People selling fruits in one of the markets in the capital, Kampala.
Ordinary Ugandans will now be able to enjoy insurance services following
the signing of MoU between FSDU and the UIA
Kampala. Ordinary Ugandans will
now be able to enjoy insurance services following the signing of a
Memorandum of Understanding (MoU) between Financial Sector Deepening
Uganda (FSDU) and the Ugandan Insurers Association (UIA).
The MoU will also enhance the development of micro insurance products for UIA members and for building UIA institutional capacity to provide relevant support especially in research to its members.
Speaking to a cross-section of the media during the signing ceremony at the UIA offices last week, Mr Christopher Musoke, the managing director FSDU, said insurance has not been very popular among Ugandans due to lack of trust.
The MoU will also enhance the development of micro insurance products for UIA members and for building UIA institutional capacity to provide relevant support especially in research to its members.
Speaking to a cross-section of the media during the signing ceremony at the UIA offices last week, Mr Christopher Musoke, the managing director FSDU, said insurance has not been very popular among Ugandans due to lack of trust.
“Ugandans don’t see the benefit of this service
and yet insurance services are a great risk-mitigating service that
enables people to overcome shocks to their incomes in terms of health
when they fall sick, in terms of death, or loss of business
merchandise,” he said.
He said insurance companies needed to carry out research among low income people to figure out what sort of policies can be able to meet their daily needs.
This would therefore enable insurance companies to develop small cheaply affordable insurance solution that can be afforded by these people.
One of the key technological innovations used to drive micro insurance has been use of mobile phones to reach the poor. He said insurance companies needed to carry out research among low income people to figure out what sort of policies can be able to meet their daily needs.
This would therefore enable insurance companies to develop small cheaply affordable insurance solution that can be afforded by these people.
Mr Musoke said in the MoU signed with UIA: “We hope that this will go a long way in working with the industry to be able to increase the access of insurance over the coming years.”
Ms Miriam Magala, the chief executive officer UIA, said the new partnership reflects their commitment as an industry to grow insurance inclusion and financial literacy and on the whole demonstrate our contribution to sustainable development of Uganda by providing both micro insurance and other products.
“The support FSDU will provide will go a long way in ensuring that consumer needs, in particular low income households and micro, small and medium enterprises are addressed,” she said
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