The Insurance sector on a high following the opening of the economy

Posted: 15th, 03 2022

The economy is open and everybody is back outside but the one sector that has been abuzz with activity is the insurance sector. Some may stake this flurry of activity on the lessons drawn from the COVID-19 Pandemic that hit everyone unexpectedly thus the need for public awareness on insurance while others may stake it on the pro-activeness of the sector players.

Atop the sector activities so far is the inaugural insurance week (7th – 11th March) under the theme: “understanding the need for insurance”. It was awash with numerous activities geared towards popularizing & increasing the uptake of insurance ranging from a free health camp, talks demystifying insurance in the media and at the main venue – the Railway Grounds. The different players in the insurance sector did not disappoint. They flexed their muscles by showcasing what they offer and what sets them apart from their competition. It is noteworthy that the insurance week was conceived by the insurance sector regulator: the Insurance Regulatory Authority (IRA) and organized alongside the relevant associations in the sector: the Insurance Brokers Association of Uganda (IBAU), the Uganda Insurers Association (UIA), the Insurance Technical College (ITC) & the Uganda Bankers Association.

While the insurance week undoubtedly deserves its due applause, other insurance awareness efforts have been on-going. The Insurance Brokers Association of Uganda has maintained its momentum that saw it launch the “Beat the Risk” campaign late last year with a fairly new one this year called “Beera Ku Sure” translated as “Be Sure”. The campaign’s objective is to infiltrate both the formal & informal markets with the message that with insurance, you are surer of your tomorrow. The campaign has run purely on the digital front via the various social media platforms, most notably twitter.  

To keep this fire ablaze, there’s another major event in the insurance sector in the offing: The Insurance Brokers Association of Uganda Annual Conference slated for April 7, 2022. This will be the 4th IBAU Annual Conference. More details on this conference will be revealed soon but judging from the current industry momentum, it promises to be another eye-brow raiser as the insurance brokers under their umbrella body – IBAU, continue to make waves within the industry.