The Uganda Insurers Association (UIA) Chief Executive Officer Jonan Kisaakye says the uptake of life insurance products is on a growth trajectory according to the latest insurance industry figures.
Speaking to the media at UIA headquarters in Kololo, Kisaakye noted that the latest 2022 industry performance results show a 31% on average growth in life insurance segment.
“When you look at the unaudited industry results, 506 billion shillings were collected from the life insurance segment, this contributed 37% of total industry premium. This can be compared with 34% growth that was recorded in 2021.It’s clear more people are buying life insurance products. ”He said.
To this effect, UIA has unveiled a new campaign dubbed Wewanilile a Luganda dialect-derived theme meaning “support yourself” with an inference to “keeping yourself safe” with Life Insurance for a better tomorrow.
Potential clients will choose from an array of Life Insurance plans offered by insurers. This is expected to offer a peaceful retirement and enable one to start a dream venture.
“The life segment is growing and therefore it was important that we come up with a campaign to create more awareness and make the public appreciate why they need life insurance. We believe that the products we are putting out speak to the needs of our people.”
Badru Bengo Manager Life & Pensions at Uganda Insurance Association emphasized that covid-19 outbreak brought to light the appreciation of life insurance as policyholders sought to be cleared but most importantly the fact that Life Insurance offers an alternative saving scheme.
“The beauty with saving through insurance is that you have an advantage of not only realizing your dreams but even more. This is because your savings also cover other risks which are different from other saving schemes. That means if anything happens, you are paid your savings and the risk component.”
Life Insurance can enable one to retire comfortably, save for their children’s education, start a venture of your dream or even ensure your loved ones are financially secure in the event of demise.
