Insurance awareness 'must be increased in Uganda'
Many people in Uganda are unaware of the benefits provided by the insurance sector, it has been claimed.In a speech read by State Minister for Finance in charge of general duties Jachan Omach, Speaker of Parliament Rebecca Kadaga said this is why the country has low levels of insurance premium adoption, the Daily Monitor reports.
"People can only buy insurance when they are aware of its benefits," she stated.
According to the publication, Uganda has insurance penetration levels of 0.6 per cent - the lowest in the East African region.
Consequently, the new head at the Uganda Insurance Commission Ibrahim Kaddunabbi Lubega has been urged to take steps to increase awareness among citizens.
As well as a lack of "innovative" products, the publication claimed there are only a limited number of professionals working within the sector.
The Uganda Insurance Commission aims to effectively regulate and control the nation's insurance industry, as well as setting standards for the conduct of business.