The Uganda Insurers Association (UIA) Chief Executive Officer, Paul Kavuma has revealed that the outbreak of Covid-19 in Uganda opened eyes of Ugandans to recognize Insurance as an essential service in one’s life and property.
Kavuma made this revelation on Monday at Protea Hotel Kampala while addressing the media on the forthcoming 3rd annual conference of Insurance Brokers Association of Uganda (IBAU) that is to be held next month on 8th 2021.
He said that although Covid-19 was a negative force in the entire economy where people’s businesses and lives were left in jeopardy, insurance companies did a greater job in ensuring that their customers get services they paid for. He added that in the same situation most Ugandans who had not embraced the importance of insurance companies, their eyes were open and realized that insurance is the only option one can have to manage risks.
“The lockdown affected everyone but what amuses is that during the lockdown, insurance companies registered a lot of accidents especially Bodabodas, those who were on insurances their claims were paid. We also paid people who were affected by the overflow of lake Victoria. Many businesses that were on the shores were affected we paid their claims, also farmers who were affected by floods and landslides in the East their claims were paid,” he said.
Kavuma added that last year, although it was a year of total lockdown, insurance companies managed to stand and paid all claims their clients had and currently they are over 1 million people on life insurance and over 600,000 vehicles under insurance.
IBAU chairman Solomon Rubondo also added that in the past, Ugandans had little knowledge about insurance however through insurance brokers most people have gotten to understand why insurance is important.
He said; “An insurance broker professionally evaluates a client’s risk exposure and tailors their insurance cover accordingly. We use our deep knowledge of the insurance industry to select the ideal policy package and negotiate with insurance companies to underwrite a client’s risk. In case of loss, a broker will guide a client through claims requirements and procedures to ensure the claims are paid promptly and fully – all at no cost to the client.”
Rubondo added that currently, Insurance companies are looking for ways of disseminating information to the public to know why it’s good for people to insure their property, business and life.
“We can do this through conferences like the coming one. A lot of issues are going to be discussed. ‘Navigating Risk in Today’s Changing World’ will be our theme, a lot is going to be discussed and I call upon Ugandans to join us because risks are everywhere but we only need to manage them. In the past, people looked at insurance companies as thugs but the pandemic has shown them insurance is the only backup one can have,” he said.
Rubondo further that the keynote address will be delivered by Ramadhan Ggoobi, an economist and lecturer at Makerere University Business School (MUBS). He will be focusing on recent events and developments which have disrupted communities globally, the trends to watch for the future survival of enterprise including regionalization, globalization, technology, disease and pandemics, challenges for the policymakers, insurance and risk management options and the new customer.
Dr. Doris Mwesigire Mutabazi (Ph.D.) a medical doctor and CEO of Semliki Royal Group of Companies will also be part of the coalition of panellists. While the Chief Executive Insurance Regulatory Authority of Uganda, Ibrahim Kaddunabbi Lubega, will be the chief guest.
Over 100 people are expected to attend physically and between 300 to 500 will be joining them via the online platform, Zoom. The afternoon session will be dedicated to the association’s Annual General Meeting (AGM).
Other objectives of the conference are; promoting cohesion and enhancing collaboration amongst all stakeholders while promoting professionalism within the institutional sectors.
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