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This appeal was made on Friday by Alhajj Ibrahim Kaddunabbi Lubega, the Managing Director of the Insurance Regulatory Authority (IRA).
Kaddunabbi called for the increment of the funds going to the Uganda Agriculture Insurance Scheme from Shs 5 billion to about Shs 15 billion.
“Currently this scheme is getting only Shs 5 billion which we are thankful for, but we are asking that the government increase this amount threefold,” he said.
“This is because, with the Parish Development Model, we don't think the amount is enough to cover the increasing number of farmers and protect them from crop failure.”
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The agriculture scheme which has a consortium of about 13 insurance companies is currently covering about 74,000 farmers as of September this year.
Kaddunabbi was speaking on Friday at the 8th graduation of the Insurance Training College (ITC), where a total of 720 graduates received different awards.
Of these, 499 received the certificate of proficiency, 170 got the certificate in insurance, and 51 were awarded the diploma in insurance.
The graduation also saw for the first time a cohort of students graduating with diplomas in agriculture insurance.
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Since 2015, the ITC has churned out over 6000 graduates into the insurance business.
Saul Sseremba, the ITC principal in his remarks, rallied the graduates to put their acquired skills to good use.
“It is one thing graduating and it is another transforming the sector where you work,” he said.
“Therefore, go and be good ambassadors of the ITC. Wherever you go, people should see ITC shining. It is only through professionalism that we can build trust with our clients and expect to come up with innovations that will grow this industry.”
On his part, the Permanent Secretary Ministry of Finance, Mr. Ramadhan Ggoobi also called upon the graduates to “work with integrity, transparency and in the best interest of customers.”
Mr Ggoobi on the other hand, expressed optimism about the insurance industry in Uganda which continues to show signs of growth.
As per the 3rd quarter, in September, he noted that the industry registered Shs 1.22 trillion in gross written premiums, a 13.6% growth compared to last year.
More so, gross claims paid for life and non-life accounted for 39% of the gross written premiums, accounting for 309.5 billion.
“In the past, insurance in Uganda was perceived as a ripoff because of misselling and unprofessionalism by some of the representatives of the insurance companies at the time,” he said.
“But under the IRA, and training at this college, I am glad that we are now seeing some professionalism on display and increasing gross claims paid. This is good progress.”