• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Lifestyle
Insurance players asked to set up anti-fraud policies

Insurance players asked to set up anti-fraud policies

November 12, 2019
Christian Ecumenical Council releases its program for martyrs day celebrations

Christian Ecumenical Council releases its program for martyrs day celebrations

May 20, 2022
Big Interview: “Government needs to review tax regime to rescue hotel industry”

Big Interview: “Government needs to review tax regime to rescue hotel industry”

May 20, 2022
UBOS staff sacco grows savings to shs4.3bn

UBOS staff sacco grows savings to shs4.3bn

May 20, 2022
Stanbic Bank contributes Shs 150m towards Makerere At 100 celebrations

Stanbic Bank contributes Shs 150m towards Makerere At 100 celebrations

May 20, 2022

Hoima: Science teachers given ultimatum to return to class

May 20, 2022
Be policemen of a mind with conviction – Museveni tells CID trainees

Be policemen of a mind with conviction – Museveni tells CID trainees

May 20, 2022
Museveni hosts Raila Odinga

Museveni hosts Raila Odinga

May 20, 2022
UDB, EU earmark shs1bn grants and loans to help tourism sector back on its feet

UDB, EU earmark shs1bn grants and loans to help tourism sector back on its feet

May 20, 2022
Beti Kamya “happy” that FDC is in turmoil, says party has tasted its bitter medicine

IGG Beti Kamya said to be unwell

May 19, 2022
“I had a blood clot in one of my lungs but I am now okay,” Nandutu says

“I had a blood clot in one of my lungs but I am now okay,” Nandutu says

May 19, 2022
Logo
  • News
    • Business
    • 2021 Elections Watch
      • The Election Podcast
    • Exclusive
    • Investigations
  • Politics
  • Education
  • Security
    • Cyber Security
  • Health
    • Coronavirus outbreak
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • Mable Twegumye Zake’s #BitsOfMe&You
      • But this Year!
      • What Did I Miss?
  • Lifestyle
    • Hatmahz Kitchen
    • Food Hub
    • Let’s Talk About Sex
    • Entertainment
    • Tour & Travel
    • Love Therapist
    • Homes
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • Tanzania
    • South Sudan
    • DR Congo
    • Ethiopia
    • Sudan
  • Technology
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs
No Result
View All Result
Logo
No Result
View All Result
Home News

Insurance players asked to set up anti-fraud policies

The Insurance regulator, IRA Uganda, confirms that fraud has become a cancer in the insurance industry

Sampaul Nakhaima by Sampaul Nakhaima
in News
Reading Time: 2 mins read
0
Insurance players asked to set up anti-fraud policies

IRA head Kaddunabbi Ibrahim Lubega

The Insurance regulator, IRA Uganda, confirms that fraud has become a cancer in the insurance industry and as such has called on all insurance players to come up with anti-fraud laws that will prevent this cancer from eating up the sector. 

According to Alhaji Kaddunabbi Ibrahim Lubega, the Insurance Regulatory Authority Chief Executive Officer, 10% of the claims paid to policy holders are a result of fraudulent processes which in a way has a negative impact on the whole insurance industry at large. 

ADVERTISEMENT

“We have seen some engineers connive with people to put in values that were damaged and when you further probe, you realize that things are not connecting. It is also very common in medical insurance; someone goes to the medical facility checks for something which did not take them there in the first place. Even within insurance companies themselves, people forge work experience. This is fraud which must be dealt with”, Said Alhaji Kaddunabbi.

ADVERTISEMENT

This fraud is brought about by a number of factors but most especially the fact that insurance companies have resorted to working individually while competing without sharing useful information. 

Allan Mafabi, the Chairman of the Uganda Insurance Association agrees to this and says, “It is high time we as insurance companies formed a single platform where we bring together our technical people such as those dealing with claims to share useful information. It is very common to find one car being claimed in more than two companies. It is therefore important that we dealt with this issue collectively and that is what we are working on.”

It is here that Alhaji Kadunabi, the IRA CEO encouraged insurance companies to come up with antifraud policies that will prevent any cases of fraud. The need to sensitize all insurance industry players on fraud and doing due diligence at the underwriting stage was also emphasized. The use of IT should as well be embraced. 

This as CEOs from different insurance companies gathered for the 44th breakfast engagement to deliberate on evolving insurance market challenges, their impact and how to tackle them. 

 

Tags: insuranceinsurance playersinsurance sector
ShareTweetSend
Previous Post

Uganda Airlines flies the Cranes to Burkina Faso for Wednesday’s AFCON qualifier

Next Post

Vipers vs URA: Taxmen threaten the venom’s unbeaten run

Sampaul Nakhaima

Sampaul Nakhaima

Related Posts

Christian Ecumenical Council releases its program for martyrs day celebrations

Christian Ecumenical Council releases its program for martyrs day celebrations

by Kenneth Kazibwe
May 20, 2022
0

The Christian Ecumenical Council of Uganda(CECU), the body which brings together churches that are not part of the Inter-religious Council...

Big Interview: “Government needs to review tax regime to rescue hotel industry”

Big Interview: “Government needs to review tax regime to rescue hotel industry”

by Muhamadi Matovu
May 20, 2022
0

Uganda Hotel Owners’ Association( UHOA) have on several times asked government to scrap or reduce multiple taxes which they say...

UBOS staff sacco grows savings to shs4.3bn

UBOS staff sacco grows savings to shs4.3bn

by Kenneth Kazibwe
May 20, 2022
0

The Uganda Bureau of Statistics staff Savings and Credit Cooperative Society(Sacco) deposits have grown from shs70 million in 2016 to...

Hoima: Science teachers given ultimatum to return to class

by NP admin
May 20, 2022
0

By Kevin Kasoma It has so far been ten days and  since science teachers all over the country decided to...

Next Post
Vipers vs URA: Taxmen threaten the venom’s unbeaten run

Vipers vs URA: Taxmen threaten the venom's unbeaten run

  • Trending
  • Comments
  • Latest
Chameleone, Weasel kiss on stage again

Chameleone, Weasel kiss on stage again

May 17, 2022
Muhoozi’s birthday parties don’t mean I want him to be president, says Museveni

Muhoozi’s birthday parties don’t mean I want him to be president, says Museveni

May 16, 2022
Sejusa, Kato Lubwama cases on the card as Court of Appeal handles 59 matters in three weeks

Sejusa, Tumwine on the list as UPDF retires 34 generals on Monday

May 16, 2022
Christian Ecumenical Council releases its program for martyrs day celebrations

Christian Ecumenical Council releases its program for martyrs day celebrations

May 20, 2022
Big Interview: “Government needs to review tax regime to rescue hotel industry”

Big Interview: “Government needs to review tax regime to rescue hotel industry”

May 20, 2022
UBOS staff sacco grows savings to shs4.3bn

UBOS staff sacco grows savings to shs4.3bn

May 20, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Careers
Call us: +256-417-720-101
Email: [email protected]

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.

No Result
View All Result
  • News
    • Business
    • 2021 Elections Watch
      • The Election Podcast
    • Exclusive
    • Investigations
  • Politics
  • Education
  • Security
    • Cyber Security
  • Health
    • Coronavirus outbreak
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • Mable Twegumye Zake’s #BitsOfMe&You
      • But this Year!
      • What Did I Miss?
  • Lifestyle
    • Hatmahz Kitchen
    • Food Hub
    • Let’s Talk About Sex
    • Entertainment
    • Tour & Travel
    • Love Therapist
    • Homes
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • Tanzania
    • South Sudan
    • DR Congo
    • Ethiopia
    • Sudan
  • Technology
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.