Under the theme” Bridging the Gap: Rethinking Insurance Reporting in Uganda, “Uganda Insurers Association and media practitioners agreed to work together to promote the Insurance sector.
The half day workshop sought to help reporters better understand complex insurance concepts to improve public reporting was held at Fairway Hotel in Kampala
Ruth Namuli, Chairperson of the UIA and CEO of Sanlam General Insurance, described the event as the start of a “continuous engagement” with the media.
She said the goal is to work collaboratively to simplify insurance information for the public, which will help build trust and increase market penetration.
She acknowledged the media’s role as a transformative force capable of shaping public perception and improving the quality of insurance reporting in Uganda.
Namuli emphasized that both the insurance industry and the media share a responsibility to ensure that industry-related news is reported accurately, objectively, and in a manner that helps the public fully understand insurance products and services.
Jonan Kisakye, CEO Uganda Insurers Association in his opening remarks highlighted the critical role of the media in disseminating proper insurance information in a media environment that’s evolving at break-neck speed.
Jonan referred to the media as not only a messenger but also, a force that shapes public opinion and holds the insurance sector accountable. This, he emphasized, was essential for the industry’s resilience & growth.
Alhaj Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority (IRA) commended the media for their accurate portrayal of the insurance industry. He spoke candidly about the hurdles the sector faces, which include low awareness, persistent misconceptions, and the struggle for market penetration.
“Despite this, the country’s insurance penetration rate remains below 1%. This low uptake is attributed to several factors, including public mistrust, low public awareness about insurance, and a narrow range of products that don’t always meet the needs of low-income earners.,”he stated.
In 2024, insurance firms paid out more than sh800 billion in claims according to the Insurance Regulatory Authority of Uganda (IRA). The payout represents 50% of the sh 1.8 trillion collected in total premiums by the industry.
Kaddunabi however encouraged more Ugandans to take up insurance, noting that the regulator is in place to ensure claims are paid.
“If you do not have an insurance policy now, you only blame yourself because the insurance regulator is there to ensure that if you have insurance and there is any problem, you will be paid. You will be compensated,” he added.