Bbumba challenges insurers
Oct 19, 2010
Finance minister, Syda Bbumba has tasked the new Uganda Insurance Commission (UIC) board to increase the market penetration of the industry to deepen the financial sector.
By Andante Okanya
Finance minister, Syda Bbumba has tasked the new Uganda Insurance Commission (UIC) board to increase the market penetration of the industry to deepen the financial sector.
Bbumba said the low market penetration and low insurance density were a result of inadequate consumer awareness, low incomes and poor perception by the public about the industry.
“The services of insurance enhance business growth. This has to be seen in the number of policies underwritten and the size of premium collection,†Bbumba said.
The message was delivered during the inauguration of the fifth UIC board at the finance ministry headquarters in Kampala by the deputy secretary to the treasury, Keith Muhakanizi.
The UIC was established in 1996, and it supervises 21 insurance companies and 21 brokerage firms.
The new board is headed by Elias Kasozi (chairman), Mary Musungu (deputy), John Carruthers, Kwame Ejalu, Joseph Kiwanuka, Martin Nsubuga, and Apollo Obbo as members.
Bbumba also challenged the board to avail her nominees for consideration for appointment to the vacant post of insurance commissioner.
She also asked the board to guide the industry players into “guaranteeing quick and equitable settlement of claims.â€
Kasozi asked the Government to grant financial independence to the commission, by doubling its annual funding from the sh400m.
Finance minister, Syda Bbumba has tasked the new Uganda Insurance Commission (UIC) board to increase the market penetration of the industry to deepen the financial sector.
Bbumba said the low market penetration and low insurance density were a result of inadequate consumer awareness, low incomes and poor perception by the public about the industry.
“The services of insurance enhance business growth. This has to be seen in the number of policies underwritten and the size of premium collection,†Bbumba said.
The message was delivered during the inauguration of the fifth UIC board at the finance ministry headquarters in Kampala by the deputy secretary to the treasury, Keith Muhakanizi.
The UIC was established in 1996, and it supervises 21 insurance companies and 21 brokerage firms.
The new board is headed by Elias Kasozi (chairman), Mary Musungu (deputy), John Carruthers, Kwame Ejalu, Joseph Kiwanuka, Martin Nsubuga, and Apollo Obbo as members.
Bbumba also challenged the board to avail her nominees for consideration for appointment to the vacant post of insurance commissioner.
She also asked the board to guide the industry players into “guaranteeing quick and equitable settlement of claims.â€
Kasozi asked the Government to grant financial independence to the commission, by doubling its annual funding from the sh400m.