According to the institute’s head of exams, Sylvia Kajubi, 18 students are expected to graduate with diplomas in insurance, in a ceremony where 891 others will graduate with certificates in Insurance.
The Insurance Institute of Uganda (IIU) is set to pass out its first cohort of Diploma holders on Thursday, as it strives to increase the number of professionals in the industry.
According to the institute's head of exams, Sylvia Kajubi, 18 students are expected to graduate with diplomas in insurance, in a ceremony where 891 others will graduate with certificates in Insurance.
"Previously, we have had to send our diploma students to Kenya, the UK. Australia and New Zeeland to attain the diploma, but now we are locally offering it," she said during a press conference on Tuesday.
She said addition of the diploma on the institute's curriculum will provide a pool of skilled human resources for both the public and private sector, as the insurance sector continues to grow.
The institute is Uganda's training arm for the insurance sector, and it is mandated under the law to carry out education, training and Professional development of the sector players.
Kajubi said the new diploma graduates are being passed out with technical and managerial competences needed to manage activities in the insurance industry.
She said although the country boasts of approximately 2,000 professional certificate holders, training in higher qualification is also needed to boost growth of the sector, whose contribution to GDP is currently estimated at 0.8%.
She called upon all players in the industry to ensure that their employees take professional courses in insurance, to stamp out a bad image that has been painted by bad practices from unprofessional actors.
The head of training, Jonan Kisakye said the institute has partnered with secondary schools and universities to popularise insurance and attract young people to join the profession, as it attempts to build a pool of skilled labor.
"We already have insurance clubs in a number of universities and this is increasing our visibility there. We have also partnered with different organisations such as the law society and we now have lawyers and surveyors coming to study insurance," he said.
Kisakye said the institute has developed strong partnerships to help build the capacity in emerging areas and develop products that meet customer expectations.
He said with support from partners, the institute will be able to seal the gaps that exist and also raise the level of professionalism that the industry needs.
Uganda's insurance industry currently has 30 insurance companies; including 19 firms for non-life general insurance and 10 firms for life assurance business, and one re-insurer.