![[Uganda] Insurance Authority CEO tenure renewed for stellar performance](Ibrahim.jpg)
[Uganda] Insurance Authority CEO tenure renewed for stellar performance
The chief executive officer of Uganda Insurance Regulatory Authority Ibrahim Kaddunabbi Lubega has had his contract renewed for another five years in what the minister of Finance, Planning and Economic Development, Matia Kasaija, has attributed to stellar performance in his tenure at the helm of the Authority.
According to a statement from IRA, there was tremendous achievement in the sector under Kaddunabbi’s watch, where gross written premiums went up to $181milion in 2015 from $71 million in 2010.
The industry’s claims paid out have increased overtime from $19.2million in 2010 to $64 million in 2015.
However, insurance penetration in Uganda, at less than one per cent of the gross domestic product, is still low compared to the country’s other peers such as Kenya and Rwanda.
Kaddunabbi said in the statement that he plans to develop a strategy which will focus on promoting and stimulating the demand for insurance products.
He added that he also intends to fast-track the formulation of policies that will attract investors and build public confidence in the sector.
