Ugandans have been urged to embrace insurance as a vital tool for securing their future.
Speaking during this year's annual insurance week at Constitutional Square in Kampala, Al Hajji Ibrahim Lubega Kaddunabbi, CEO of the Insurance Regulatory Authority (IRA), underscored the need for Ugandans to embrance insurance.
“As you are aware, the National Development Plan IV emphasizes securing people’s future. You can only secure the future by protecting what you have managed to acquire. Insurance provides that security and protection,” he said.
This year’s Insurance Week that runs until Thursday,26 runs under the theme, “Future Eri Ku Sure Ne Insure,”.
The theme was chosen to remind Ugandans that insurance can be the backbone of a stable and secure future.
While insurance penetration remains low stagnating below 1%, the sector is experiencing robust growth, with gross written premiums rising to shs1.5 trillion .
Speaking on Monday, the Insurance Regulatory Authority CEO encouraged citizens to use insurance protect their valuable assets:
“Whatever you own that has value, please insure it. ensure that you insure it,” he said.
Al Hajji Kaddunabbi said the annual event, now in its sixth year, has provided a unique opportunity for insurers to interact directly with the public.
“The response to the annual Insurance Week has been overwhelmingly positive. People have benefited by visiting the various stores and learning what insurance is all about,” he said.
He added that the initiative goes beyond traditional insurance awareness.
“It is also an opportunity to partner with other stakeholders who may not be directly interested in insurance but are committed to safeguarding other people’s lives. We donate blood, and invite people to obtain national IDs and driving permits,” he explained.
The Executive Director of the Insurance Training College, Saul Seremba hailed the partnership between Insruance Regulatory Authority and insurers in buildign trust.
“Insurance is based on trust. If we are to build trust, we must step out of our offices and interact with the people we insure. This is the chance we have—let us fuel this momentum and not waste it,” he said.
According to Lubega, every year sees an increase in the number of people registering for insurance and providing feedback, which helps to strengthen the initiative.
“From Thursday to today, we have already registered numbers that we hadn’t in the past. We expect this trend to continue up to next Thursday,” he noted.
“This week allows us to bring insurance closer to the people, to listen to the public, and to demonstrate the role insurance plays in protecting our collective future.”
