Luxury perception stalls insurance growth, operators say

Insurance operators have singled out barriers that continue to jeopardize the country’s effort to increase insurance penetration in Uganda and the region at large.

Mr Dan Musiime, the Chief Executive Officer of Jubilee Health Insurance says perceiving insurance as a luxury to be enjoyed by a few members of society has continued to be a barrier to the efforts made to increase insurance penetration.

“In many parts of the world including right here in Uganda and East Africa, insurance is perceived as being complex and intimidating sometimes. Many people may feel that insurance is a luxury to be enjoyed by the few members of society,” he said.

While officiating at the launch of an insurance sensitization campaign code-named “There’s living, and there’s living free”, Mr Musiime said if such barriers continue to exist, the insurance sector development will take longer to take off.

Written by Moses Ndhaye