Kampala, 23rd March, 2017 – The Uganda Insurers Association (UIA) officially launched the sector’s 10 year Market Growth and Development Plan which intends to see insurance penetration grow from less than 1% to 3% by 2025.
“The Market Growth and Development plan is based on one primary objective- to increase the ordinary Ugandan’s appreciation of insurance.
The Plan therefore streamlines a series of actions and activities under four key intervention areas; increased understanding and appreciation of insurance, lobbying and advocacy, leveraging on technology and capacity building to bring about increased penetration.
“By implementing this plan, we expect to see tangible results in how the market responds to insurance. For example, through our Consumer education and awareness program, we expect that in 10 years, 15% of the population will be actively saving, making long term saving and applying risk mitigation measures through insurance. We also expect that, over the same period 10% of our population will access insurance information, products and services online and that 30% of all our retail products and services will be delivered through technological avenues, “added Mr. Newton Jazire, Chairman of the Market Growth Committee.
The Association will be working with players who include their members, the Insurance Institute of Uganda and the Insurance Regulatory Authority to implement this plan.
“The plan will also be monitored and reviewed periodically to ensure that our objectives and interventions are in sync with the changing needs of the market, “concludes Ms. Magala.
