This event is hosted by the Insurance Regulatory Authority (IRA) of Uganda in collaboration with FSD Uganda and the Innovation Villiage
The Insurance Regulatory Authority (IRA) of Uganda, in partnership with FSDU and the Innovation Village, invites you to attend an interactive event where we will be discussing the opportunities for and challenges to innovation in the Ugandan insurance market.
Insurance penetration in Uganda remains low and the majority of Ugandans are not covered by insurance. Indeed, the latest FinScope (2018) data reveals that only 1.4% of Ugandan adults have any form of insurance. By and large, innovation in the Ugandan insurance also industry remains limited.
Nevertheless, FinScope (2018) also reveals that 61% of Ugandans face insurable risks (the most prevalent of which is health-related, followed by agriculture and death). Many Ugandans not only have the need for insurance, but they also have the means to afford it – 3.76 million adult Ugandans earn more than USD10 per day.
As such, there is a significant opportunity for providers to expand insurance uptake – but in order to do so, they need to actively pursue innovation and explore ways to meet potential and current consumers’ needs. We recognise that this is a challenging task, but we hope that this event will help to kick-start the conversation about how to tackle it.
Aim of the event
The aim of this event is to bring current and potential players in the insurance industry together to share ideas, network and learn from existing success stories, each other and the regulator. Specific objectives include:
View the agenda here.
This event took place in November of 2020. If you want to know more about this work, you can contact comms@cenfri.org or read about it here.