As the 2021 general elections draw closer, insurers in Uganda have been asked to consider introducing political insurance.
There are quite a number of insurances in Uganda including Life Assurance, Motor Insurance and medical insurance among others but no company has introduced political loss insurance to cushion political leaders in case they lose an election.
Speaking at the dinner held Wednesday at Serena Hotel to mark 20 years in existence of Insurance Company of East Africa in Uganda, Kiema Kilonzo, the Kenyan high commissioner in Uganda commended insurance companies for the crucial role they do.
However, Kilonzo tasked them to come up with other insurance covers including Political and Agricultural insurance which he noted are crucial as well.
“Insurance companies have for the past years done an incredible job in ensuring people, get the best out of them including paying for their medical bills among others, but I think it would as well be great if you introduced political and Agricultural insurance targeting politicians and farmers.”
According to Kilonzo, just like other risks and uncertainties, politicians usually face it rough after losing an election and they deserve such an insurance cover which will help them recover the lost resources they used during the campaigns.
Speaking at the same event, Al-Haji Kaddonabi Lubega,the CEO Insurance Regulatory Authority revealed that life assurance companies are changing many people’s lives as they are seen hitting an average of 30% in Uganda.
“Only established in August, 1999, ICEA has tremendously grown and helped change many lives. At least as a regulator, we have not heard of any issues with the company’s clients such as delayed and unpaid claims. Congratulations on your 20th anniversary celebrations.”