Africa insurance companies urged to upscale service access
The Finance State Minister for Planning, Amos Lugoloobi has challenged insurance company proprietors across the African continent to endeavor to intensify its access and uptake as it’s still very low.
Speaking on the sidelines of the 46th annual general meeting for *Africa Re*, a Premier Reinsurance Company in Africa, Lugoloobi noted recent statistics indicate that in Africa health insurance is at a penetration rate of just 0.2% with a density of USD 5 per person annually.
Non-life insurance he says stands at a penetration rate of 0.64%
He has meanwhile commended companies like Africa re which are ensuring that insurance opportunities on the continent are a reserve for Africans.
“This agency is responsible for re-insuring other insurance players within the continent and it was also established to make sure that we do not externalize insurance opportunities to other people outside the continent”, he said.
In 2023 after the integration of the Uganda Electronic Single Window, and the Marine Insurance Platform with the Insurance Regulatory Authority (IRA), it was made mandatory for all importers to procure marine policies from locally licensed insurance companies in accordance with the Insurance Act, 2017.
However some insurance companies have often complained that they lack capacity to effectively settle marine related claims.
On her part in a message presented on her behalf by the Jim Muhwezi the security minister, premier Robinah Nabbanja urged insurance company operators to ensure integrity and professionalism as they offer service to Africans who need it the most
