(Kampala) – Uganda has officially launched its Local Marine Insurance platform, aimed at simplifying the process for importers to obtain marine insurance from local, licensed insurance companies. This initiative is a collaborative effort involving the Insurance Regulatory Authority of Uganda (IRA), the Uganda Revenue Authority (URA), and the Uganda Insurers Association (UIA).
The new platform was introduced in response to a directive from the Ministry of Finance, which mandates that all importers secure local marine insurance before clearing their goods through customs. The platform will allow importers to purchase insurance directly from companies licensed by IRA, providing a safer way to protect their goods from unexpected risks during transport.
This move is expected to strengthen the insurance sector in Uganda, ensuring that local insurance companies benefit from a growing market. Importers will now have the convenience of accessing insurance coverage online, streamlining the clearance process and providing better protection for their goods.
| Key Details | Information |
|---|---|
| Platform Launched By | Insurance Regulatory Authority of Uganda (IRA), Uganda Revenue Authority (URA), Uganda Insurers Association (UIA) |
| Purpose | To enable importers to purchase marine insurance from licensed local companies |
| New Directive | Ministry of Finance requires importers to secure local marine insurance before clearing goods |
| Benefits | Simplified insurance purchase process and better protection for imports |
