The Insurance Regulatory Authority allows schools to pay their premium every term as opposed to per month
The Insurance Regulatory Authority (IRA) has asked all schools to join insurance schemes so as to mitigate the risks they face.
Ibrahim Kaddunabbi Lubega the chief executive of IRA said on Tuesday in Fort Portal while meeting head teachers from the Rwenzori region, that most schools only wait to take insurance seriously after incurring losses.
Lubega said the IRA launched a sensitisation drive in every region to educate head teachers of government schools and owners of private schools on the dangers of not taking up insurance.
“We are sensitising head teachers and school owners on the risks which they face and how they can be mitigated. Many schools are not insured and even the few which are insured do not have the right policies which can cover them,” Lubega said.
“If your school is not insured and someone gets a problem at your school, you will be held responsible,” he added.
He said that IRA allows schools to pay their premium every term as opposed to per month.
Lubega said that IRA was also encouraging employers to insure their workers because of the dangers they get exposed to when at work.
“We need employers to invest in their employees and the investment in human capital must be enhanced,” Lubega added.
Lubega said insurance companies must always make simple and easy to understand products for all types of their target audience so as get closer to the uninsured population.
Sande Protazio, the director of planning and research at IRA, said that it was good for schools to take up policies which will cover them against all risks.
“Schools have many risks and we want them to join insurance schemes so that they can mitigate the risks which include fires and accidents in cases of strikes,” Protazio said.
Protazio said that schools should also insure their assets such as school vehicles and buildings in cases of fire outbreaks.
Frank Manyindo the headmaster of Nyakasura School and chairperson of the head teachers’ association in Western Uganda said that many schools are struggling financially and they do not money to run other school activities.
“We need IRA to allow us to pay in instalments because we only have three terms in a year and that is when we have the money,” Manyindo said.
“The move is very good. At Nyakasura, we have already started and we pay approximately sh16m per term. Students whose parents or guardians have died are being paid school fees for and our insurer pays over sh14m per term for those students,” Manyindo said.