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Lake Victoria Tragedy “A Harsh Reminder to Get Insured”

Ugandans have been called to pick lessons from the boat accident that claimed dozens of lives on Lake Victoria late last month and appreciate the need to ensure both their lives and property.

Officials in the insurance industry noted that the boat tragedy was a harsh reminder of life’s unpredictability and the importance of planning for it.

Executive Director Insurance Regulatory Authority Uganda (IRA-U), Ibrahim Kadunabi stressed that insurance shouldn’t been looked at, as it is by most Ugandans, as the last option when one is making their budgets.

“After investing your money in you businesses, the next thing to think about should be how to secure that money,” he said.

“We have to think of how we can secure our lives and properties and indeed even if God was to wish and we go, those we leave behind must have a comfortable life.”

Referencing the boat accident on November 24th, Kadunabi noted, “We all saw what happened last weekend; we express condolences to those who lost their dear ones and those who lost property. We therefore encourage everybody to take up insurance.”

The ill-fated boat which capsized a short distance of Mutima beach, was neither registered, nor insured according to President Yoweri Museveni.

Mr Kadunabi, while speaking at the launch of the new Total Education Plan Policy by insurance company ICEA, went on to call on players in the sector to play their role in attracting Ugandans to insurance.

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“We encourage al players at all times to invest heavily in new product development and services in order to reach a wider population,” he said.

On his part the Managing Director ICEA, Paul Mwaka said that for Ugandans to embrace insurance, government has to take the leading role of embracing insurance.

“The number one driver for business in any sector is government. In Ugandan government doesn’t insure assets and properties. In other jurisdictions, governments do,” he said.

“We need a helping hand from government, to lead example. We also need to continue educating the masses.”

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