To allow users time to adapt, the government has set a compliance deadline of December 31, 2024 Kampala, Uganda | THE INDEPENDENT | Uganda’s insurance regulator, Insurance Regulatory Authority of Uganda (IRA), in partnership with the Uganda Revenue Authority (URA), has launched an integrated online platform dedicated to marine and goods-in-transit …
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Kampala, Uganda | THE INDEPENDENT | FINCA Uganda is the newest player to acquire a bancassurance license from the Insurance Regulatory Authority (IRA). The license was handed over by Bernard Obel, the director for supervision at IRA ON Oct.4 in Kampala. This significant milestone empowers FINCA to deliver a comprehensive …
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Kampala, Uganda | THE INDEPENDENT | All Ugandan importers are required to insure their imports still on the high seas with local insurance companies through the Local Marine Insurance Portal, starting next month. This follows the completion of all the necessary processes, including integrating the Uganda Revenue Authority (URA), Uganda Insurers …
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Kampala, Uganda | THE INDEPENDENT | The insurance industry has successfully implemented a product incubation project aimed at supporting seamless role out of innovative products onto the market. The project, a regulatory sandbox, provides a controlled environment for the live-testing of new products, technology, or business models under the watchful …
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Embrace sustainable practices not just for today’s bottom line, but as a strategic investment Kampala, Uganda | JULIUS BUSINGE | Insurance players have been urged to embrace the aspect of sustainability in their operations to positively impact communities, the environment, and related fields in their business. “In the realm of insurance, …
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Kampala, Uganda | JULIUS BUSINGE | The Insurance Regulatory Authority of Uganda has unveiled the 2023 insurance innovation awards for all players licensed by the Authority, including insurers, Health Membership Organisations, Brokers, Bancassurance Agents, Individual Agents and loss assessors. The Uganda Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said on Nov.23 …
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The regulator’s focus is on expanding its customer base and increasing average spending in the insurance sector Kampala, Uganda | JULIUS BUSINGE | Uganda’s insurance sector has shown steady growth, with underwritten premiums increasing from Shs 711.6 billion in the second quarter of 2022 to Shs 828.9 billion in the second …
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Kampala, Uganda | THE INDEPENDENT | The Insurance industry is registering increasing cases of fraud with the regulators citing motor vehicle and medical insurance as the most affected. This according to the Uganda Insurance Regulatory Authority is also leading to the high cost of doing business and consequently the cost of …
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The projected total Gross Written Premium at the end of year 2022 is Shs1.3tn supported by a strong economy according to industry regulator Kampala, Uganda | THE INDEPENDENT | Uganda’s insurance sector has remained on a positive growth trajectory in the third quarter of 2022, with the total gross written …
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The market boasts of two reinsurance companies, 29 insurance players, and three HMOs | THE INDEPENDENT | Insurers in Uganda have recorded an 18.5% growth in gross written premiums for the six-month period ending June.30 to Shs 711.6bn. Results released in Kampala on Aug.18 indicate that the non-life insurance business …
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