Insurance companies have said the poor performance of compulsory motor third-party liability insurance business is making victims of road carnage more vulnerable, calling for the amendment of its legal framework.
Bancassurance has expanded quickly in Uganda in the short period since the banking law has allowed banks to distribute insurance products.
Many boda boda or motorcycle taxi drivers and riders are unaware of the law requiring the drivers to buy third party insurance, says Mr Anthony Mateega, the motor and marine manager at Statewide Insurance Company.
The Insurance Regulatory Authority (IRA) of Uganda has urged the Ministry of Education to include the basics of financial literacy, especially insurance, in the primary school syllabus.
In Uganda, tapping into a peer-to-peer (P2P) model would help insurers improve their growth momentum, deliver profitability and takaful operators to improve their penetration strategy, says Mr Ndawula Yusuf Katerega, a lecturer with Makerere University Business School, financial economist and a consultant with IIU and Graviola Associates.
One out of 20 citizens have experienced an accident or injury in the past six months and more than half (53%) of the cases involve boda-bodas which are bicycle and motorcycle taxis, according to the findings of a new survey.
The Cabinet has approved the National Health Insurance Scheme Bill in a bid to improve the provision and access to healthcare to all Ugandans, but labour unions and insurers warn of enforcement hurdles.
The non-life insurance sector in Uganda reported profits of UGX19.87bn ($5.4bn) in 2018, more than five times higher than the UGX3.1bn seen in 2017, according to the Insurance Regulatory Authority (IRA).