New chairperson of Uganda Insurers Association advocates for digitization, product development

Ruth Namuli, the newly appointed Chairperson of the Uganda Insurers Association (UIA) Executive Committee, has committed to building on the successes of her predecessors to enhance insurance penetration and promote overall sector growth.

The official handover took place last Friday during the CEO Club Cocktail at UIA’s headquarters in Kampala.

Namuli, who has over 16 years of experience in the insurance industry, currently serves as the Chief Executive Officer of Sanlam General Insurance Company Limited.

Namuli assumes this role at a time when insurance penetration in Uganda remains limited, affecting only a small portion of the population and stagnating at less than 1% for several years.

This low penetration rate has been attributed to factors such as limited awareness of available insurance products, inadequate use of technology, and a lack of innovative product offerings.

Additionally, the majority of the population faces constrained income streams, making it difficult to prioritize spending on insurance.

Namuli succeeds Latimer Mukasa, whose six-year term has come to an end. Mukasa will continue to contribute to the UIA Executive Committee as an ex-officio member.

“We intend to continue leveraging existing initiatives by harnessing technology and digital solutions to drive product development. We will also focus on strengthening collaboration and partnerships within the sector, as well as engaging in Environment Social Governance (ESG) issues to ensure global competitiveness and sustainability,” Namuli stated.

In addition, Namuli plans to address the issue of fraudulent claims in the industry by working closely with the regulator. One proposed measure is the establishment of a special reference bureau to combat this threat.

Paul Muhame, the Chairman of the Insurance Brokers Association of Uganda, expressed appreciation for the outgoing leadership under Latimer Mukasa, acknowledging their efforts in laying a strong foundation for the growth of the insurance industry.

He also voiced confidence in Ruth Namuli’s capability to further elevate the association, praising UIA’s effective publicity campaigns aimed at promoting insurance.

Muhame emphasized the need for insurance CEOs to collaborate with the regulator to continuously improve customer satisfaction and encourage the uptake of insurance products.

Jonan Kisakye, the Chief Executive Officer of the Uganda Insurers Association, welcomed the new leadership and pledged to seek strategic guidance to ensure the sustainable management of the association.