Uganda Insurers Association

Earlier today, we attended a training of Research Assistants in preparation for a Public Perceptions Survey on Insurance in Uganda to be conducted by REEV CONSULT INTERNATIONAL on behalf of Uganda Insurers Association (UIA). Our Research Officer, angella Kemigisa karamagi enlightened the research assistants on the purpose and significance of the survey, noting that it is the first step to the development of the Insurance Literacy & Inclusion Agenda (ILIA) which aims to make insurance more accessible and appreciated by Ugandans. Angella clarified that the role of researchers is strictly informational and focused on gathering public insights about insurance rather than promoting or selling insurance products. She also stressed the importance of collecting high-quality data and familiarized the team with key insurance terms. #InsuranceLiteracyAndInclusionAgenda

Did you know that life insurance isn’t just about personal peace of mind? Watch the video below as Patrick Kimathi, Chairman of the Life Committee and Managing Director at UAP Old Mutual Uganda Life Assurance, reveals how Life Insurance fuels economic growth. Contact a Licensed Life Insurer for more details. Britam Insurance Company (Uganda) Ltd, ICEA LION UGANDA, Sanlam Uganda, CIC Insurance Uganda, Jubilee Life Insurance Company Ltd., Prudential Uganda, Liberty Uganda, NIC HOLDINGS LTD #LifeInsurance

We are proud of our members who have picked up awards at this Year’s Financial Reporting Awards: Liberty Uganda Life Assurance for the category of Life Insurance and UAP Old Mutual Uganda Insurance in the category of Non-Life (General Insurance). #ICPAUFiReAwards2024.

UIA has emerged as a 1st Runners Up in the category of Regulatory Bodies and Associations at this year’s Financial Reporting Awards. #ICPAUFiReAwards2024

Our team is in attendance tonight at 2024 Financial Reporting Awards themed “In the call to Promoting Excellence in Corporate Reporting and Disclosing ESG Performance and Progress” happening at Serena Hotel. UIA received recognition for the Most Improved Report and emerged the First Runners Up in the category of the Regulatory Bodies & Associations at last year’s edition of the Awards. #ICPAUFiReAwards2024.

Representing the Minister of Finance, Planning and Economic Development, Mr. Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, commends the Uganda Revenue Authority (URA) and the Insurance Regulatory Authority for successfully implementing the platform, which empowers local insurance companies to issue policies for imported goods, addressing long-standing challenges such as delays in claims, high costs, and fraud from foreign insurers. Mr. Ggoobi emphasizes that the platform will not only boost government revenue but also reduce commodity prices and improve negotiations for insurance covers. He further highlights that local insurers will benefit from economies of scale as the pool of insured importers grows. Acknowledging that new systems come with challenges, Mr. Ggoobi announces a three-month voluntary compliance period until January 2025. After that, starting February 2025, all importers will be required to insure their goods locally. He encourages the public to embrace the system and thanks all stakeholders for making this achievement possible. #LocalMarineCargoInsuranceLaunch

