Overview:
Ibrahim Kaddunabbi Lubega, the Chief Executive Officer, Insurance Regulatory Authority of Uganda, (IRA) said innovations include online insurance products, the electronic payment platform and the reward insurance products by the mobile money companies,.
The Annual Insurance Week that starts on March 11, 20234 at the Railway Grounds, Kampala, is aimed at showcasing the new developments in the industry to the public, sector players have said.
Ibrahim Kaddunabbi Lubega, the Chief Executive Officer, Insurance Regulatory Authority of Uganda, (IRA) said innovations include online insurance products, the electronic payment platform and the reward insurance products by the mobile money companies,.
He told journalists at a press conference on Friday that innovations in the industry are also some of the reasons why the insurance sector has survived the recent shocks that affected parts of the economy, including Covid-19, inflation and natural disasters.
The insurance week will end with an awards ceremony on March 15 for outstanding innovation by the insurance companies, as well as the most innovative media person.
The awards are organized under the theme, “InsureVate: Igniting Excellence in the Insurance Sector”, with the aim of boosting innovation.
Arthur Mukembo, the head of Future Lab Studio at the Innovation Village, said the Week will enable them listen from the public and find out what they have to do in response, as innovators.
The week is organized in partnership with the Deposit Protection Fund (DPF), the Uganda Insurers Association, the Insurance Training College and the Insurance Brokers Association of Uganda, among others.
Alan Lwetabe, the Director Investments at DPF said they hope to use the event to sensitise the public about the insurance of their deposits held by the various financial institutions, as well as the need to keep their personal information updated.
This comes as the DPF is paying off the customers of ECF Uganda, a microfinance company that was closed last month by the Bank of Uganda.
The DPF insures customer deposits up to 10 million shillings, while any money in excess is a responsibility of the central bank to compensate the depositors.
Lwetabe says because of the challenges of tracing the depositors, only 70 percent of them have so far been traced and paid.