Insurance companies in Uganda have been encouraged to design retirement-focussed products to take advantage of opportunities in the fast-growing pension sector.
Acting CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA), Ms Rita Faith Nansasi, said this in an address at the inaugural Thought Leaders Forum on Pensions organised by the Uganda Insurers Association (UIA) earlier this month, reported the newspaper, The Independent.
She said insurers are strategically placed to boost the pension system through their expertise in long-term financial planning, investment, and risk management. She stressed the need for collaboration between regulators, insurers, and financial institutions to build public trust and drive participation in pension schemes.
Mr Mulenga Mutai, CEO of Gralix Actuaries, noted that 95% of Africa’s pension assets are concentrated in just five countries: South Africa, Nigeria, Kenya, Namibia, and Botswana. He called for innovation, especially in products that address longevity, investment, and inflation risks.
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