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Insurance players challenged on research and mergers..

Dr. Isaac Nkote, the IRA Board Chairman addressing insurers and brokers at a cocktail at the Uganda Insurers Association Offices.

Insurance industry has been challenged on research, innovation, and mergers to improve the low penetration levels.

Dr. Isaac Nkoote, the IRA Board chairman told insurers and Brokers to consider carrying out research, investment in innovations and product development, and that small insurance firms should consider mergers and acquisitions as options to consolidate the sector.

Nkoote was speaking at a cocktail after the committee for liaison of underwriters and brokers (club) forum on Friday 17th November 2017, at Uganda Insurers Association offices.

“Research should be taken seriously and this will promote innovations and better decision making. There is also need to create a Fund which could be run by the Insurance Institute of Uganda to spearhead the promotion of academic competent Officers and Managers. One might think that academics are for university professors etc but it is essential for professional management of the insurance industry,” he added.

In bid to promote collaboration within the market, the insurers and brokers fraternity established an industry Committee for Liaison between Underwriters and brokers to among others; discuss matters of both mutual and wider industry concern to enable sector growth and development. CLUB also provides the platform for interaction and cooperation between other sectors and insurance sector.

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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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