Uganda aims to boost insurance penetration
Uganda is lagging behind many other countries in terms of its insurance penetration levels.Uganda is lagging behind many other countries in terms of its insurance penetration levels.
According to official figures, insurance penetration is at 2.3 per cent of gross domestic product in Rwanda, while it stands at 2.76 per cent and 2.2 per cent in Kenya and Tanzania respectively.
However, Uganda is some way behind its neighbours in east Africa, with penetration levels of just 0.65 per cent, the New Vision reports.
As a result, companies such as AIG Insurance are keen to improve the situation and boost the take-up of their products in this particular market.
Alex Wanjohi, managing director of AIG, said: "Our hope lies in being dynamic, in terms of seeking out what customers deserve, in addition to what we offer currently."
He called for the insurance industry to adopt more innovative practices that meet the rapidly evolving needs of consumers.
Mr Wanjohi added that listening to what people want must stay as one of the "most respected guiding principles" of companies in the insurance industry.