Government urged to insure its assets

Uptake of insurance in Uganda remains very low even despite different interventions by both players and the authority.

What' is shocking is that even the government itself hasn’t appreciated the need to insure its assets yet a lot of money is spent on acquiring these assets.

Ibrahim Kaddunabbi Lubega, the chief executive officer of the Insurance Regulatory Authority, said government needs to insure some of government's old assets.

While releasing the Insurance Industry performance in the year 2021 and the achievements, Kaddunabbi  highlighted the need for the government to think of insuring its assets.

"If Makerere was insured, the ivory tower would be already put and so many government vehicles get accidents and government has replace them a thing that insurance companies would be doing," Kaddunabbi said.

Kaddunabbi said efforts to engage the ministry of Finance on the need to insure government assets have not yielded tangible results saying cabinet had only accepted to insure old assets.

Despite the tough economic times, the performance report shows that insurance sector has shown resilience having grown at 3.3% in 2020/21 compared to 3% in 2019/20.

This is slightly higher than the previous year suggesting that the country is slowly recovering from the negative impacts of the COVID-19 pandemic