Boda boda riders in the Eastern part of Uganda have been urged to embrace uptake of life insurance policies to protect their lives and that of the family members from unprecedented challenges of life.

The appeal was made by Badru Bengo, Life Medical & Pension Officer at UIA during the week-long medical camp & Life insurance expo happening at the Uganda Christian University play ground in Mbale.

Badru noted that most boda riders remain uncertain of what would happen to them in the event of any health challenges yet there are life insurance policies that are affordable and can support them in times of trouble.

“Our aim is to ensure that the local person understands insurance and the different affordable products they can buy. This life camp seeks to not only offer health services through AAR but we also want to teach them about insurance.”

The camp that started on Monday has attracted insurance companies that are showcasing different products under the life insurance category.

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 that come with the package.

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.

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.

Source: The New Vision (Click here to view)