Insurance Regulatory Authority (IRA) has said it will continue with its awareness drives among members of the public as one of the ways to narrow the awareness gap in insurance acceptance.
Speaking during the launch of the insurance week at the Railway grounds, IRA Chief Executive Office Alhaji Kaddunabbi Ibrahim Lubega said they have for several years been carrying out awareness drives but said these will continue.
“We have taken several steps to narrow the awareness gap in the insurance sector but fundamentally, as a regulator we have improved and increased our budget to move to the entire country at different levels. We have different teams moving around the country to ensure people are made aware of what they ought to know,” Kaddunabbi said.
He noted that they have continued to partner with the insurance sector players, insurance brokers association, Insurance Training College, and loss assessors and adjustors to drive the uptake of insurance through several campaigns targeting members of the public.
“As part of the campaigns, we move out to the public to educate the masses but also participate in financial literacy campaigns,” Kaddunabbi said.
“This theme is carefully chosen because risk management is the underlying tenet of the insurance industry. We know that certain risks are beyond the resources of most individuals and businesses, so insurance takes on that responsibility to compensate the policyholder up to a certain amount for specified losses in exchange for a small payment called premium,” added said.
He also said that sector players will spread information about insurance in an attempt to stimulate demand and ensure consumer protection.
“We want the population to have the knowledge and understanding of what insurance is and how it works. During the insurance week, the various sector players will showcase the different players in the insurance market and their respective roles in the insurance ecosystem.”
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