Stakeholders in Uganda's insurance sector are calling for stronger collaboration between insurers and brokers to drive growth and bridge the country's low insurance penetration. The current penetration rate stands at less than one per cent. Industry leaders emphasised the need for joint product development targeting the 95 per cent of uninsured Ugandans. This call was made during a joint engagement hosted by the National Insurance Corporation for the Insurance Brokers Association of Uganda.
The insurance sector in Uganda is seeking to move beyond traditional commission-based relationships. Industry leaders believe that joint product development will help increase insurance uptake. The sector aims to develop products that cater to the needs of the uninsured majority. This approach is expected to increase insurance penetration and bridge the gap.
The Insurance Brokers Association of Uganda and the National Insurance Corporation hosted a joint engagement to discuss the way forward. The engagement aimed to foster collaboration between insurers and brokers. Industry leaders discussed the need for innovative products and strategies to increase insurance uptake.
Uganda's insurance penetration rate is one of the lowest in the region. The sector is seeking to increase awareness and educate the public about the benefits of insurance. Industry leaders believe that increased awareness and education will lead to higher insurance uptake.
The insurance sector in Uganda is expected to grow with stronger partnerships between insurers and brokers. The sector is optimistic that joint product development and innovative strategies will increase insurance penetration. The growth of the sector is expected to benefit the economy and the insurance industry.
Industry leaders emphasised the need for a change in the way insurers and brokers interact. The traditional commission-based relationships are no longer seen as effective. The sector is seeking to adopt a more collaborative approach to increase insurance uptake.
The insurance sector in Uganda is set to benefit from the engagement between the Insurance Brokers Association of Uganda and the National Insurance Corporation. The sector is expected to grow with the implementation of new strategies and products. The growth of the sector will benefit the economy and increase insurance penetration.
Key points
- Stakeholders in Uganda's insurance sector are calling for stronger collaboration to drive growth and bridge low insurance penetration.
- The current insurance penetration rate in Uganda stands at less than one per cent.
- Industry leaders are seeking to move beyond traditional commission-based relationships to joint product development.
