The Insurance Regulatory Authority of Uganda (IRA) has authorised a total of 131 industry players to conduct insurance business in 2022, effective January 1.
These include two (2) Reinsurance companies, twenty-one (21) non-life companies, eight (8) life companies, two (2) Micro Insurance Companies, three (3) Health Membership Organisations (HMOs), three (3) Reinsurance Brokers and forty-seven (47) Insurance Brokers.
The list also includes eight (8) Loss Assessors, four Loss Adjusters, four (4) Loss Assessors and Loss Adjusters, four (4) Loss Assessors and Risk Advisors, three (3) Loss Adjusters and Risk Advisors, two (2) Risk Advisors, Loss Adjusters and Loss Assessors, one (1) Risk Advisor and nineteen (19) Bancassurance Agents.
The authorisation is in reference to section 34 (1), 35, 36 (1), 82 (1) and 83 of the Insurance Act, No. 6 of the Insurance Act 2017. All licensed players are required to display prominently a copy of their license in a principle place to which the public can have access in each branch of business in Uganda.
It should, however, be noted that Metropolitan Life Uganda Limited, which formerly operated under the Life Insurance business category, will not conduct business this year because it voluntarily opted to windup.
St. Catherine’s Medicare Limited, which operated under the HMO category, will also not offer services this year because it is winding up, voluntarily.
Also, International Air Ambulance (IAA), formally an HMO, will not operate business following the transfer of its Portfolio to Prudential Assurance Uganda Limited.
Uganda Global Survey Limited, which operated as a Loss Assessor, Adjuster and Risk Advisor, whose license was revoked and Futures Properties Consultants, whose license expired, will not offer/conduct insurance services, this year.
The IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, emphasizes that the public should deal with ONLY licensed insurance players and in case of any dissatisfaction, to lodge a complaint with IRA’s Complaints Bureau where they will find redress.