Recently on the 21st of September 2023, we hosted CEOs of various Insurance Companies to a breakfast meeting at Serena Hotel in Kampala. This was to discuss Insurance industry matters and update our members on the different initiatives of the Secretariat. The meeting was well attended by the CEOs of the various Insurance Companies.
Our CEO – Jonan Kisakye, welcomed the CEOs from the UIA Annual General Meeting (AGM) & CEO Forum that was held in June 2023 in Zanzibar and informed them that the resolutions from the Zanzibar retreat were approved by the Executive Committee.
Jonan updated the CEOs on the progress of the various undertakings of the secretariat including: the Strategic Plan, the transition to digital stickers, the building project and the establishment of the fraud desk benchmarking on URA among others. He informed the CEOs that various key stakeholders were invited by the Executive Committee to present before the CEOs with a view of members understanding the direction the secretariat is proposing in order to grow the insurance sector.
A presentation on the results of the Total Tax Contribution & Economic Impact Measurement Survey from PwC in line with the study on the contribution of insurance to the economy was delivered by their representative - Mrs. Crystal Kabajwara while Sedgwick represented by Mr. James Norman, Mr. Bernd Gerhard, and Mark Dobson delivered a presentation on the proposed Motor Third Party Administration, Claims & Loss Adjusting platform.
He indicated that the UIA represented members at the recently concluded MoFPED FY2024/2025 Budget Conference, where the industry tax proposals and amendments were presented.
Jonan thanked the IRA CEO for his continued support citing the success of Motor Third Party Insurance Platform and the proposed MTP amendments which were now at advanced stages, and requested the IRA CEO to share the proposed premium rates with UIA members. He also mentioned the Marine Cargo Insurance platform, which is set to be rolled out on 1st October, as another initiative that the UIA was working on closely with the regulator.
In his address, our Chairperson – Mr. Latimer Mukasa informed the CEOs that the half-year performance demonstrated continued growth in the insurance industry. Mr. Latimer said that the Association was heavily involved in representing its members in various engagements with strategic partners like Uganda Manufacturers Association (UMA) with a Memorandum of Understanding for the mutual benefit of the respective memberships set to be signed.
He also informed the CEOs that the UIA will be participating in the 29th UMA International Trade Fair as a key sponsor. He also spoke about the recently signed MOU with FITSPA (Financial Technologies Services Providers' Association) and that a Technical Working Committee had been constituted to enable the Insurance fraternity to tap into FITSPA membership's potential to distribute insurance products. He also mentioned that the quarterly CLUB Engagement with the Brokers was held last month.
The IRA CEO - Alhajj Kaddunabbi informed the CEOs that a lot can be done in the second phase of MTP including enhancing the existing platforms and cutting costs. He also expressed optimism for the UIA Building plans.
Other key stakeholders in attendance included the Chairman of Uganda Association of Valuers, Engineers & Loss Adjusters (UAVELA) - Mr. Abubaker Ssemambo and the Insurance Appeals Tribunal (IAT) represented by the Registrar Mr. Isaac Mpanga.
