UIA joins USSIA in Celebration of 45th Anniversary

2nd, Dec 2024 Share This

The Uganda Insurers Association was privileged to be part of the momentous celebration of 45 years of the Uganda Small Scale Industries Association (USSIA). The event, held at the UMA Showgrounds in Lugogo, provided a platform to engage with Micro, Small, and Medium Enterprises (MSMEs) and affirm our shared commitment to their growth and resilience.

UIA was represented by Senior Life & Pensions Officer, Mr. Bengo Badru on Day Two of the Anniversary Celebrations featuring the Financing and Market Access Symposium. In his insightful presentation, he highlighted the vital role of tailored insurance solutions in safeguarding MSMEs against risks. He shared the innovative strategies developed by UIA in partnership with the Private Sector Foundation Uganda (PSFU) under the COVID-19 Economic Recovery and Resilience Initiative. These strategies, including sector-specific MSME insurance products and the Business Continuity Plan (BCP), were designed to ensure sustainability for businesses in agriculture, trade, tourism, manufacturing, and ICT sectors.

UIA's Senior Life & Pensions Officer, Mr. Bengo Badru speaking to attendees of the celebration

Badru drew attention to the challenges MSMEs faced during the COVID-19 Pandemic, emphasizing how many of these could have been mitigated through appropriate insurance solutions. He emphasized the need for personalized safety nets for entrepreneurs, urging them to embrace insurance as a critical tool for protecting their ventures against unforeseen risks.

He also pointed out the significant growth opportunities available through Uganda’s 10-Year Growth Strategy and encouraged USSIA members to scale up production to achieve commercial success. To support these ambitions, he stressed the importance of securing safety nets to enhance business resilience and longevity.

Badru reassured attendees of UIA’s unwavering support for MSMEs introducing our dedicated call center, a resource for guiding MSMEs on insurance and business continuity planning. This initiative aims to empower business owners with the tools needed to navigate uncertainties and achieve sustainable growth.

At UIA, we remain committed to driving the sustainability of MSMEs through innovative insurance solutions, ensuring they thrive in an ever-changing economic landscape. Together with partners like USSIA, we look forward to continuing our efforts to build a resilient and prosperous business community in Uganda.