KAMPALA. July 2, 2015. Lion Assurance has today launched a refreshed personal insurance package and campaign that is oriented toward addressing needs of families in Uganda.
The "If you love it Insure It” campaign is a promotion for the Lion Personal Insurance package that includes; Lion Motor Guard, Home and Household Insurance and Family Personal Accident Insurance.
Announcing the package and campaign at a press briefing at the Lion Assurance offices in Kampala, Mr Newton Jazire, the Lion Assurance managing director, said the Lion Personal Insurance has been remodelled to address customers changing demands.
“Statistics indicate that cars in Uganda may be well over the 800,000 mark but some of these may no-longer be actively on the road, housing construction is booming, and when you look around, more individuals are starting families. While growth in wealth and expansion of families comes with numerous benefits, it also means that more people risk losing a car, a house, a household item, and having a person in their homes getting an accident,” said Mr Jazire.
“It is for this reason that we thought it wise, to revamp our Personal Insurance product and to let people know about the changes,” he added.
The Lion Motor Guard Insurance has been broken down into five sub-categories each designed to meet customers’ specifications, Lion Home and Household Insurance which insures your house and belongings like refrigerators, TVs, furniture, among others, and Lion Family Personal Accident Insurance that insures your family members including; baby-sitter, gardener, and askari, among others against accidents.
The Lion Assurance Managing Director said the company’s year-on-year innovations, is a clear testimony that Lion Assurance understands its customers’ demands and responds to them.
Mr Ibrahim Kadunnabi, the CEO Insurance Regulatory Authority, commended Lion Assurance and urged other insurance companies operating in Uganda to come up with appropriate products to drive demand for insuranceservices, adding that the low level of insurance uptake in Uganda has been limited by few innovations.
“Uganda has the lowest insurance uptake in the region, estimated at 0.85 per cent, compared to Kenya's 3.5 per cent, Rwanda's 2.3 per cent and Tanzania's 1.1 per cent, I must say, we have come from somewhere to get there. Insurance penetration increased from 0.601% in 2009 to 0.675% in 2013,” Mr Kadunnabi said.
“Therefore if insurance companies are to remain relevant, they need to re-invent themselves, something that will increases insurance penetration, as a result.”
He thanked the government of Uganda for its varied efforts geared at creating a conducive political environment and legal framework for insurance players to operate in.
Mr Kadunnabi said Uganda's insurance sector’s gross premiums gradually but tremendously increasedto about Shs500 billion in 2014 from Shs35 billion in 2000.
“The growth in the services sector of the economy and their increased appreciation of insurance as a vital support service to their operations led to the growth of the gross premium underwritten.”
For more information contact;
Mr Donato Laboke,