Microinsurance: Liberty, Safe boda target low income earners
Technology-led micro-insurance could help lift penetration levels to low-income earners in Uganda, where the industry registered a minimal 2.7% fall in market share in 2022 from 4.2% in the year 2021. The push to reach the underserved is now being led by Liberty General Insurance, Stannic bank, and ride-hailing services firm Safe-Boda, who have today unveiled a solution called “plus ride”, which officials say, is aimed at easing the claims process for consumers on the lower end of the market. According to the insurance regularity authority, Uganda’s insurance sector gross written premiums rose sh.1.425tn in 2022 from 1.183tn shillings, the previous year.
