Despite the long existence of insurance in Uganda, the industry still has challenges with getting the public on board. Presently, insurance has only 0.73 per cent penetration in Uganda.
According to Mr Douglas Semakadde, the business development manager at Phoenix of Uganda Assurance Company Limited, their major customers are corporate organisations although, the Small and Medium Enterprise (SMEs) clients are more in number but mostly less valued in premiums. He said despite positive perception of clients on fold, lack of awareness especially among the uninsured public is still a challenge.
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