Records from the Insurance Regulatory Authority indicate there are 1.7 million insurable motor vehicles in Uganda. Of these, only 452,954 units were insured during 2022.
The market for comprehensive insurance has reportedly been growing; however, the majority of vehicles in Uganda are insured for only the statutory required insurance for third parties. Underwriters meeting at the Kampala Serena hotel on November 17 linked this background to the low understanding of insurance in the country.
The event, which brought together NCBA bank, World Navi Co. Ltd, a leading importer and exporter of vehicles, and ICEA Insurance, was the launching of a three-month campaign to offer customers an opportunity to import new and used vehicles of their choice at subsidized prices.
Ambrose Kibuuka, the CEO of ICEA Insurance, noted that whereas the uptake of comprehensive insurance is still low, partnerships such as this will drive the numbers upward.
“We anticipate that numbers will continue to grow in the uptake of comprehensive coverage as the public appreciates the wider coverage there,” he said.
“As one is looking for an underwriter, they must find one who can fulfil the insurance promise without drama or complicating the process. Onboarding is easy, so should the time of claim. We have turnaround times for settling claims of 48 hours, and you have returned to the settlement agreement, and there you are; you have money in the bank,” he said.
Under the campaign, ICEA will ensure that we cover the entire journey of the vehicle from the place of export to Uganda, and we will also cover you comprehensively for all risks, whether damage or theft of your vehicle during your usage here in Uganda. Mark Muyobo, the CEO of NCBA bank, says they believe in the power of collaboration.
“Over time, we have established strategic partnerships with leading companies in various industries to provide our customers with access to innovative products and services that complement our offerings.”
He stated that during the campaign, all cars will come with accident-free and genuine mileage certificates and a three-month warranty on the engine and transmissions.
“As part of our efforts to offer customers a great festive season, we are offering up to 80% financing within two working days for any vehicle imported through World Navi between November 2023 and January, 2024, inclusive of a two-month grace period and convenient installment payment terms,” he said.