Tag Archives: IRA

Kampala, Uganda | THE INDEPENDENT | The Insurance Regulatory Authority-IRA has revealed that they are strategizing to introduce a mandatory insurance cover for markets as well as high-rising buildings. When these plans finalize, this policy will be added to the already compulsory insurance policies like the motor third party, workman’s compensation, and …

Kampala, Uganda | ISAAC KHISA | Insurance Regulatory Authority of Uganda has unveiled the first ever mortality table for life insurance companies in the country to help determine pricing, which may decrease or increase payments popularly known as premiums for new life insurance products and annuities. The table dubbed Uganda …

Players are changing tactics to deal with the sector’s penetration headache | THE INDEPENDENT | Why has Uganda’s insurance penetration remained below 1% for many years? This is the question that has been asked several times and players continue to scratch their head to answer it. The public will be waiting …

Insurance brokers will need to evolve on how to engage, advise and on-board customers Kampala, Uganda | ISAAC KHISA | Uganda’s commercial banks earned Shs12bn in commission as insurance agents for nine months to September 30, 2021, underscoring the significance of banscassurance as a new revenue stream for financial institutions. …

Failure to operationalise the National Health Insurance Scheme and resurgence of COVID-19 may constrain demand for insurance Kampala, Uganda | ISAAC KHISA | Uganda’s insurance industry is projected to register consistent growth in 2022 riding on technology innovations, government’s investment in infrastructure and increased economic activities as economy opens up. …

Since the rolled out of mandatory mobile motor third party insurance in 2019, 414,550 policies have been issued through the system worth Shs 30.6bn in premiums Kampala, Uganda | ISAAC KHISA | The Insurance Regulatory Authority has linked its third party insurance platform to the police’s Express Penalty Scheme system …

Kampala, Uganda | THE INDEPENDENT | Uganda’s insurance industry is struggling to deal with the high levels of evasion of the Motor Third Party Insurance, a compulsory insurance policy for all motor vehicle or motorcycle owners. The insurance industry players say boda boda riders or owners, followed by taxis, are the …

IRA hopes that 2021 will be a better year compared with last year amidst the new wave of coronavirus pandemic Kampala, Uganda | ISAAC KHISA | Enhanced distribution and sustainable growth in the uptake of medical and life insurance policies helped Uganda’s insurance industry to record a 9% growth in …

Takaful is a co-operative system of reimbursement in case of loss, organized as an Islamic or sharia compliant alternative to conventional insurance Kampala, Uganda | THE INDEPENDENT | The regulations that will guide the establishment of Takaful, the kind of insurance that employs Islamic principles for members to contribute money into …

Kampala, Uganda | THE INDEPENDENT | More Ugandans are buying insurance through their banks as the channels have boosted confidence in insurance, players have said. Official figures show an upward curve of insurance products through banks, which is technically known as bancassurance. It started in Uganda in 2017 after the amendment …