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Uganda: National Insurance to Raise Life Policy Rates

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New Vision (Kampala)

19 June 2008
Posted to the web 20 June 2008

Kikonyogo Ngatya
Kampala

THE National Insurance Corporation (NIC) has started a stakeholders' consultation aiming at raising the life policy interest rates to above 5% to counter the rising inflation rates, a senior official said last week.

Wilfred Kansiime, the acting city branch manager told an entrepreneurs' meeting in Kampala that some people were losing from life long policies due to inflation.

"With about 11% inflation rate, the interest on life cover has to be revised upwards," he said.

Kansiime was addressing small-to-medium enterprises business personnel on insuring their businesses. The training was a joint effort between NIC, REMODE Enterprises and the Centre for Empowerment and Development.

Life and property insurance are some of the policies which attract high premium over long periods of time.

Momomo Masiko, the REMODE managing director, said they were focusing on enabling businesspeople manage their lives better to realise their full potential.

Relevant Links East Africa Banking and Insurance Economy, Business and Finance Uganda

"Your first business resource is your health. It must be your priority at all times," she said.

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