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New insurance firm enters Ugandan market as African Insurance Awards 2021 still on

Turaco Insurance Brokers Limited is the latest insurance company to enter the growing Ugandan insurance market.

According to Alhaj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer of Insurance Regulatory Authority of Uganda (IRA), Turaco Insurance Brokers Limited entered the local market on August 18, 2021 to transact insurance business in the country.

IRA which is the regulator of insurance business in Uganda urges the public to deal with only licenced players to avoid being cheated. “Members of the public are further reminded of the existence of a complaints bureau at the Authority (IRA) to which they may submit insurance related complaints,” Lubega says.

MeanwhileAfrican Reinsurance Corporation says that despite the Covis-19 pandemic, the 7th edition of the African Insurance Awards (AIA) still holds and the virtual awards ceremony is slated for the fourth quarter of 2021, much as the exact date is yet to be released by the organisers.

“In view of the Covid-19 pandemic ravaging the world, the Awards Committee has concluded arrangements to organize a virtual awards ceremony to reward and celebrate excellence, innovation, good corporate management and leadership in the African insurance industry,” say the organizers of the annual awards. 

Turaco Insurance Brokers is expected to provide  affordable health and life insurance to low-income earners, among other services.

There are four categories of Awards in this year’s edition. They include:

CEO of the Year: This special award is given to the CEO of an insurance company, who has made an outstanding contribution over the past 12 months or more, either through the advancement of his/her company or the insurance industry in Africa.

Company of the Year: This prize is open to all insurance companies registered in Africa and focuses on performance in the last two years.

Innovation of the Year: This prize is awarded to an insurance company for the best use of technology, for launching a breakthrough product / service or a new and innovative distribution channel or method.

InsurTech Initiative of the Year: This prize targets non-insurers that are collaborating with insurers to improve customer service delivery, product development and overall innovation in the insurance value chain. For this category, the awards will provide a platform for the winner to meet the insurance industry.

Cash prizes, plaques and certificates will be awarded to winners.

Nominations opened on August 20, 2021 whilst thenominations deadline is October 1, 2021.

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