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Ugandans accessing informal insurance services...

The IRA Board Deputy Chairperson Hajjat Aphwa Ssebyala, handing over a seedling to Ms. Proscovia Babi of Proba Services (an Insurance Loss Assessing firm) at the dissemination workshop on the uptake of insurance in Uganda at Hotel Africana.

The 2018 FinScope survey findings have revealed that many Ugandans are using informal insurance means to protect themselves against risks. The survey showed that savings groups are the most common channels through which people access informal insurance services and financial assistance to members in times of need.

 

“Over 90% of informally insured adults are savings group members, giving them access to their group’s emergency and social fund,” the report read in part.

The findings were presented during a dissemination workshop to insurance stakeholders at Hotel Africana by the Financial Sector Deepening Uganda (FSDU) Research Specialist Mr. Jimmy Ebong.

The survey findings challenge insurers to understand the strengths and limitations of savings group social funds and design their products carefully in order to tap into this potential market.. In the same regard, quick access to money and low cost were identified as key drivers of informal insurance services that formal insurance products and service providers need to emulate.

The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega challenged the players to address the rural-urban divide, gender variations, trust deficits, upsurge of informal protection mechanisms.

“Beyond developing solutions, players need to innovate into better and cost effective ways of delivery to reach the currently uninsured market. The demonstrated immense potential for agriculture insurance and health insurance for the greater informal sector is another great opportunity for the sector,” Kaddunabbi said.

The survey recommended insurance players to use mobile distribution channels and partner with mobile network operators to address issues of high cost of distributing traditional insurance products and services especially in the rural areas.

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