On 27th October 2023, we presented the findings from the Insurance Coverage & Needs Survey to the members of the Mbarara City Traders Association (MBACITA) at the Grand Holiday International Hotel in Mbarara. The survey was conducted in July 2023 among the members of Kampala City Traders Association, Mbarara City Traders Association and Mbale City Traders Association in Kampala, Mbarara and Mbale respectively.
The purpose of the survey was to gain a better understanding of the risks the informal businesses are exposed to and their risk mitigation strategies, awareness and uptake of formal insurance, obstacles to obtaining insurance, and any risks that insurers may be unaware of but which could be used to create solutions.
While presenting the findings from the survey, Angella Kemigisa the Research Officer at UIA noted that the top 3 risks that businesses in Mbarara were exposed to were theft/burglary at 64%, followed by fire and unstable prices of commodities at 39% respectively. Other risks included machine breakdown at 10%, accidents while at work and failure to pay loans at 7% respectively. She further added that business losses at 94% were the main effect arising out of the risks faced by the business. “Insurance is here to help you mitigate these risks through the different products available but to also come up with customized solutions to address your special needs.” She said.
On uptake of formal insurance, she noted that whereas results revealed that it was at 4.1% in Mbarara, there was a lot of potential for formal insurance with 47% of the respondents saying they were likely to insure their businesses against the risks their businesses were exposed to. As such she encouraged the insurers to grab the opportunity.
The MBACITA team was led by their Chairman Simon Mwijuka who expressed his appreciation for the survey. He noted that engagements like these offer an understanding of insurance solutions that are key to traders & business operations.
Jonan Kisakye, our Chief Executive Officer acknowledged and appreciated the great partnership that we enjoy with the MBACITA that paved the way for the survey. He also emphasized the strength of the insurance industry and implored the MBACITA traders to have confidence in us. “We are here to give you information to empower you so that you can make an informed consideration for insurance, and we are ready to support and partner with you in other avenues where we can disseminate information,” Jonan said.
Some of our members’ representatives attended the workshop including; CIC General Insurance, Sanlam Life Insurance, Sanlam General Insurance, ICEA Lion Life Assurance and ICEA Lion General Insurance.
They reaffirmed their commitment to supporting the MBACITA traders in all their insurance needs.
For a full report, follow the link below:-
The Insurance Coverage and needs among KACITA members and Affiliate Trade Associations.
