According to the Insurance Regulatory Authority (IRA), the insurance sector has been steadily growing at annual average rate of about 15%. In 2022 the sector grew by 20%, a sign that there is an increase in insurance uptake. However, this growth has not deepened insurance penetration in Uganda, which remains at less than 1%.
Robert Muhiire who is dfcu Bank’s Principal Officer Bancassurance, made the remarks at the launch announcement of dfcu’s new Bancassurance campaign dubbed ‘Cover with Us’ which was made at its headquarters in Nakasero, Kampala.
‘Cover with Us,’ will provide a variety of insurance solutions to the Bank’s customers, which can be accessed across dfcu locations countrywide. With the campaign, dfcu hopes to provide affordable, accessible, and relevant insurance solutions for Ugandans. This campaign will also help the Bank contribute to increasing the sector’s insurance uptake by providing insurance solutions to financial risks which may pose a risk to people’s livelihoods and cause business losses.
These solutions are underwritten by the Bank’s various insurance partners for distribution through the Bank’s various channels.
In his remarks, Muhiire emphasized the significance of insurance as a tool for managing risk to safeguard businesses, individuals, and their families from unforeseen risks.
“Whether you are an individual or company, insurance could go a long way to act as a shock absorber in times of crisis. We have designed ‘Cover with Us’ to include Motor, Health, Property, Education, Business and Travel Insurance products from dfcu Bank and partner insurance companies. We are readily available at over 50 branches across Uganda where we will answer any customer queries and help them identify the right policy for their needs.”
“Our brand purpose is to Transform Lives and Businesses in Uganda – and with this campaign, we’re certain that our customers will be able to afford a peace of mind, secure their lives and possessions. We care to cover everything you value with reliable insurance you can bank on.”