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The insurance sector in Uganda is experiencing notable growth rates attributed to ongoing innovation trends that are simplifying service delivery to the public. This surge in innovation has significantly contributed to an increase in business value, evidenced by the rise in Gross Underwritten Premiums from 1.44 trillion shillings in the previous year to 1.6 trillion shillings in 2023.
Ibrahim Kaddunabbi Lubega, the Chief Executive Officer of the Insurance Regulatory Authority of Uganda, emphasized that although insurance uptake remains relatively low, there has been a marked increase in public interest, with more segments of the community being reached, largely due to innovation.
Recognizing the pivotal role of innovation in driving industry growth, stakeholders in the insurance sector are coming together to host the Annual Insurance Week. This event, scheduled to commence on Monday at the Railway Grounds in Kampala, aims to bring together insurance industry players, innovators, and the public to showcase new developments and foster dialogue on insurance-related matters.
Kaddunabbi highlighted several innovative advancements contributing to the industry’s resilience amid recent economic challenges such as the COVID-19 pandemic, inflation, and natural disasters. These innovations include online insurance products, electronic payment platforms, and reward insurance products offered by mobile money companies.
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The Insurance Week will not only serve as a platform to showcase innovations but also provide an opportunity for service providers to engage directly with the public to better understand their insurance needs and preferences.
As part of the week’s activities, an awards ceremony will be held to recognize outstanding innovations by insurance companies and media personnel under the theme “InsureVate: Igniting Excellence in the Insurance Sector,” aimed at fostering a culture of innovation within the industry.
Arthur Mukembo, Head of Future Lab Studio at the Innovation Village, emphasized the importance of gathering public feedback during the Insurance Week to inform future innovation initiatives.
The event is organized in collaboration with key partners such as the Deposit Protection Fund (DPF), the Uganda Insurers Association, the Insurance Training College, and the Insurance Brokers Association of Uganda. Alan Lwetabe, Director of Investments at DPF, highlighted the fund’s objective to educate the public about deposit insurance and the importance of keeping personal information updated.
This initiative coincides with DPF’s efforts to compensate customers of ECF Uganda, a microfinance company recently closed by the Bank of Uganda. Lwetabe noted the challenges encountered in tracing depositors but affirmed DPF’s commitment to ensuring that affected individuals receive appropriate compensation, with deposits insured up to 10 million shillings.
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