growing adaptation of technology and digital transformation.
He called on innovators to take advantage of the IRA Regulatory Sandbox which is "open for all innovators to test and refine ideas in a simulated market environment, ensuring maximum success when launching."
The Minister for Finance, Planning and Economic Development, Matia Kasaija encouraged the industry to continue pushing for more penetration, adding that insurance was capable of driving the growth of the economy as it easily mobilises money for investment.
"Insurance penetration remains at less than 1 percent of GDP, but this should not be a challenge but an opportunity for more innovation and growth," he said.
He added that as the economy grows bigger and more monetary, it becomes more relevant for insurers to go further to rural and less served communities, especially with the Parish Development Model creating more financial inclusion.
This, he said, would need more innovation into micro insurance products.
Prudential Assurance Ltd walked away with the "People's Choice Award" while Jubilee Health Insurance Company's J-Junior product was names "Most Innovative Solution, Non-Life".
The "Most Innovative Solution - Life" was awarded to Old Mutual Life Assurance Uganda for their "AI in Business Process Engineering", while Stanbic Bank's "Stanbic Flexi-protect plan (a Funeral insurance product)" took"Most Innovative Bancassurance Solution".
The Uganda Migrant Workers’ Insurance Scheme by SPADES Insurance Brokers and Ellipticloud won "Most Innovative Insurance Broker" award.
