• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Insurance sector embraces Innovation as top trailblazers are recognised

watchdog by watchdog
5 years ago
in Business, Companies, Technology
6 0
Uganda Insurers Association Chairman Latimar Mukasa hands over an award to a representative of one of the winners

Uganda Insurers Association Chairman Latimar Mukasa hands over an award to a representative of one of the winners

ShareTweetSendShare

By Michael Kanaabi Dollar

An industry known more for its rigidity and conservative principles is finally embracing innovation as the need to adapt to changing times becomes more urgent.

On the 18th of December 2020 the first ever Insurance Innovation Awards were held at the Kampala Serena hotel with the cream of the industry taking home well deserved accolades.

The Insurance Regulatory Authority (IRA) which is the Industry’s watch dog partnered up with Global Consulting Services, accounting firm MAMM and Associates aided by a distinguished panel of judges to pull off this feat.

The inaugural awards had 32 firms in the insurance sector participating with a short list of 13 picked out to compete for the 6 gazetted awards on the day.

Ibrahim Kaddunabi Lubega CEO of IRA which was the host of the awards and also government’s arm charged with regulating the Insurance sector emphasized the need for insurance companies to innovate going forward if they are to stay afloat and thrive in these challenging times.

Insurance Regulatory Authority CEO Ibrahim Kaddunabbi Lubega emphasizes a point during an interview on the sidelines of the awards

“ The Insurance Innovation Awards 2020 are a demonstration of IRA’s commitment towards promoting innovation in the sector. These awards will provide a platform for knowledge exchange and foster innovation in the sector in turn improving the value customers get and enabling growth of the industry as a result” he said.

Kaddunabbi emphasized that innovation with in the sector will help industry players embrace the digital shift in delivering their services increasing the reach of insurance to previously underserved market segments.

Who were the winners?

The big winners on the day were Prudential Assurance Uganda Limited for the life insurance category, ICEA General Insurance Uganda for the non life most innovative award, Minet Uganda Limited for the brokers category, Housing Finance Bank Uganda for the bancassurance category and Turaco Uganda Limited for the most innovative agent.

The runners up were ICEA life Assurance company limited in the life category, Alliance Africa General Insurance for Non Life, Legacy Insurance Services for the brokers category and Diamond Trust Bank for the bancassurance category.

Going forward

IRA CEO Kadunabi Lubega expects the industry to remain strong having collected a whopping 987 billion shillings in premiums during 2019 as Innovation drives it forward.

However Uganda Insurers Association Chairman Latimar Mukasa paints a less rosy picture of the future.

“Insurance companies showed resilience through out the Covid 19 pandemic this year because many clients had already gotten into contracts sealing their annual cover policies. There is likely to be a drop in premiums during the first quarter of 2021 when these policies are up for renew as organisations will take into account the effect of Covid 19 on their balance sheets and future prospects during this time.”

Mukasa expects the industry to bounce back in the later parts of the year though.
UIA promised full support for the awards next year as the industry regulator IRA promised to hold the awards annually with its partners going forward.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share1Tweet1SendShare

Related Posts

Agriculture

NAGRC’s Super Goat Breed Poised to Transform Uganda into a Major Exporter

17th September 2025 at 08:52
Business

Tycoon Sudhir Urges UK Investors to Seize Uganda’s Economic Boom at London Summit

15th September 2025 at 17:17
Business

Kabira Country Club Unveils State-of-the-Art Techno Gym Machines in Kampala

13th September 2025 at 23:24
Next Post

Ugandan soldiers Commended for restoring peace in Somalia

  • Is Tycoon Sudhir Turning Crane Bank Properties into Supermarket Chain?

    243 shares
    Share 97 Tweet 61
  • Kampala’s Nakivubo Channel Set for Transformation Under HAM Enterprises’ Visionary Project

    335 shares
    Share 134 Tweet 84
  • Haruna Towers the 16-floor masterpiece rising at Wilson Road to Transform Kampala’s Skyline forever

    248 shares
    Share 92 Tweet 57
  • Ham-Haruna: Two Brothers Unrelentingly Pushing Uganda Beyond Known Limits

    100 shares
    Share 40 Tweet 25
  • ### Sudhir Ruparelia Unveils One-10 Apartments: A New Era of Luxury Living in Kampala’s Heart

    93 shares
    Share 37 Tweet 23
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Energy Conservation Bill hits snag

18th September 2025 at 15:39
Hon. Muwada Nkunyingi called for bilateral agreements that are enforceable

Why BBC documentary on migrants sparked debate in Parliament

18th September 2025 at 15:33

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

Energy Conservation Bill hits snag

18th September 2025 at 15:39
Hon. Muwada Nkunyingi called for bilateral agreements that are enforceable

Why BBC documentary on migrants sparked debate in Parliament

18th September 2025 at 15:33

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda