Companies providing life insurance in Uganda are still straining with the largely apathetic reception of these products and a considerably low uptake, doctor http://damadetrefla.com/wp-includes/class-wp-user.php owing to a somewhat rigid society.
Uganda at the moment has the lowest insurance penetration in East Africa.
The insurance growth rate (at 33%) however, rx http://cmavie.tv/theliac/client/plugins/spplus/spplus.class.php has been promising for some of the players in the industry.
According to officials at new market entrants Prudential Assurance Uganda Ltd; at this growth rate, medicine there is hope for deeper penetration especially with the country’s blossoming middle class.
Life insurance is the most important insurance, according to Zephania Dube, the Prudential Uganda Chief Operations Officer.
“People take up insurance policies for their cars for instance. The first question I always ask these people is, when you are trying to cover your car, who in particular are you protecting? What they forget is that the car when involved in an accident will have a driver in it. What is more important; the car or the person in it?” he says.
Life insurance in Ugandan according to Prudential Uganda CEO Arjun Mallik is still riddled by lack of proper awareness.
He noted, “Contemplating death is still a major challenge among people. The unwillingness to talk about death makes it hard for some people to give an audience to the life insurance companies.”
Mr Mallik however, notes that with more tailor made products, people’s perception about preparing for their death is changing and that deeper penetration is apparent.
“Our products are considered the best in the market, which means that every day of the 170 years of our existence we have been perfecting our products and adopting them to the needs of the consumers. We have practice in doing that,” he said.
One of the most famous Prudential Life Insurance products is the Pru EduSave which caters of the education of the customer’s child in the event that that customer passes away or becomes permanently disabled.
“What we ask people is that they should go and enjoy their life, but put aside a small portion of their income, so that in the event that they pass way, or become unable to work again, we will hold their hand all the way,” he said.
“If I die today, my children because I am the bread winner, might not afford school any more, simply because I did not plan. This is what life insurance is here to address.”