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PS Muhakanizi asks Banks to support Insurance customers..

Standard Chartered Bank Chief Executive Officer Mr. Albert Saltson receives the Bancassurance Agency License from the IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega at IRA offices.

Insurers and banks discuss success drivers of Bancassurance in Uganda at the 3rd Annual Bancassurance Forum.

While opening the forum, the Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Planning and Economic Development, Mr. Keith Muhakanizi asked Banks to support insurance customers to pay their premiums through insurance premium financing.

Muhakanizi, who was represented by the Ag. Commissioner Financial Services Department, Mr. Henry Mbagutta, said this will enable the insurers meet the cash and carry requirements of the Insurance Act, 2017.

He noted that whereas Uganda’s population is at 44million persons, statistics indicated that about 9 million people had Bank Accounts and only 20% of the adult population was using formal regulated financial intermediation.

 “The development of Bancassurance in Uganda is part of the global trend where financial institutions are offering a combined product mix to their customers. This is a positive move towards financial sector stability and financial inclusion,” he said. He added that the number of people taking insurance policies has experienced minimal growth compared to those engaging in Banking activities. Therefore, Banks are better placed to compliment insurance sales by leveraging on their customer base.

The Ag. Chief Executive Officer IRA Mr. Bernard Obel encouraged continued collaboration between the banks and insurers to develop innovative products to address the customer demands.

The forum was organized by the Uganda Insurers Association and Uganda Bankers Association.

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The Authority set up a Complaints Bureau in 1998 as per Section 15(f) of the Insurance Act to handle complaits against Insurance players. The public is urged to always lodge complaints with the Bureau for prompt settlement to complaints and avoidance of lengthy and costly Court cases
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