Low-earners 'must be made aware of insurance'
Consumers in Uganda need to be made aware of how to secure insurance, chief of the Insurance Regulatory Authority Uganda Ibrahim Kadunabi has claimed.Consumers in Uganda need to be made aware of how to secure insurance, chief of the Insurance Regulatory Authority Uganda Ibrahim Kadunabi has claimed.
His organisation is calling for East African governments and various stakeholders to support the insurance sector, allowing more people to access services, New Vision reports.
Mr Kadunabi made these comments at the signing of a peer review and self-assessment report by the East African Insurance Supervisors Association, which will be submitted to the East African Community secretariat.
"There is still a misconception that insurance services are a luxury for the rich," he added.
The microinsurance sector has been specially developed for low-income groups and provides households that can often be more vulnerable to major problems with reassurance.
Illness and death are both covered by the financial products, as are loss of property due to theft or fire, natural disasters and damage to crops.
The sector offers simple products, manageable premiums and specially-designed collection methods created specifically for low-earners.