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.
IRA's director for planning research and marketing Mr Sande Protazio explained that the move would help create awareness about the importance of insurance, according to a report by New Vision.
“If you teach a child how to save, invest, and how to secure investment in form of insurance, it is very likely that the child will grow up embracing insurance and its importance,” he said.
Mr Protazio said insurance coverage in the country is still low with less than 4% of Ugandans owning an insurance policy. He blamed the low insurance coverage on the fact that Ugandans depend on family members for support.