Insurance penetration in Uganda below 1 per cent – study 

A recent study by Jubilee Life Insurance has revealed a startling truth: insurance penetration in Uganda is below 1 per cent. This means that insurance is often viewed as a luxury item, rather than the essential safety net it is.

"We must acknowledge that we operate within an undervalued industry, often stifled by profound misconceptions," the report states.

During the launch of the "Living and Living Free" campaign on Friday, Mr Sumit Gaurav, CEO of Jubilee Life Insurance, emphasised the need to challenge this perception. 

"Wisdom does not come overnight, but I believe we have a vital role to play in empowering individuals and families to make more informed financial decisions," he said.

With over 87 years of industry experience, Mr Gaurav pledged to dedicate themselves to sharing their knowledge and insights. 

"Our goal is to simplify the lives of customers and the broader community, making the complexities of insurance and investment more understandable and accessible," he said.

Mr Dan Musiime, the CEO of Jubilee Health Insurance, echoed this sentiment. "In many parts of the world, including Uganda and East Africa, insurance is perceived as complex and intimidating. This may explain why we have gaps in coverage and a lack of financial protection, leaving individuals and families exposed to vulnerabilities."

Mr Musiime emphasised the need to break down these complexities and make insurance an integral part of everyday life. 

"It's about making insurance accessible and understandable, so that everyone can benefit from its protection," he said.