Taking insurance to the people

Players in the insurance sector have for years made strides to increase on insurance uptake in Uganda but their efforts have been unrewarding.

In the East African region Uganda has the lowest penetration rate standing at 0.8% of the Gross Domestic Product.

As part of the effort to deepen insurance uptake in the country, the insurance institute of Uganda has changed its approach by taking the insurance sensitisation to universities since they are the people soon taking on the market.

When you take about insurance in Uganda people mostly understand the motor third party more so only those that own cars which is a must pay the rest have limited information on the subject.

“The key players in the sector have made all strides to see that they increase participation of insurance including the introduction of Bancassurance but their efforts have futile," said Saul Sseremba, the chief executive officer of the Insurance Institute of Uganda.

Sseremba says that selling insurance is the hardest thing to do as people’s mind set is still glued that insurance is for rich people yet that’s not the case.

More so even the traditional setting of Uganda is hindering the penetration of insurance as people believe that its not right to plan for calamities or accident.

According Nkote Isaac the chairman Insurance Regulatory Authority says that may be they have been employing wrong measure to sale insurance and its time to involve university students who are soon joining the industry.

“Currently Uganda has 29 insurance companies and now they have included bank to offer insurance services but still more is needed to achieve the 8.2% in the next two years," Isaac Nkote.

Currently they have started forming insurance clubs in university equipping them with all related information on insurance so as its become easy for them to spread the gossip and to insure the selves as well.