Ugandan insurers losing out to foreign players on marine insurance

Ugandan insurers are missing out on revenues and premiums from exporters and importers who have chosen foreign insurers to provide marine insurance policies, reports The East African.

Data from the Uganda Insurers Association showed that foreign insurers received about $335 million in the last four years.

The Insurance Regulatory Authority and the Uganda Revenue Authority have not been aggressive in enforcing the law that mandates all exporters and importers to buy marine insurance from local insurers.

"There will be premium growth for us when exporters and importers take insurance covers locally," said an official.

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