Targeting informal sector will help deepen insurance penetration, says IRA’s Kaddunabbi

With insurance penetration in the country still hovering around one per cent , the Insurance Regulatory Authority Chief Executive Officer, Alhaj Ibrahim Lubega Kaddunabbi has said more effort should be targeted towards the informal sector as one of the ways to deepen insurance.

Kaddunabbi gave the advice on Thursday during this year’s annual insurance week at Railway grounds in Kampala.

“This year, we have seen very many people attending and coming on board including boda bodas and people in the informal sector. This is a good gesture to see that the people in the informal sector are now interested in seeing how they can secure their property and their businesses,”Kaddunabbi said.

“It is a sign that we shall be able to move from the low-income country to the middle-income country and is the only way we can move to the developed economies of the world.”

The insurance week, held annually brings together insurance players under one space to provide services to the public, provide advisory services and also answer queries from the public.

Speaking on Thursday, the IRA CEO said this week enables insurance sector players move out of their offices to reach out to their customers and potential customers.

“During this week, we move out of the offices and go to the people we serve to tell them about the services offered by the different companies including insurance brokers, loss assessors, adjustors and bancassurance agents.”

He said this year they partnered with the Deposit Protection Fund, Uganda Blood bank and other players to provide other services like HIV testing,  blood donation among other.

According to Kaddunabbi, it is satisfying to see that the number of people who attend the insurance week keep increasing each year that passes.

He however called for professionalism in the insurance sector.