According to findings by the Uganda Insurers Association (UIA), despite initiatives deployed by Insurance sector players, Life insurance awareness and penetration in Uganda still remains very low.
This is mainly attributed to reasons such as limited knowledge about the concept of insurance and benefits attached to it. This is the core reason the Uganda Insurers Association will be holding a medical camp & Life insurance expo in the Eastern Region.
Speaking to the New Vision, Badru Bengo Life, Medical & Pension Officer at UIA said they are looking to sensitize the population about the importance of Life Insurance.
“There is a need to create continuous awareness among the masses about the basic concepts of insurance and benefits of various types of insurance is paramount. Despite the fact that as an industry we have undertaken various initiatives for Insurance education, awareness and policyholder’s protection from time to time, more needs to be done.”
Recent Insurance sector figures 2022 issued by the regulator Insurance Regulatory Authority of Uganda (IRA) indicated that health membership organizations registered a 20% decline in premiums generated from sh48.3 billion to sh38.3billion in 2022.
Badru says that insurance offerings are still very low except for products like motor insurance where insurance is mandatory and others like medical. Even where knowledge on insurance products exists, the perceived value of buying insurance remains low for reasons like high expectations on returns and the belief that risk coverage is not needed.
As part of promoting best practices and the highest standards within the insurance sector, UIA will be holding a life Camp in the wider eastern region of Bugisu, Bukedi and Teso at the Mbale Children’s Park from 24th to 28 July 2023.
The health camp seeks to create awareness about insurance among the public in the region as part of a publicity plan, educate customers and help them make an informed decision on buying Life Insurance.
UIA will also bring the claims clinic closer to the public with the hope of demystifying the myth that insurance companies do not pay.
Source: The New Vision (Click here to view)
