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Kampala, Uganda | THE INDEPENDENT | The Uganda Healthcare Federation (UHF) together with the Uganda Insurers Association (UIA) have disclosed plans to mitigate the high gross pay-outs registered annually by the Medical Insurers and Service Providers.
The revelation was made during the Medical Service Providers Breakfast Meeting held at Fairway Hotel in Kampala recently.
The meeting sought to discuss issues pertinent to Health Insurance as per the Medical Actuarial Study Report and also outline new strategies to improve benefits and services to the customers.
Speaking during the meeting, Ambrose Kibuuka, the CEO of ICEA Lion General Insurance who represented the UIA Chairman highlighted the need for underwriters & medical service providers to work in unity for their mutual benefit.
“This meeting is a sign of our commitment and goodwill towards the growth of medical insurance in Uganda. The Medical Insurance Class continues to grow steadily and this has been evident in the last 3 years. We have registered growth from Shs243 billion in Gross Written Premiums in 2020 to Shs321 billion in 2023.”
Despite the achievements, the captains of the industry are concerned about higher gross pay-outs made annually, a trend that poses a sustainability threat to the medical insurance business.
They are however optimistic that with such meetings, insurance players will devise ways how to ensure business continuity.
Meanwhile, medical service providers are set to hold a Medical Symposium in July this year whose agenda will be discussions around improving service delivery and how to mitigate the challenges facing the sector.
The Medical Insurance Committee Chairman Dan Musiime re-echoed the need for medical insurers and service providers to operate uniformly.
“We are reviewing the medical insurance Actuarial Report from a Medical Insurance Study. The study was commissioned by medical insurers and findings were disseminated to the Insurance Regulatory Authority (IRA), Insurance brokers, and Reinsurers.”
The Executive Director of Uganda Healthcare Federation, Grace Ssali Kiwanuka highlighted the growth in the health sector and its ability to overcome challenges.
She called for more frequent engagements revolving around the operational concerns of health insurance lauding UIA for being at the forefront of organizing such fruitful conversations that seek to improve the industry operations.
Ernest Barusya Magezi, Chief Executive Officer Kenbright Actuarial & Financial Services presented the medical actuarial study report to the stakeholders.
