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Insurance Companies register sales as Life Camp closes in Elgon Region

Participants at the just concluded UIA Life Insurance Camp in Mbale listen to different speakers

Kampala, Uganda | THE INDEPENDENT | The Inaugural Uganda Insurers Association (UIA) Life Camp ended in Eastern Uganda after a week of activities where insurance companies exhibited different Life Insurance products. The camp took place at the UCU Mbale Grounds starting July 24th -28th.

The week-long event saw 9 Life Insurance companies camp in Mbale in Eastern Uganda in which AAR Healthcare extended free medical check-ups to over 500 local residents.

The Life Camp was organized by UIA and it was aimed at creating awareness about the relevance of Life Insurance to the people of Eastern Uganda. This was done through various radio talk shows and community drives while other representatives of the insurance companies were stationed at UCU Mbale Grounds to attend to the residents.

Speaking at the close of the camp, UIA Officer in charge of Life, Medical and Pension, Badru Bengo, said the agenda of the camp was indeed attained.

“When we set out, we were not sure of the reception we could get, but we were sure that we were to preach the insurance message to the locals. We have addressed the wrong notion that insurance is for the rich.” People have bought funeral covers for themselves and their families for as low as Shs 30,000.” Badru added.

The camp attracted 9 insurance companies that engaged in different activities all aimed at sensitizing the common person about the need to buy a Life Insurance policy to protect them from life’s uncertainties.

The Team Leaders, while appearing on the different talk shows, informed the masses that Life Insurance products are not only meant to give them peace of mind with guarantee of compensation in difficult times but also to enable them to save for the future. Some of these covers go for as low as Shs 15,000.

“We want to commend UIA for organizing this Life camp. We have sensitized the public about the benefits of Life Insurance and locals have bought policies. We have told them about our products such as the ICEA Lion Credit Life Assurance. Under this policy, the cover provides for a lump-sum to be paid in the event of death of the borrower.” Mr. Billy Nsubuga, Manager, Life Assurance at ICEA Lion said.

Josephine Namalwa, Sales Administrator – Liberty Assurance noted that the week was a success with locals buying policies like their AFYA Plan which provides compensation in case of permanent disability or critical illness of the policyholder.

The other popular product that sold well at the camp was the CIC’s Kameeza Plan, a low-cost funeral expense cover for self and immediate family members that caters for burial expenses and monthly family upkeep for 3 consecutive months from the demise of the policy holder.

Paul Wadada, one of the new clients, said that he bought the CIC Kameza Policy after he understood the benefits that come with the cover.

Jubilee Insurance Training Manager, Viola Namayaja said the camp provided a platform that they used to meet clients and potential clients. She said most people they spoke to initially perceived insurance as a luxury but later revealed changing their perception.

During the UIA Life Insurance Camp – Eastern Tour, AAR Healthcare provided free medical check-ups to the people that turned up. They took tests for HIV, Random Blood Sugar Tests, Hepatitis B, Optics, Dental among others and received treatment.

According to Mutale Wycliffe, a Counsellor with AAR, they attended to people from as far as Soroti who had come to attend the Life Camp.

“Most people cannot afford consultation fees for regular check-ups, but this week we have tested many people and some have received treatment while others have got drug prescriptions. We want to commend UIA for organizing this camp,” he said.

According to findings by UIA, despite initiatives deployed by Insurance sector players, Life insurance awareness and penetration in Uganda remains low. This is mainly attributed to reasons such as limited knowledge about Life Insurance and benefits that come with the policies.

On a positive note, recent Insurance sector figures issued by the Regulator – Insurance Regulatory Authority (IRA) indicated that Life Insurance Premiums grew by 35% in the 2022, a sign that Life Insurance consumption is on a growth trajectory.