Uganda’s insurers commit to collaborative growth efforts

Kampala, Uganda | THE INDEPENDENT | Executives from Uganda’s insurers have reaffirmed their commitment to working together to advance and expand the insurance industry.

This collective dedication to industry growth was underscored during the CEOs Breakfast Meeting hosted by the Uganda Insurers Association (UIA) at Serena Hotel in Kampala.

At the breakfast meeting, UIA Chief Executive Officer Jonan Kisakye emphasized the importance of collaboration among industry leaders to foster growth in the insurance sector. He provided updates on various initiatives undertaken by the UIA Secretariat, all aimed at increasing insurance adoption across the country.

Key highlights of the presentation included the progress of the Strategic Plan, the transition to Digital Stickers, updates on the UIA building project, and the establishment of the fraud desk benchmarking on Uganda Revenue Authority (URA) practices, among other initiatives.

Kisakye also commended the successful launch of the Motor Third Party Insurance Platform and the forthcoming launch of the Marine Cargo Insurance platform, scheduled for October 1st.

Latimer Mukasa, UIA Chairperson, further highlighted the positive growth trends observed in the insurance industry’s half-year performance.

He emphasized UIA’s active role in representing its members in collaborations with strategic partners, such as the Uganda Manufacturers Association (UMA), where a Memorandum of Understanding (MoU) has been signed to benefit both organizations’ memberships.

Alhajj Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority (IRA), praised the CEOs for their ongoing efforts and achievements. He encouraged a continued focus on enhancing existing platforms and reducing costs in the second phase of Motor Third Party Insurance. Additionally, he expressed optimism regarding UIA’s building project.

In a unanimous agreement, the CEOs expressed their commitment to maintain close collaboration with the Uganda Insurers Association to maximize the available opportunities for growing the insurance sector.

The CEOs Breakfast Meeting served as a platform for industry leaders to share insights, discuss challenges, and chart a path for sustained growth in Uganda’s insurance industry. The commitment to cooperation and shared goals among CEOs reflects a promising future for the sector and reinforces the industry’s dedication to serving the needs of the Ugandan people.