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Kamapal to Host African Insurance Conference

Uganda will for the second time host the 44th Africa Insurance Organization (AIO) conference, organized by the Insurance Regulatory Authority.

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CEO, Ibrahim Lubega Kaddunabbi

The conference is expected to bring together more than 800 delegates from all over African to share knowledge and best practices among insurance businesses leaders and professionals with an aim of boosting insurance uptake.

Speaking to journalists on Tuesday, the chief executive officer at IRA, Ibrahim Lubega Kaddunabbi, said there is still widespread ignorance on the benefits that come with insurance of services. He said that the forum will contribute to policy debates that will drive the sectors growth within the region.

"Sustainable financial inclusion is only possible with an effective risk management mechanism in place. The core of the discussion will be on strategising and agreeing to plans to ensure improvement of lives through the products and services that we provide at affordable prices, and through appropriate channels that are relevant t to our markets," Kaddunabbi said.

The conference, set to take place on 21 - 24 May, 2017 at the Speke Resort Munyonyo, will run under the theme, Furthering the financial inclusion agenda of Africa nations through insurance.

Uganda first hosted the conference in 1998. A report from the Financial Deepening Africa, in partnership with the Center for Financial Sector and Inclusion, shows that insurance penetration in Sub-Saharan Africa remains the lowest in the world.

In Uganda, the insurance industry contributes a paltry 0.6 per cent to the country’s GDP, with less than one per cent penetration level, according to Ernst and Young, an international accounting firm.

Deepak Pandey, the chairman of Uganda Insurers Association, said: "We will use the opportunity to show case our developments as well as to dialogue on how governments can partner with our industries to ensure that the general public can continue benefiting from insurance."

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