Toro Development Network (ToroDev): “Insurance is not only for the rich” IRA Staff

The communications officer of the Insurance Regulatory Authority (IRA), Ms. Mariam Nalukuma has appealed to the local citizens in the Rwenzori Region, western Uganda not to view insurance as only meant for the rich. “with UGX 50,000 and above per month you can get an insurance package therefore, it’s important to note that insurance isn’t for only the rich but for everyone” Said Mariam.

While participating on the orukurato live radio talkshow on Hits FM, Fort Portal on Saturday 15^th November, 2014 (08:00 – 10pm), mariam also warned local citizens who are interested in subscribing to any insurance package of their choice to always let their next of kin know to enable proper processing of their claims especially in times of sickness incase of life insurance.

Mr. Sande Protazio

The live radio discussion which was also attended by the IRA Assistant Director of market research, Mr. Sande Protazio who sensitized the radio listeners on the meaning of insurance and types of insurance, “Insurance means putting in place measures to safeguard loss or accident. However, to put in place such a safeguard, you must pay a premium to an insurance company. There are many insurance packages like workers compensation, home owner’s policy, etc” Said Sande.

“In Uganda, our incomes are very low and also the saving culture is very low but when you are registered with an insurance company for a particular package it is like paying rent. Therefore, it’s important to register for an insurance package to assist in properly planning for any eventuality for instance life insurance helps you to gracefully age” added sande.

Sande further appealed to the local citizens to report any cases of failure by insurance companies to fulfill people’s claims to IRA so that they can be dealt with, “If you are registered with an insurance company and subscribed to a package and the insurance company fails to fulfill kindly give us a call so that we can deal with it. We appeal to insurance companies to also pay their claims.”

During the 2 hour live radio program, listeners participate through call-ins, SMS, online for instance Edward a caller from Kabarole called in the radio program to understand more on insurance for SACCOs and other accidents like earthquakes which Mr. Sande answered saying that SACCOs or groups can purchase an insurance package from many insurance companies with a reduced cost compared to an individual because the risks for a group are always minimal.

The live radio discussion which was moderated by Mr. Kasigazi Williams Donanto is supported by Toro Development Network (ToroDev) in partnership with SIDA, Mountains of the Moon University, Hits FM, BOU and GIZ.