IRA UGANDA CEO, Alhaj Kaddunabbi Ibrahim Lubega in his remarks calls the Marine Insurance Platform initiative a significant milestone towards enhancing trade facilitation and bolstering the insurance industry in Uganda. Alhaj Kaddunabbi adds that we must go digital and continue to simplify the way we do business in order to satisfy the users. Hailing the Marine Insurance Platform as the best in the EAC & COMESA region, he offers a brief background of its roots. He points out that in the fiscal year 2017/18, the Hon. Minister of Finance, Planning & Economic Development made a pronouncement on the government’s intended move to support locally licensed insurance companies in managing all domestic insurance including insurance policies for goods imported from other countries. He then directed IRA to work with URA to implement the directive which culminated into various stakeholder engagements. Alhaj Kaddunabbi expresses his gratitude for the partnership with URA that has made it possible. Alhaj Kaddunabbi adds that it is beneficial for importers to have localized Marine Insurance while also empowering the local insurance players. It curbs the substantial capital outflows and challenges in Claim processing that were encountered by importer dealing with foreign insurers. Local Marine Insurance will enable importers to buy insurance in local currency and at highly subsidized premium rates. Importers will have direct access to the local insurers eliminating the complexities of dealing with foreign entities enabling business to recover swiftly & continue operations with minimal disruptions. He also notes that Local Marine Insurance will be of significant economic benefit by retaining insurance premiums within the borders thereby enhancing the liquidity of our financial markets and contribute to the national revenue. He also explains that Local insurers are better positioned to understand and cater to the unique needs of Ugandan business with tailored and efficient covers. Alhaj Kaddunabbi explains that the successful implementation on the Uganda Electronic Single Window with the Marine Insurance Platform eliminates the earlier complexities that existed in the clearing of goods. The money to be paid the importer is to be much lower than before and yet with insurance as opposed to before. In conclusion, he urges the importers and all other stakeholders to embrace the platform, to leverage it to enhance efficiency, reduce costs and contribute to the growth of our local industries, noting that together, we can build a resilient & self-sustaining economy that benefits all Ugandans. He also commends everyone who worked tirelessly to ensure the platform’s fruition especially the team from IRA UGANDA, Uganda Insurers Association & Uganda Revenue Authority (URA). #LocalMarineCargoInsuranceLaunch

Uganda Revenue Authority (URA)’s Acting Commissioner General Mr. Mutebi Robert salutes digitization efforts for adding value to the country and recognizes Motor Third Party Insurance as one of URA's most efficient processes. He notes that Local Marine Insurance brings a new revenue stream, contributing to URA's stamp duty collection. For traders, he explains, Local Marine Insurance offers greater value, with easier claim access and improved protection. He praises the government's efforts to reduce highway robberies, though he acknowledges that goods still occasionally go missing despite URA's efforts, such as cargo tracking, to secure them. Mr. Mutebi credits Local Marine Insurance for its role in de-risking cargo from the point of purchase to delivery, which he says will build local insurance capacity and strengthen our economy. As he concludes, he describes Local Marine Insurance as a valuable asset for all Ugandans, a milestone in our digitization journey & expresses gratitude to the team that articulated this journey for delivering on it. #LocalMarineCargoInsuranceLaunch

Hajji Asadu Kisitu Kigozi, the Commissioner of the Customs Department at Uganda Revenue Authority (URA), emphasizes that the launch of the new platform, marine.uia.co.ug, marks a major milestone after years of discussions since 2017. The platform simplifies trade and strengthens URA’s revenue collection role, offering a web-based solution that eliminates delays and enhances the client experience. Kigozi explains that URA has faced challenges in verifying insurance coverage for goods under the CIF (Cost, Insurance, and Freight) model, often estimating insurance costs at 1% of the goods’ value. With the new platform, URA can access exact insurance costs, ensuring accurate tax calculations and reducing mis-declarations. He highlights that the platform simplifies claims management and integrates the insurance regulator, making it easier for importers to comply. Kigozi encourages importers to embrace the system, noting it will streamline operations and generate local revenue from premiums. He concludes by assuring clients that URA will support the transition, offering a grace period before mandatory implementation. #LocalMarineCargoInsuranceLaunch

Joseph Ndiho, the System Developer, presents the technical features and functions of the new integrated Local Marine Portal during the official launch of Local Marine Cargo Insurance at the URA offices. He explains that the Marine Portal will streamline the process, allowing authorities to gather accurate importer information to provide tailored insurance coverage. Ndiho emphasizes the use of the importer’s TIN as the primary identifier and clarifies that importers must input specific details about the goods they are importing to ensure the correct insurance coverage and enable insurers assess and price the risk accurately. He urges importers to specify the product categories and transportation methods for their goods. Following these steps, importers will then be prompted to upload additional documents, such as a commercial invoice, which will be stored digitally for reference in the event of a claim. Ndiho concludes by emphasizing that information on the origin and final destination of the goods is essential, as Local Marine Cargo Insurance provides coverage from the point of purchase until the importer receives their goods. #LocalMarineCargoInsuranceLaunch