In partnership with Uganda Revenue Authority (URA) & the Insurance Regulatory Authority (IRA), we held a two-day engagement on Local Marine Insurance with Clearing Agents at URA offices. Members associations in attendance on day one were; Uganda Clearing Industry and Forwarding Association (UCIFA), Uganda Freight Forwarders Association (UFFA) and the Federation of Uganda Customs Agents and Freight Forwarders (FUCAFF) while for day two were Uganda shippers’ council, Uganda cargo consolidators and used car dealers. The engagements were aimed at educating attendees on Local Marine Insurance, gathering feedback and preparing them for implementation.
URA’s Assistant Commissioner of Trade, Ms. Brenda Wanene kicked off the engagements by stressing the strategic importance of Local Marine Insurance in Uganda's economic development. She encouraged clearing agents to be proactive in learning about the insurance process and to adopt these new practices, which are to benefit both the business community and the broader economy. She also urged the UIA & IRA to continue raising awareness through various platforms.
Gilbert Emojong, our Non-Life Technical Assistant, emphasized the advantages of Local Marine Insurance highlighting that the policy offers all-risk coverage, protects goods throughout the entire shipment process. Additionally, Emojong pointed out that this homegrown solution promotes capacity building for local insurers, offers competitive rates, and simplifies the claims process. He encouraged participants to explore the Local Marine Portal on the UIA website for easy access to this Insurance.
Alhaji Jaffer Abdallah, President of the Uganda Clearing Industry and Forwarding Association (UCIFA), underscored the importance of understanding the value of Local Marine Insurance. He acknowledged that, in the past, clearing agents lacked a clear understanding of its benefits, but through these engagements, the industry is becoming more informed. Abdallah urged URA's Assistant Commissioner of Trade, Ms. Brenda Wanene, to ensure that clearing agents receive the necessary training to fully comprehend the processes of Local Marine Insurance.
System Developer, Elizabeth Musasizi expounded on the Marine Cargo Insurance portal in detail. She demonstrated how importers could obtain marine insurance through the UIA website’s Marine portal adding that those with an existing insurer, can directly obtain the certificate from their provider. Musasizi emphasized on coverage of cargo from the point of origin to the final destination of goods and warned about penalties for non-compliance.
During the Q&A session, Barbra Walugembe, IRA's Legal Officer, explained that Local Marine Insurance was introduced after thorough research into the challenges businesses faced with foreign insurers. She reassured participants that local insurers can efficiently handle claims through co-insurance and encouraged businesses to report any claim delays or non-payment to the IRA. Walugembe emphasized that the benefits of Local Marine Insurance outweigh the drawbacks and stressed the importance of industry feedback for its improved implementation.
Our CEO - Jonan Kisakye reminded the audience that Local Marine Insurance is now a mandatory requirement for all importers. He affirmed that the engagements had achieved their goal and that insurance stakeholders would work closely with URA to resolve any issues raised and improve the system.
Among other speakers was Charles Ekweu, Director General of FUCAFF, who voiced his support for Local Marine Insurance & urged stakeholders to address the delays hindering its full implementation so that importers can fully benefit from local insurers. UFFA Chairman Charles Mwebembezi praised UIA and IRA for their efforts in advancing Local Marine Insurance. He stressed the importance of immediate implementation, emphasizing its critical value to Uganda’s economy and urging all stakeholders to prioritize its adoption for the protection of the business community.
The two-day engagement proved successful in educating both clearing agents and freight forwarders about the critical importance of Local Marine Insurance. Stakeholders left with a deeper understanding of the processes involved, as well as the significant benefits it offers to them & Uganda’s economy at large.
