Players in the insurance sector are optimistic that in the next one year, penetration rate will soon grow to 1.5% from the current 0.8%.
The marketing manager, UAP insurance company, Singh Dogo says as Uganda’s economy continues to register growth, the insurance sector too is steadily growing.
He has underscored the need for insurance companies to develop tailor made products to demystify the misconception of the insurance policies among the general public.
Currently, the insurance penetration in Uganda stands at 0.8%, as compared to that of Kenya which is at 3.8%, Tanzania 2.3% and Rwanda at 1.1%.
Story by Moses Ndhaye