The performance of the insurance sector in the year 2019 has relatively been good compared to other years according to the regulator, the Insurance Regulatory Authority of Uganda.
Alhaj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer of the Authority notes that they have registered growth in premium payments at 13.6% although the insurance penetration has remained relatively low.
By the end of the third quarter of the ended year 2019, the insurance sector had underwritten a gross premium of Sh748 billion with the hope that by the time the fourth quarter will be computed, the figures should be above the 1 trillion target according to Kaddunabbi.
One of the innovations that has really picked up is the bancassurance, where commercial banks sell insurance products on behalf of insurance companies. The Authority confirms that this product has picked up as many bank clients are embracing it.
As the year 2020 begins, the Authority is determined to have industrial figures go up and as such a number of efforts will still go on.
“We are going to pursue the health insurance bill which is before parliament to become law and we start implementing it. Motor Third Party has already gone mobile and this will improve on the compliance”, said Kaddunabbi.
By this time, the Authority has already published all licensed players, totaling to 128 (both new and existing ones) to carry out the business of insurance in this country.
Kaddunabbi says the intention of having all the licensed players published is to curb the rampant fraud in the insurance industry as the public is expected to deal with licensed players. The Authority has also put in place a Complaints Bureau where the public is expected to lodge any challenges they have with their insurance service providers.
Edited by David Tumusiime