Following the lifting of all COVID-19 restrictions, the entertainment scene naturally took the lead with a number of concerts & parties. Now other sectors are also gradually following suite and the corporate scene seems to be gathering steam and surprisingly, insurance is at the forefront of the return to life as we know it, if the recently concluded insurance week is to go by. Now, the 4th Insurance Brokers Association of Uganda (IBAU) Annual Conference too, is here.
The 4th IBAU Annual Conference was officially flagged off at a Press Conference that took place on Thursday, 24th March at Golf Course Hotel. While speaking to journalists, Mr. Solomon Rubondo – Chairman, Insurance Brokers Association of Uganda said that this year’s conference is to run under the theme “the role of insurance in rebuilding the post-pandemic economy”.
The IBAU Chairman was flanked by Mr. Latimer Mukasa, Chairman of the Uganda Insurers Association (UIA), Mr. Paul Muhame, the Chairman of the IBAU Annual Conference Organizing Committee, Mr. Steven Kaddu from the Insurance Regulatory Authority (IRA) & Miss Ruth Namuli from Sanlam. In line with the theme of the conference, Mr. Rubondo explained that there are on-going interventions aimed at widening insurance penetration into the informal sector, SACCOs and Co-operatives.
At the event, UIA’s Mr. Mukasa pointed out that the Oil & Gas sector is a major focus for the insurers. Speaking about the big risk magnitude involved in the sector that outstrips the capacity of Uganda’s insurers, he explained that UIA sought a solution by forming the Oil & Gas Consortium to help the insurers. “Through The Oil and Gas Consortium, each insurance company was given lines to manage” He added that this will help to retain premiums within the industry and ensure that local insurance companies participate in the Oil & Gas sector.
This year’s IBAU Annual Conference will focus on how insurance is integral to the economy’s emergence from the COVID-19 Pandemic dip. It has attracted support from a number of industry players like Sanlam, Uganda Insurers Association, MUA Insurance among others.