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Dar es Salaam. The East Africa Insurance Supervisor Association (EAISA) is expected to launch its five-year strategic plan to increase insurance penetration among member countries by next year.
The association’s chairman and CEO of the Insurance Regulatory Authority of Uganda, Mr. Kaddunabbi Lubega, said that the new strategy will address several challenges facing the EA countries, including low awareness of insurance uptake.
“You will agree with me that most of the EAC economies are faced with several threats and vulnerabilities that require protection through insurance. Also, the region faces similar challenges in the insurance market, EAC remains desperately underinsured with a very low insurance penetration, low awareness and fraud issues,” Mr. Lubega said.
The strategic plan will also focus on how insurers can use digital platforms to reach a larger number of people and increase education about insurance.
“We need to do something in ensuring our people know about insurance because the uptake is still very low, we have the common challenges,” Insurance Commissioner in Kenya, Mr. Godfrey Kiptum, said. “We would like to encourage people to buy insurance policies for their security and the property.”
Tanzania Insurance Regulatory Authority (TIRA) Commissioner of Insurance, Dr. Baghayo Saqware, said that the EAISA meeting is being held at an opportune time when the insurance sector is undergoing a lot of transformation in response to the legal framework, technological development, and changing consumer tastes.
“Whilst we have various unique ways of operations, our insurance markets are almost at the same level of development. There are also common challenges and opportunities that we face as a region,” Dr. Saqware said.
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