KAMPALA — The Insurance Regulatory Authority of Uganda (IRA) hosted its fourth annual Insurance Innovation Awards presided over by Deputy Speaker of Parliament Thomas Tayebwa.
The 2023 awards ceremony was held at Kampala Serena under the theme: “InsureVate: Igniting Excellence in the Insurance Sector”.
Liberty Insurance Company walked away with Three accolades—making it one of the best performing insurance players.
Liberty Uganda won awards in the categories of; Special Judges Winner Award for its Afya Plan for innovative design, digital approach, and affordability (36k and 60k per annum), driving financial inclusion.
Liberty SafeBoda Insured Plus Rides, in partnership with Stanbic Bank Uganda was also awarded for being the most innovative Bancassurance solution.
The award award went to Liberty Uganda’s partner Weerinde Brokers – Munno Mukabi for Innovative Broker Solution.
“We are deeply honored to receive these prestigious innovation awards; this highlights our commitment to innovation and dedication to making a meaningful impact in the lives of those we serve, ” said Joseph Almeida, Liberty Life Assurance Uganda Managing Director.
He added: “Insurance should be accessible to everyone, regardless of their economic background. Talks need to transient into action on the ground”.
‘For insurance sector, It demonstrates that we all are taking steps towards innovation. With creativity and a deep understanding of our customers’ needs, we can develop solutions that are both inclusive and impactful,” said Liberty boss.
Mrs. Juliet Murungi Okwi, the business development manager at Liberty Life Assurance said that the recognition from the IRA motivates “us to continue pushing the boundaries of what’s possible, to innovate with purpose, and to lead the way in creating a more inclusive and financially secure future for all”.
On his part, Mr. Mohammad Danish Eqbal, the Chief Executive Officer & Principal Officer for Liberty Life Assurance Uganda commended liberty team for being part of the company’s journey.
“I would like to thank our dedicated team, our partners, and our customers for being a part of this incredible journey. Together, we are making a difference,” said Eqbal.
Minister of State for General Duties Henry Musasizi commended IRA Uganda and all sector players for the great performance posted in the recent years.
To demonstrate improved performance, Musasizi said the annual gross written premiums have grown from UGX 612 billion in 2015 to UGX 1.6 trillion in 2023.
Also the annual gross claims paid have more than tripled from UGX 214 billion 2015 to UGX 727 billion in 2023.
The sector contributed about UGX 200 billion in stamp duty and corporation tax in FY 2022/23 up from UGX 116 billion in FY 2016/17.
The Minister said government will continue to support the insurance sector,adding that more effort is needed to build a thriving insurance eco-system.
The Insurance Innovation Awards recognizes all players licensed by the Authority, including insurers, Health Membership Organisations, Brokers, Bancassurance Agents, Individual Agents and loss assessors.
