The Uganda Insurance Regulatory Authority (IRA) seeks to increase uptake of insurance services in the country as well as boosting penetration. The micro-insurance service providers will be subjected to lesser requirements compared to the traditional insurance companies. Micro-insurance firms will be required to have minimum capital of Shs100m.

 

Uganda has the lowest insurance uptake in the region, estimated at 0.85 per cent, compared to Kenya’s 3.5 per cent, Rwanda’s 2.3 per cent and Tanzania’s 1.1 per cent. The executive director of the Association of Microfinance Institutions in Uganda, Mr David Baguma, urged insurance players to tap into the unexploited micro-finance sector to boost insurance penetration.
Source: The Monitor – Uganda