Insurance grew 21% in 2022 - report

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Insurance grew 21% in 2022 - report
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Insurance agents and brokers under their umbrella body, the Uganda Insurance Association (UIA), have been urged to come up with more innovative insurance products.

Mr Latimer Mukasa, chairman of the Executive Committee of UIA, said according to the 2022 Insurance Regulatory Authority of Uganda market report, general insurance grew by 22 percent from Shs736 billion to Shs898 billion in 2022 while Life Insurance grew by 26 percent from Shs397 billion to Shs501 billion.

The performance gave an overall estimated growth of 21 percent for the industry.

“As an industry, we also note that product lines have equally grown notably Medical and Motor. So, we need to be more innovative to grow these numbers," Mukasa said.

Mukasa, made the remarks on the Uganda Insurance Association Awards where he highlighted that Initiatives such awards are a true unification sign which not only help us bond but enable us have a better understanding of how the industry is performing.

“Agents play a significant role in ensuring our success as an industry and make up more than 60 percent of the insurance work force," he said.

"They are a very viable and visible channel for promoting this industry.”

He said the awards applaud the efforts of our agents who are the “face of insurance".

Conan Kisakye, the CEO of the Uganda Insurer’s Association, said with initiatives like these and others, "we should see our penetration grow to the desired 3 percent.”

The association says that it continues to lobby with the Ministries of Finance, Parliament and through the sector regulators like the IRA, URBRA, FIA.

Agents continue to enable the fundamental role in enhancing customer relationships and building sustainable businesses.

Given their importance as a distribution channel, we continue to push for revision of their taxation regimes in consultation with IRA and URA.

With Trust and confidence in insurance being intangible and important to the consumer, we continue to call for good ethical standards and stronger service propositions.

As the Association, we shall continue our consumer sensitisations and implore the agents to support us in raising standards, knowledge and ethical practices for better customer outcomes.

Different agents won awards in the different categories.

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