The 2024 Edition of the Annual Insurance Week was launched at a Press Conference that took place at the Insurance Regulatory Authority of Uganda (IRA) offices. The Insurance Week will take place from 11th to 14th March 2024 at the Railway Grounds under the theme: “InsureVate: Igniting Excellence in the Insurance Sector.” The week is organized by IRA in partnership with Uganda Insurers Association, Insurance Training College, Insurance Brokers Association of Uganda & the Deposit Protection Fund (DPF).
At the Insurance Week press launch, the CEO of IRA - Alhaj Ibrahim Kaddunabbi Lubega said that the Annual Insurance Week is a pivotal moment for the insurance fraternity to reflect on the past, what has been achieved, the existing challenges as well as identify & embark new horizons. He lauded the insurance industry for demonstrating resilience & adaptability against unprecedented global events and guaranteeing unwavering protection for policy holders noting that innovation has been key.
Alhaj Kaddunabbi said that while insurance uptake is still low, there has been more interest in the public and more segments of the community have been reached largely due to innovation. He further attributed last year’s growth in the Gross Written Premiums to innovation.
In his speech, UIA CEO Jonan Kisakye acknowledged the growth of the Annual Insurance Week since its inception and congratulated the IRA & the entire Insurance industry upon this achievement adding that the UIA is honored to be part of the week. He thanked IRA for leading the charge, pledged UIA’s support and promised that the Insurance Consortium for Oil & Gas Uganda (ICOGU) would also participate.
Jonan noted that one of the ways in which insurance can increase its penetration is through such engagements with the public. He explained that the Annual Insurance Week is instrumental in demystifying Insurance to the common person since it gives an opportunity for insurers to explain & showcase what insurance is about & how the public can benefit from it while also pointing out innovation as a critical aspect to the survival of any industry. He said that the Insurance Week doesn’t only benefit Ugandans but, rather is a trendsetter for the other African Insurance industries who are looking to benchmark & implement a similar arrangement in their markets.
Uganda Re CEO - Ronald Musoke noted that, for as long as the insurance players continue to organize the Annual Insurance Week, the industry will experience steadfast growth. He thanked the IRA and also pledged to continue supporting the innovation efforts of the insurance industry.
The Insurance Week will end with an awards ceremony recognizing outstanding innovations in the industry. The Insurance Training College (ITC) was represented by Head Membership & Compliance - Paul Katabalwa while the Insurance Brokers Association of Uganda (IBAU) was represented by Business Manager - Chris Bakesiga at the press launch.
