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Uganda Launches Online Platform to Boost Local Marine Insurance Market

Mourice Muhoozi by Mourice Muhoozi
8 months ago
in Business, News
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The Insurance Regulatory Authority (IRA) of Uganda, in collaboration with the Uganda Revenue Authority (URA), has unveiled a new digital platform for marine and goods-in-transit insurance.

The integrated online system, launched on November 6, 2024, promises to streamline the insurance process for local importers while bolstering the national economy. The newly introduced platform provides a convenient online portal for Ugandan importers to purchase insurance from local providers, eliminating the need to rely on foreign insurers.

This shift is expected to reduce the outflow of capital, simplify claims processes, and lower the operational costs that businesses typically incur when securing insurance abroad. IRA Chief Executive Officer, Kaddunabbi Ibrahim Lubega, described the initiative as a landmark development for both Uganda’s insurance sector and its broader trade landscape. He emphasized that the platform’s introduction marks a pivotal step in retaining revenue within the country, highlighting the significant benefits it offers to local insurers and importers.
For years, Ugandan importers have had to rely on foreign insurers for marine cargo coverage, which resulted in significant capital flight and often complicated claims procedures.

The new platform, however, allows local insurers to handle the marine insurance component of the Cost Insurance and Freight (CIF) pricing structure, giving importers access to competitive premiums quoted in Ugandan shillings.

This policy shift not only strengthens Uganda’s domestic insurance industry but also complies with the 2017 Insurance Act, which mandates that marine policies be procured from Uganda-based insurers.
By ensuring that premiums remain in Uganda, the government hopes to stimulate the local economy, reinvest capital into national industries, and reduce the reliance on international markets for insurance coverage.

“This system empowers our economy by ensuring that insurance premiums, which were once lost overseas, stay within the country,” said Lubega during the launch event. “The portal provides an easy and effective means for importers to manage their marine insurance needs, all from a local platform.”

Government and Industry Support
The platform’s unveiling was also supported by key government figures, including Henry Musasizi, Uganda’s Minister of State for General Duties in the Ministry of Finance, Planning, and Economic Development. Speaking at the launch, Musasizi—represented by Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury—underscored the government’s commitment to fostering the growth of local insurance companies.

He emphasized that the initiative aligns with a government directive aimed at empowering domestic insurers to meet the country’s growing insurance needs. Minister Musasizi also reflected on the challenges faced by Ugandan businesses in the past, particularly the delays and high costs associated with managing insurance claims through foreign providers.

The launch of the platform addresses these issues by offering a more efficient and reliable system for securing coverage. Additionally, the platform’s integration with the Uganda Electronic Single Window and other URA systems, including ASYCUDA and e-tax, ensures seamless collaboration between government agencies and key stakeholders, further streamlining the insurance process for importers.
Impact on the Economy and Insurance Sector

The government anticipates that the online platform will have a far-reaching impact on Uganda’s economy. Not only will it help retain insurance premiums within the country, but it is expected to generate additional revenue through VAT and stamp duties collected on locally-procured insurance policies. The move is also projected to increase liquidity in the local economy by keeping funds within the domestic market.

In addition to financial gains, the platform aims to improve transparency and simplify the process for businesses. One of the key advantages is the resolution of common issues, such as the complexity of verifying insurance coverage and understanding insurance costs.

The integration of the platform with URA’s systems ensures that importers can easily manage their insurance policies and comply with tax regulations in real time. A consortium of 20 non-life insurance companies has been established to provide the necessary coverage, with actuarial assessments confirming that the sector is well-positioned to meet the demand.

The initiative also aims to foster greater competition in the marine insurance market, which could lead to better coverage options and more affordable rates for importers.
As part of the transition, the government has set a compliance deadline of December 31, 2024. Beginning January 1, 2025, all imports into Uganda will be required to have locally-procured insurance coverage. Importers who fail to comply with the new regulation will face legal consequences.

While the introduction of this platform represents a significant shift, the IRA and URA have committed to ensuring that the implementation process runs smoothly. Both agencies have vowed to provide guidance and support to businesses, helping them transition to the new system.

Additionally, the government plans to increase awareness of local marine insurance through educational campaigns, with the goal of boosting insurance literacy and enhancing the resilience of Uganda’s trade sector.

The launch of Uganda’s integrated marine insurance platform has garnered praise from both domestic and international experts. Leaders from global insurance associations have lauded the country’s initiative, recognizing the importance of marine insurance as a key pillar of global trade.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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