The Insurance Regulatory Authority (IRA) has launched a sensitization exercise dubbed “Bima Mashinani” aimed at enlightening the public on the importance of having an insurance policy.
IRA Corporate Communication Official Evans Kibagendi said the exercise will have a forum with stakeholders at the county levels who will thereafter help spearhead it across the counties.
The most targeted group will be journalists, teachers, and other stakeholders in various sectors.
The IRA will also sensitize Boda Boda riders and matatu operators on road safety and what insurance to acquire to protect their businesses.
Kibagendi said that IRA will further address insurance complaints and claims from the policyholders during the exercise assuring the public that it was mandated to protect consumer rights and provide consumer education and investor information.
“IRA has created a Consumer Protection Department to listen to complains, gather information, and address accordingly on the needs of the police holders”, said Kibagendi.
The official added that IRA will keep the insurance industry in check to ensure that they treat policyholders according to the stipulated laws and policies that guard the industry.
Kibagendi said that the insurance uptake in the country is being taken seriously and it was part of the mandate of the IRA to ensure that the uptake is increased through awareness creation.
He, however, called upon the public to take time and visit insurance companies to get policies that will suit their needs to address the ever-growing exposure risks.
“We have insurance policies that are quite low to cater to the needs of individuals with low income”, affirmed Kibagendi.
He noted that the government is also involved in the microinsurance business to help individuals with low-income to access insurance policies tailored to suit their needs to protect their wealth and their families.
The Policyholders Compensation Fund (PCF) Corporate Communication Official Rosemary Kavili noted that the sensitization exercise will go a long way to enlighten the public on the need of having insurance.
Kavili explained that the (PCF) was mandated to compensate policyholders whose insurance companies have been placed under the statutory management to give confidence to the insurance industry.
She said that the PCF mandate is to ensure policyholders are compensated through placing claims in case their insurance company licenses are canceled.
Kavili also acknowledged that Concord Insurance, Resolution Insurance, and Standard Assurance are under statutory management and called upon any policyholders in the three affected insurance companies to come out and place their claims to kick-start their compensation claims.