By Our Reporter
The Insurance Regulatory Authority (IRA) is set to come up with guidelines aimed at facilitating the introduction of new insurance products. This comes as the industry seeks new ways to deepen insurance penetration which currently stands at 0.85%.
Protazia Sande, IRA’s Assistant Director for Market Research and Development said the move would allow players to come up with products that are responsive to the market needs but which are also backed by regulations to protect both the insurers and the insured.
Speaking during the launch of the ICEA Group’s Customer Appreciation Week in Kampala this morning, Sande said, “Market penetration of insurance services is low but we see this as an opportunity to grow the industry. This is the reason why we must work with all stakeholders to create better understanding of the benefits of insurance to a wider audience.
