Minister Urges Tailored Insurance Solutions for Uganda’s Farmers

Concerns Arise Over Customer Satisfaction in Uganda's Insurance Sector
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In Mbarara, the State Minister for Agriculture, Animal Industries, and Fisheries, Bright Rwamirama, is urging insurance companies to create products specifically designed to support the agriculture sector. He made this call during his address to insurance brokers, CEOs, industry players, and consumers. Rwamirama emphasized that in the face of common disasters like flooding and drought, farmers need agriculture insurance policies to safeguard their crops and reduce financial burdens.

Rwamirama noted that recent environmental challenges have severely impacted farmers, making agriculture insurance a vital tool for those involved in farming. It provides a safety net against unforeseen losses due to natural disasters, ensuring the sustainability of the agricultural sector.

At the 4th Annual International Insurance Conference, hosted at the Las Vegas Hotel in Mbarara on October 27, Rwamirama also urged insurance companies to develop policies catering to retired soldiers. This sector, he believes, has been overlooked by insurance companies, and there is an opportunity to provide post-retirement insurance options to former military personnel.

The conference drew the participation of more than 27 insurance companies from various African countries. Organized by the Insurance Training College, the event revolved around the theme “Environment Social Governance and Sustainability Trend for Today’s Organizations.”

Several insurance companies, including UAP Old Mutual, Uganda Insurance, Sanlam, CIC Insurance Uganda, and MUA Insurance (Uganda), are part of a consortium that provides coverage for the agriculture sector.

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Rwamirama also urged insurers to consider crafting policies tailored for individuals with disabilities, demonstrating a commitment to inclusivity within the insurance industry.

Ibrahim Kaddunabbi, the CEO of the Insurance Regulatory Authority (IRA), acknowledged that insurance companies are currently in the process of developing products aimed at addressing the unique risk factors associated with climate change in the agriculture sector. He emphasized the importance of these policies in a country heavily dependent on agriculture, and the government’s commitment to providing subsidies to supplement premiums for agricultural insurance buyers.

As Uganda launches the Parish Development Model, Kaddunabbi stressed the necessity of maintaining these subsidies to promote the wider adoption of agricultural insurance.

Regarding the concerns raised about the insurance needs of the armed forces, Kaddunabbi assured that insurance companies are actively exploring policy options for disabled individuals who may have incurred disabilities during their service.

Saul Sseremba, CEO of the Insurance Training College, underscored the need for insurance companies to create a significant impact and raise awareness about insurance. He advocated for an approach that incorporates environmental, social, and corporate governance in the insurance sector, ensuring it aligns with the evolving needs of today’s society.

Sseremba further highlighted that insurance penetration in Uganda remains relatively low, emphasizing ongoing efforts to introduce insurance education in secondary schools as a means to increase awareness and understanding of insurance.

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