Given the significance of Insurance services for the growth of any country’s economy, the Ministry of Finance has appealed to sector players to double their efforts in order to increase the insurance penetration among Ugandans.
Speaking at the 3rd graduation Ceremony of the Uganda Insurance Institute, the State Minister for Finance for General Duties, Eng. Gabriel Ajedra said insurance penetration remains very low among Ugandans yet the country faces enormous risks that would necessitate insurance for the country to move to another level.
Ajedra stressed that although government has a role to play, it’s really the responsibility of the Insurance players to penetrate and educate the general population.
“At least as long as you are on earth, we have risks around us, risks are everywhere and the best way to be able to mitigate these risks is by taking insurance,” Ajedra said.
The minister also asked the Institute and other Insurance players to take advantage of the Insurance Regulatory Authority and the relevant Insurance laws to come up with new insurance packages that can address the emerging needs of the economy.
He noted that the Insurance Industry is yet to make strides in the new areas of micro-finance, bank insurance, Oil and gas Insurance.
“I was happy to note that we had students specifically trained in the area of Oil and Gas, these trends will open opportunities for employment, innovations, financial protection and increased Gross Domestic Product of our country,”Ajedra added.
The Chief Executive Officer of The Insurance Institute of Uganda (IIU) Saul Sseremba said that the Institute is customizing its programs to cater for the different needs of its clients. He added that it has created partnerships with different players in order to cover emerging areas.
He also revealed that after acquiring a full license for the National Council for Higher Education, the Institute has started on a transformation journey into insurance training college as per the new insurance ACT of 2017.