Government has urged insurance companies to take deliberate efforts to bridge the trust gap that has hindered the growth of the sector
While presiding over the launch of the Corporate Social Responsibility (CSR) initiative aimed at enhancing maternal healthcare at Kawempe Women’s Hospital, the third deputy Prime Minister, Lukia Nakadama emphasized the need for insurance companies to regain public confidence.
“I call upon the insurance sector to work harder towards bridging the trust gap. It is vital that we build a sector that the public can believe in, as it is key to the growth of the industry and, ultimately, the national economy,” Nakadama said during the event, highlighting the importance of insurance in developing nations.
Uganda’s insurance sector has seen growth over the years, with a significant increase in the number of insurance companies and related services.
However, despite this growth, the sector has faced persistent challenges, particularly in terms of public trust. This lack of confidence has been cited as a key factor slowing down the sector’s full potential.
Speaking at the event, Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority of Uganda, reiterated the need for more trust-building efforts.
“Insurance plays a crucial role in any economy. It has continued to play a critical role in the economic development of Uganda by providing the financial security and indeed the risk management. Empowering women in the insurance it’s about parenting, is about harnessing the full potential of whatever We do, and it is about looking at the talent skills and innovation which the audience needs to keep the sector growing,” Kaddunabbi advised.
Studies show that organizations with diverse leadership perform better and make better decisions than their counterparts, and indeed are more resilient.
For this sector to realize its full potential, experts believe there is need to ensure that the public feels safe and secure when they invest in insurance services.
“This is not just about financial investment but about building long-term, dependable relationships,” Lubega said.
The Corporate Social Responsibility initiative, led by Women in Insurance, has mobilized significant resources to improve maternal health services at Kawempe Women’s Hospital, a key referral center for maternal care in the region.
Hajjat Aphwa Kawaase Sebyala, president of Women in Insurance, expressed pride in the contribution of women within the sector, particularly their focus on addressing critical health needs.
“The mobilized resources include medical equipment used in the maternity ward C-section, Mama Kits, and other health supplies, ” Kawaase hinted.
“Women make up more than 60% of Uganda’s insurance portfolio, and their active role in the insurance sector cannot be overstated. We are committed to not only improving maternal health care but also positioning women as leaders within the insurance industry,” Sebyala stated.
The growing influence of women in Uganda’s insurance industry, as highlighted by the Insurance Regulatory Authority, is seen as a potential solution to many challenges facing the sector.
Women, accounting for a majority of the insurance portfolio, are poised to take on greater leadership roles to strengthen the sector’s performance.
” Due to the emerging need in the field of maternal health, we hope to mobilize more resources to support maternal mothers at Kiruddu hospital among others,” she promised.
Nakadama’s remarks underscore the importance of fostering public trust and collaboration between government, insurers, and key stakeholders.
