The main complaints continue to be in regard to claim settlement, with the study revealing that some customers have been frustrated to the extent to abandoning a claim that was due for clearing.
The new measures provide that half of the board members must be non-executive directors, while at least half of them, including the Chairperson must be independent of the shareholders.
According to the performance report, the insurance companies in Uganda managed to sell insurance worth 1.085 trillion Shillings by the end of the third quarter of the year 2022, up from the 912 billion Shillings recorded for the same period in 2021.
Ibau Chairman Solomon Rubondo admits that when Covid 19 broke out, the country was not prepared and the industry did not know how to handle the ensuing risks.
These included closure of businesses and losses of employment.
The Insurance Brokers Association Chairman Solomon Rubondo says some of its members are losing their businesses to the Banks who he says seem to be acting as insurance brokers too.
