The Minister of Animal Industry, Bright Rwamirama, has urged insurance companies to introduce special insurance packages for members of the armed forces. This call was made during the 4th Annual International Insurance Conference held at Hotel Las Vegas in Mbarara City. The conference, which spans two days, has drawn participation from more than 27 insurance companies across Africa and is organized by the Insurance Training College. The central theme of the conference revolves around the concepts of Environment, Social Governance, and sustainability trends relevant to today’s organizations.
As the chief guest at the conference, Minister Rwamirama emphasized that insurance providers should pay closer attention to the needs of the armed forces, who often face numerous challenges both during and after their service. Many soldiers end up disabled due to their involvement in armed conflicts, and once they retire, life can become exceedingly difficult for them and their families. Minister Rwamirama suggested that insurance can play a vital role in addressing these challenges.
Rwamirama stressed the importance of collective efforts in ensuring environmental sustainability. He pointed out that this could be achieved through smart agriculture practices that not only address environmental concerns but also help mitigate potential shocks for farmers. Additionally, he encouraged insurance companies to include agriculture insurance in their offerings to monitor and address issues related to adverse weather conditions and the effects of climate change on agriculture. These measures are vital for sustaining food production to support the growing global population.
AlHajji Ibrahim Kanudabi Lubega, the Chief Executive Officer of the Insurance Regulatory Authority of Uganda, highlighted the issue of government subsidies on agriculture insurance. He noted that the government’s existing subsidy for agriculture insurance is often depleted within a single season, even though two distinct seasons exist. He expressed the intent of the authority to collaborate with the government and the Ministry of Finance to enhance this subsidy for agriculture insurance. Lubega explained that this policy is especially crucial as it aligns with the rollout of the parish development model, ultimately bolstering the uptake of agriculture insurance.
Saul Sseremba, the Chief Executive Officer of the Insurance Training College, stressed that to effectively address the current challenges associated with climate change, Uganda’s insurance industry should strategically incorporate the concepts of environmental, social, and governance considerations. This approach is crucial for the industry to adapt to the evolving landscape and offer comprehensive support to different sectors, including the armed forces.
