By Our Reporter
Uganda loses up to Ushs 50 billion annually in revenue due to failure to enforce the Marine Act, Insurance broker Aon’s CEO Maurice Amogola has said. According to him, much of the cargo being shipped into the country is not insured locally, shifting the benefits to foreign insurance firms and economies. He called on Uganda Revenue Authority (URA) to move in fast to seal the anomaly, a move that could significantly boost their collections and push the country closer towards achieving the middle-income economy status.
“Goods coming to Uganda should be insured in Uganda. This will give the country good revenue and create employment locally and stimulate economic growth. Insuring goods with international firms can lead to delays as it can take longer time to make follow ups and receive compensation, leaving the clients frustrated. In addition, if one has a problem in Mombasa or gets problems when the goods are on transit to Kampala it will take them a long time even to get the insurance company in Europe or other overseas countries to assess the damage. Local companies are best suited to sort out the issues because they are readily available,
