The Insurance Regulatory Authority in partnership with the Uganda Revenue Authority has unveiled an integrated insurance platform for local marine cargo and goods in transit.

The platform was launched by the PSST Ramathan Ggoobi at the URA headquarters in Nakawa yesterday. This development comes as a relief to importers who have been relying on foreign insurance providers.

“There was a general outcry and discontent from the importers and the business community who insured with the foreign insurers. To end this, locally licensed insurance companies will issue insurance policies for goods imported from other countries except for personal effects and donations,” said Ggoobi as he represented the Minister of Finance.

Ggoobi noted that by launching this platform, IRA and URA are empowering locally licensed insurance companies to issue all policies related to domestic marine cargo insurance to safeguard them from risks related to importation.

The IRA Chief Executive Officer Alhajji Kaddunabbi Ibrahim Lubega said that the integrated insurance platform marks a significant milestone in Uganda’s journey towards enhancing trade facilitation and bolstering the insurance sector.

“We know that insurance works on the principles of risk management, trust, and the long-term relationship. As these fundamentals remain crucial, we must go digital to bolster the insurance sector,” said Kaddunabbi.

He explained that many importers were relying on foreign insurers for marine cargo, for those who managed to get the marine which led to substantial capital outflows and challenges in claim processing.

“At the initial stages, we interacted with members of KACITA who had their claims from China and many other countries, but they had very many challenges to the time when they had to give up. This is now history. This move will enable the importers to buy insurance in local currencies at highly subsidized premium rates,” he said.

Ag. CG Robert Mutebi explained that URA is easing the taxpayers’ experience in navigating systems and processes through digitization, saying, “IRA has picked a leaf from us and has digitized the issuing of marine cargo insurance policy.”

He noted that the importers will benefit by easily getting their claims from the locally licensed insurance companies which wasn’t even possible before.

Ag. CCD Hajji Asadu Kisitu observed that the platform, being web-based, will remove any delays in terms of facilitating trade.

“The mode of clearance is CIF, cost insurance and freight. Whereas it was easy for the other areas, insurance has been a challenge to get the exact amount. So, with this facility, we will no longer estimate,” said Kisitu.

The platform hosts all locally licensed insurance companies in Uganda.

By Kamugisha Kabahweza Allan