On 23rd November, 2023, the Insurance Regulatory Authority (IRA) in partnership with Uganda Insurers Association (UIA), Insurance Brokers Association of Uganda (IBAU), Insurance Training College (ITC) & the Uganda Insurance Agents Association (UIAA) officially launched the 2023 Insurance Innovation Awards at Insurance Tower in Kampala. The awards will take place on 15th March, 2024 at Kampala Serena Hotel.

Speaking at the media launch, IRA CEO - Alhaj Kaddunabbi Ibrahim Lubega said that the awards are to recognize all the insurance innovations which have happened in the year 2023 adding that this is in a bid to transform the industry and support innovation across the insurance value addition chain. Eligible to participate are all the licensed players including; the insurers (underwriters), insurance brokers, bancassurance agents and the individual agents, individual loss assessors, adjustors & the valuers. 

Alhaj Kaddunabbi Ibrahim Lubega also noted that they are also to recognize the role of the media & insure-tech in the insurance value chain to demonstrate that the insurance industry and the media are partners since media plays a very important role in disseminating insurance information to the masses.

In his remarks, UIA CEO - Jonan Kisakye stressed the importance of Insurance Innovation Awards as innovation is part & parcel of the insurance industry. He added that the UIA is managing the Motor Third Party Insurance (MTP) Platform that enables members of the public to access MTP through USSD Code, via one’s preferred mobile operator & other available options with efforts to digitize the MTP Sticker underway. He recognized IRA for being part of this innovation while noting that these are some of the changes which continue to spur the relevance of the insurance sector in the economy.

Jonan also spoke about the on-going Marine Cargo Insurance platform which is being developed in liaison with IRA to simplify the mandatory uptake of local Marine Cargo Insurance. He pledged our support for the regulator in all initiatives geared towards growing the industry.

Other Speakers at the press launch included ITC CEO - Saul Seremba, IRA Director Planning, Research & Market Development - Sande Protazio, IBAU Chairperson – Paul Muhame and Deborah Amia Poni from Adroit Consult International.