Negative perception hurting insurance growth in Uganda, says NIC chief

Sep 15, 2017

During the AGM, Martin Aliker was re-elected as the chairperson board of directors for the company.

Dr Martin Aliker (left) was re-elected as board chairperson

Folayan Bayo, the managing director for NIC Holdings Limited, formerly National Insurance Corporation Limited, has said people's negative perception of insurance in Uganda has affected growth of different insurance companies.

During a press conference after NIC annual general meeting (AGM) at Golf Course Hotel on Thursday, Bayo said people prefer to take on the risks, instead of taking advantage of insurance services.

"Every insurer compensates people after they incur losses. We have different insurance professionals who go on different media platforms sensitising people on insurance services and I am optimistic that communities will soon embrace the services," he stated.

During the AGM, Martin Aliker was re-elected as the chairperson board of directors for the company. He has been chairperson since 2015. Ketrah Tukuratiire was also re-elected as one of the directors.

Bayo said the company industry in Uganda has a growth premium of sh634b and NIC Company has achieved a 22.6% growth in gross premium from sh11.32b in 2015 to sh13.88b in 2016. He attributed the growth to the efforts of the management in nurturing customer centric organisation.

"Over last five years, we have shifted focus from traditional approach of the past being a service oriented company. We will continue to channel efforts in improving organisational efficiency since this has bearing on the bottom-line," he noted.

Jocelyn Ucanda, NIC's assistant director for marketing told the media that people need to embrace insurance services. She also said NIC has established several branches such as Arua and Pakwach to bring services closer to people.

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