The Uganda Insurers Association (UIA) today officially launched the sector’s 10 year Market Growth and Development Plan which intends to see insurance penetration grow from less than 1% to 3% by 2025.
“The Market Growth and Development plan is based on one primary objective- to increase the ordinary Ugandan’s appreciation of insurance. This plan holistically looks at how we can increase the knowledge and understanding of insurance, provide products suited to the market through effective distribution channels and how we can continue building our capacity as the industry in order to meet the ever changing needs of the public,” said Ms. Miriam Magala, CEO, Uganda Insurers Association at the launch of the plan at their offices in Kololo, Kampala.
“We also look at how we can ensure a positive business and regulatory environment to ensure that our consumers continue enjoying our services without being adversely affected by changes in policy.”
The Plan therefore streamlines a series of actions and activities under four key intervention areas; increased understanding and appreciation of insurance, lobbying and advocacy, leveraging on technology and capacity building to bring about increased penetration.
“By implementing this plan, we expect to see tangible results in how the market responds to insurance. For example, through our Consumer education and awareness program, we expect that in 10 years, 15% of the population will be actively saving, making long term saving and applying risk mitigation measures through insurance. We also expect that, over the same period 10% of our population will access insurance information, products and services online and that 30% of all our retail products and services will be delivered through technological avenues,“added Mr. Newton Jazire, Chairman of the Market Growth Committee.
The Association will be working with players who include their members, the Insurance Institute of Uganda and the Insurance Regulatory Authority to implement this plan.
“The plan will also be monitored and reviewed periodically to ensure that our objectives and interventions are in sync with the changing needs of the market, “concludes Ms. Magala.