MARINE INSURANCE: Importers must use local insurers
The state minister for finance Amos Lugolobi has given an ultimatum of up to December 2021 to importers and exporters, to start purchasing marine insurance online, following the enactment of a new law that requires importers to pay marine insurance for cargo through local insurers. Currently, importers insure cargo in the country of origin, through suppliers, which industry policymakers say makes the country lose millions of dollars in foreign exchange. A recent IRA performance report shows, Non-life businesses generated over UGX 664 billion in gross written premiums (up from UGX 621 billion in 2019) representing a 6.96% growth in premiums.
