Newslex Point News in Uganda, Uganda news
Last week, the IRA released results highlighting the performances of different segments of the insurance sector.
The authority indicated that non-life insurance grew to Shs510.1b, a 56.8% increase from Shs309.8b in 2023’s first quarter. This growth is higher than the Shs446.6b recorded in the same period in 2022.
On the other hand, life insurance generated Shs291b, indicating a growth from Shs242.7b in 2022. This represented a 19.9% growth. As for health maintenance organization and micro insurance, they generated Shs27.3b and Shs462.63m, respectively.
Therefore, non-life accounted for 61.6% of industry written premiums during the period while life accounted for 35.1%.
The rest accounted for just 3.3%. All in all, insurance premiums went up from Shs711.6b in 2022 to Shs828.9b in the same period in 2023, representing a 16.5% growth.
The IRA chief executive officer said they had recorded a growth in life insurance. This is especially individual policies, motor insurance among others.
He said this is a result of increased risk awareness, innovation as well as digitization. He then said the IRA would focus on digitization in supervisory activities and also claims processes.
This will ensure that all payable claims are cleared on time.
The authority will also provide technical support to potential innovators to ensure cost-effective solutions to distribution and access challenges are addressed.
Check Also;
- GA Insurance Launches Medical Insurance For The Elderly
- National Medical Stores Demands More Funding
- Bank Of Uganda Increases Lending Rate To 7.5%
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
