IRA wants Insurance taught in schools

INSURANCE

The Insurance Regulatory Authority (IRA) of Uganda has urged the Ministry of Education to include basics of financial literacy, especially insurance in the primary school syllabus.

Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified death, damage, loss, illness, or in return for the payment of a stated premium.

IRA Director for Planning Research and Marketing,  Sande Protazio explained that the move would help create awareness about the importance of insurance among youngsters since most of the learning takes place in primary school

"If you teach a child how to save, investing and how to secure investment in form of insurance, it is very likely that the child will grow up embracing insurance and its importance," Protazio said.

IRA Director for Planning Research and Marketing Sande Protazio painting a picture to mark the launch of the 2019 Live Free Painting Competition (Photo by Lawrence Mulondo).

He made the remarks during the launch of the Live Free Painting Competition at Buganda Road Primary School on Monday. The campaign is organized by Jubilee Life Insurance Company.

Protazio said insurance coverage in the country is still low with less than 4% of Ugandans having an insurance policy.

He said the uptake of insurance in a country is important as it is closely related to the levels of development.

"Uganda's insurance coverage today shows that we are either not developed or our development is not sustainable. Many people may have development today, however, in case of any accidents, they lose whatever they have," Protazio said.

Protazio blamed the low insurance coverage on the fact that Ugandans depend so much on each other.

"Some people don't mind about insurance because they think when they die, their relatives will take on their responsibilities like paying fees for children," he added.

He called on politicians, religious and cultural leaders to sensitise Ugandans about the importance whenever they get the platform.

Buganda Road Primary School deputy headteacher Rogers Lubyaayi stressed that there is need for the inclusion of basic financial literacy on their syllabus to help build a strong generation fit to develop the country in future.  

He said as management they have always invited insurance companies to sensitise parents on the importance of insurance cover but few parents have gone for the policies.

About the competitions

This year's primary school Live Free Painting Competition is the second annual competition organised by Jubilee Life Insurance Company with over sh100m funding.

The competition targets children between the ages of 6 to 14 with a goal of giving them an opportunity to share their vision on what Living free means to them in form of art.

Agit Kumar the Chief Executive Officer of Jubilee life Insurance company said the competition is aimed at sensitising children about the importance of insurance and also encourage them to put pressure on their parents to plan for their future.

The children will be doing painting at their schools around the country, after which their art pieces will be collected for National judging and announcing of the winners in September.

The best three overall winners are to get an education policy and money, as well as 14 winners from each region, are to win school fees for one year.

The schools where winners will come from are to also get various scholastic materials.