Insurance regulator urges innovation for growth
The insurance regulator says the majority of insurance firms are still locked into traditional methods of doing business, leading to their underperformance. In a market where just five insurance companies control a large share in terms of gross written premiums, Ibrahim Kadunabi Lubega singled out micro-insurance, which he says has the potential to grow uptake using innovation. Insurance penetration in Uganda and the region is still challenged by low awareness and public confidence in the services offered.
