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ugstandard.com, January 19, 2023 | Kampala: The Capital Markets Authority (CMA), the regulator of the capital markets industry in Uganda, has announced the appointment of a new board.
This board, which includes some continuing members from the previous board, will provide policy oversight for activities in the capital markets industry in Uganda, with the ultimate objective of developing the industry and protecting the interests of investors.
The new board is constituted as follows;
A representative of the ULS is yet to be appointed.
watchdoguganda.com, January 18, 2023, 07:57AM | The Insurance Regulatory Authority (IRA) of Uganda, which is the state’s insurance controller has put implementing sectoral regulations at the forefront of its priorities for 2023.
This was revealed by the Chief Executive Director (CEO) of the regulatory body, Mr. Ibrahim Lubega Kaddunabbi , while speaking recently at a CEO breakfast meeting held in Kampala.
Mr. Kaddunabbi said their areas of concentration in 2023 will be full implementation of current sectoral regulations and finalizing the ones that are pending.
He also revealed that a lot of efforts will be put on finalising the Motor Vehicle Insurance Bill which seeks the amendment of Section 39 of the Motor Vehicle Insurance Act Cap 214.
Other areas of concentration include the implementation of International Financial Reporting Standard 17, automating the authority’s supervisory operations by acquiring and deploying of the supervisory and reporting software.
Major focus will also be put on the implementation of the compulsory marine cargo insurance and continuation with the implementation of Risk Based supervision on top of Monitoring Capital Adequacy Ratio (CAR) of insurance companies.
“Our core mandate remains policy holder protection and ensuring that legitimate claims are paid in time,” remarked Kaddunabbi.
Note has to be taken that Insurance penetration in Uganda has for years remained at an all time low, below 1%, a factor that has been attributed in part to the public perception that insurance players do not easily pay or compensate policy holders when losses are incurred.
Worse still, the skyrocketing basic commodity product prices have hiked the costs of living for households and therefore buying insurance is not a key priority area, given the fragile sources of income, which are not adjustable to the high costs of daily life.
Experts in the insurance sector have supplied a grim connection to low penetration insurance levels with the low awareness strategies which has kept a significant number of the citizenry largely uninformed about the impressive opportunities that insurance has to offer.
In this regard therefore, the roadmap for IRA this year also includes heightened awareness campaigns to see to it that the public is supplied with sufficient information about opportunities that the sector offers to increase penetration levels.
Basing on the information from the IRA website, Uganda is confirmed to have 31 insurance companies, two re-insurers, 28 loss assessors, three HMOs, 20 bancassurance agents, three re-insurance brokers and 48 insurance brokers.
Recent statistics from the regulatory body also indicate that the sector recorded sustainable growth in the third quarter of 2022, with the total gross written premium growing from UGX. 912 billion in quarter three of 2021 to UGX. 1.08 trillion in quarter three of 2022, accounting for 18.57% in the same period.
Nevertheless, gross claims paid amounted to UGX. 476.52 billion during the period, accounting for 44.1% of the industry’s total premium compared to UGX. 363.15 billion which was paid in quarter three of 2021.
Premiums accounted for 32.5% of the aggregate sector written premiums in the report period as compared to non-life assurance which accounted for 58.5% of the aggregate industry written.
Also vital to point out, the combination of the remainder classes, which included HMOs, Dedicated Health Insurer and Micro insurers accounted for 9% of the aggregate premiums subscribed.
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nilepost.co.ug, January 02, 2023 | According to CNN, it would be a missed opportunity if a traveler didn’t visit Uganda which has a lot to offer.
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“From the expansive shores of Lake Victoria to the snowy Rwenzori Mountains, Uganda is a beautiful wilderness playground, with opportunities for adventure including treks through the Bwindi Impenetrable Forest or up to the craters of the Virunga volcano chain or whitewater rafting along the Victoria Nile,” CNN says.
“There’s also an emphasis on connecting visitors with Ugandan communities — promising tastes of Ugandan food, music and culture. Last year saw the launch of the Uganda Cycling Trail, a 1,600-kilometer mainly unpaved 22-stage route designed to appeal to all levels of cyclist from hardcore solo bikepackers to fully-guided easy riders.”
CNN says there is considerable change brewing in Uganda’s travel offerings at the moment with the country christened the pearl of Africa now looking beyond the traditional staples of safari and wildlife spotting to appeal to both regional and international visitors.
IN MEMORY OF THE LATE UGANDAN FEMALE OLYMPIC. HEROIN, REBECCA CHEPTEGFI , MAY HER SOUL REST IN ETERNAL PEACE.
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