Insurance Authority to highlight relevance of insurance at 29th UMA Trade Fair

The Uganda Insurers Association (UIA) will be participating in this year’s UMA International Trade Fair slated for the 3^rd to 10^th 2023 under the theme of Driving Manufacturing and Trade Efficiency through Digital Transformation and Innovation

Speaking ahead of the Trade Fair, UIA Chief Executive Officer Jonan Kisakye said that all is set and the Association will be out to show the business fraternity that insurance is an enabler for business growth and sustainability.

“The theme of this year’s Trade Fair directly resonates with efforts that UIA is undertaking to support business operations in various sectors through research studies to inform members’ offerings that include tailored insurance solutions to protect manufacturers against any unforeseen eventualities.

Through various campaigns & activities, we undertake the responsibility of promoting insurance in a bid to improve its uptake in Uganda. Our participation in the UMA International Trade Fair is further testament to this,” Kisakye stated.

He explained that Insurance fits directly into the business sustainability puzzle as it provides the direct answer to the “What If” question. Jonan noted that the damage that the COVID-19 Pandemic inflicted on businesses cannot be underestimated and is a stern lesson that every business ought to have a back-up plan in form of insurance cover to navigate financial storms.

“We are coming in with the insurance angle. Our stall & activities therein will run under the sub-theme “Welcome to the sure side of life.” With Insurance, the key business operations are always guaranteed continuity despite sudden unforeseen shocks,” Kisakye explained.

Jonan also spoke about the implementation deadline of the localization of Marine Cargo Insurance that is set to commence in October 2023 noting that it is even better news for importers and the wider business fraternity. This doesn’t only simplify the process of attaining compensation in case of loss or damage to one’s incoming goods but it also ensures that the premiums are locally retained which further drives economic growth.

Needless to say, Manufacturing needs Insurance and Insurance needs Manufacturing. It is therefore upon this background that a Memorandum of Understanding between the two bodies is set to be formalized. UIA is therefore participating in this year’s Trade Fair not just an exhibitor but a sponsor of the Trade Fair and a partner of UMA.