Insurance experts urge Ugandans to take up cover against financial losses

What the report says

Insurance experts in Uganda are urging households and businesses to take up cover to reduce the financial impact of accidents, illness, property damage and other unexpected events. The warning comes amid continued low insurance uptake in the country, which industry players say remains a major challenge despite the availability of products for motorists, families and companies.

In a discussion on Salam TV’s Omukeeze programme, hosted by Aminah Nabukenya, insurance expert Hannington Mubiru explained insurance as a contract in which a customer pays a premium in return for financial protection against specified risks. He encouraged Ugandans to learn about available policies and choose at least one that fits their needs.

Mubiru also said payouts depend on the type of policy and the agreed terms between the insurer and the client. Using motor insurance as an example, he said compensation levels differ by vehicle category. His remarks were part of a wider effort to help people understand how claims work and why insurance can reduce the burden of large, unexpected costs.

Nile Post reported that industry players want more public education so consumers better understand the risks covered, the conditions attached to claims and the range of policies on offer. The broader issue matters because low insurance use can leave households and businesses more exposed when losses occur.