The Insurance Regulatory Authority (IRA) says the current improvement in the market conduct while selling insurance-related products will spur the growth of the sector come 2023.
The Chief Executive Officer for the Insurance Regulatory Authority, Alhaji Kaddunabbi Ibrahim Lubega noted that there is a tremendous improvement in terms of growth across the entire insurance industrial cycle despite the challenges of the economic shocks affecting various countries.
He asked the insurance operators to inspire the community to come up with innovations that are beneficial in addressing the needs of the clients.
He made the remarks at the launch of the third Annual Insurance Innovation Awards.
He is optimistic that the Insurance penetration will soon grow above 0.8%.