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MBARARA - The State Minister for Agriculture, Animal Industries and Fisheries, Bright Rwamirama, has encouraged insurance companies to tailor products to cater for the agriculture sector. (Photo by Juliet Waiswa)

Rwamirama while addressing insurance brokers, chief executive officers, players and consumers, said with common disasters like flooding and drought, farmers should have an agriculture insurance policy to protect their produce and minimise costs. 

“Environmental impacts have affected farmers in the recent past and agriculture insurance is the only way to go for people engaged in farming,” he said. 

During the 4th Annual International Insurance Conference held at the Las Vegas Hotel, in Mbarara on October 27, Rwamirama also encouraged the insurance companies to come up with policies to cater for retired soldiers, saying this is an area insurance companies have ignored. 

“As a serving senior officer in the army and long-serving politician, I have told insurance companies that it can be good to engage in the post-retirement insurance for the army,” he said. 

The two-day conference attracted over 27 insurance companies from across Africa and was organised by the Insurance Training College under the theme Environment Social Governance and Sustainability Trend for Today’s Organisations. 

The companies that cover agriculture under the consortium are UAP Old Mutual, Uganda Insurance, Sanlam, CIC Insurance Uganda and MUA Insurance (Uganda). 

Other policies that Rwamirama asked insurers to consider were those tailored for persons with disabilities. 

Ibrahim Kaddunabbi, the Insurance Regulatory Authority (IRA) CEO, said insurance companies are in the process of coming up with products which address the agriculture sector, to deal with risk factors associated with climate change. 

“I’m aware that the country depends on agriculture, I am also aware that the insurance companies have come up with products which were approved by IRA in the agriculture sector. This policy will be embraced since government provided subsidies intended to supplement and pay for premiums for people who buy agriculture insurance,” Kaddunabbi said. 

He noted that it is important that as the government rolls out the Parish Development Model, to uphold the subsidies so that the uptake of agriculture insurance is more enhanced. 

Kaddunabbi said insurance companies will consider the concern raised on the armed forces, saying some become of disabled while in service. 

“Insurance companies are going to look at what policy they can come up with for such a disabled person,” he said. 

Saul Sseremba the Insurance Training College CEO said insurance companies should create an impact and increase awareness in insurance. 

“Insurance companies should adopt an approach that embraces environmental, social, and corporate governance,” he noted. 

Sseremba said insurance penetration in Uganda is still low, emphasising that steps have been taken to engage with schools to teach insurance in secondary schools.