Insurance week to celebrate innovations in sector

Business

This year’s annual insurance week is set to be held between March 11 to 15 at the Railway grounds in Kampala, the Insurance Regulatory Authority has said.

Speaking during the launch on Friday, IRA CEO, Alhaj Kaddunabbi Ibrahim Lubega said once again, insurance sector players will gather to reflect on the achievements and see what to do better , going forward.

“The insurance week is a time when we recognize vital role insurance places in safeguarding communities against unforeseen risks. It is not just an event but critical moment where we showcase why we must exist. The insurance week is testament to critical role insurance plays in our lives,” Kaddunabbi said.

He said as part of the activities, all insurance players will be brought under one space to provide services to the public, provide advisory services and also answer queries from the public.

Innovation

The Insurance Regulatory Authority CEO said during the insurance week, the sector players will showcase innovations aimed at deepening insurance penetration.

“We have embraced innovation and technology intended to better services we offer to the public, streamline operations and make it easy for each consumer of services of insurance but also streamline operations to enhance risk management strategies. We continue to evolve in meeting evolving needs of our clients. We will be showcasing all this during the insurance week,” Kaddunabbi said.

“From natural disasters to public health crises, we have remained steadfast in our promise to provide a peace of mind to Ugandans. Those who haven’t taken benefit of what insurance offers, in 2024 come closer to insurance industry and get a solution.”

This year’s insurance week will also have a medical camp where different health services including free HIV testing and counselling, vaccinations, testing for blood sugars and pressure among others will be done.

According to Deposit Protection Fund’s director for investments, Alan N. Lwetabe, the insurance week will be yet another opportunity to extend knowledge to the public about the insurance sector.

“We shall provide financial literacy to the masses but also explain to them more about insurance and the work the Deposit Protection Fund does to secure their deposits in banks and financial institutions.”

“We do bring and are looking forward to bring awareness about insurance in all its facets. We believe by participating in this insurance week we are able to bring full awareness of having insurance to the masses.”

The Uganda Insurers Association CEO, Jonan Kisakye said if sector players are to improve penetration of insurance, public engagements are key.

“It is incumbent on us to help in improvement of penetration of insurance. This week gives us opportunity for us to showcase our products, interact with people and demonstrate how insurance works and this way, we shall make the public aware of insurance,”Kisakye said.

 

 

 

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