We organized a workshop to disseminate the findings from the Insurance Coverage & Needs Study to members of Mbale City Traders Association (MACITA) at Mbale Court View Hotel on 10th November, 2023. The survey was conducted in July 2023 to understand the risks faced by members of KACITA and its affiliates MACITA and MBACITA, their risk mitigation strategies, uptake of formal insurance and the existing barriers.
The MACITA Chairperson – Mr. Kiwanuka expressed his excitement for this engagement & noted that it is through such engagements that their businesses will be transformed against the risks that they face currently.
The survey results as presented by UIA Research Officer - Angela Kemigisa showed that the top two risks businesses in Mbale were exposed to include theft/burglary at 86%, fire at 52%, unstable prices of commodities at 46%, and illnesses at 17%, among others and these led to revenue loss at 91% if they occurred.
Angela also revealed that the research comprehensively looked at the mitigation ways that the traders were using to tackle the existing risks, which included but were not limited to the following; reliance on their savings at 36%, borrowing money at 46%, belonging to Village Savings & Loan Associations (VSLAs) at 27% and tighter security at 20%. She added that while these could seem to help in the short run, they are not reliable and therefore, it was high time the traders embraced insurance as the surest way to get past the risks.
Manager, Life & Pensions - Badru Bengo, who represented the CEO, noted that this research is not only in line with the strategy of demystifying insurance up to the last mile but also demonstrates the importance of study findings for both traders & insurers. He added that it is now clearer than ever, that traders have to take on insurance to mitigate the risks that they are exposed to, to preserve the continuity of their business.
Some of our members were represented at the workshop and these included; Sanlam Life Insurance, Jubilee Life Insurance, ICEA Lion General Insurance, ICEA Lion Life Assurance & CIC Life Insurance. They noted that they were looking forward to welcoming the traders to the insurance side of life.
Annet Katusiime, the Marketing Development Manager moderated this workshop.
For a full report, follow the link below:-
The Insurance Coverage and needs among KACITA members and Affiliate Trade Associations 2023 Report.
