Insurance companies say they are ready to implement the new policy on local marine cargo insurance.
The Uganda Revenue Authority (URA), together with the Insurance Regulatory Authority (IRA) early this month ordered the traders to obtain marine cargo insurance policies for their imports from locally licensed insurance companies, prior to obtaining customs clearance.
The Insurance Regulatory Authority voiced concerns that the country was missing out on insurance revenue due to cargo importers insuring their imports in the country of origin.
They said buying insurance from domestic insurers as per the new policy will facilitate the growth of domestic insurers as they will have more business and more revenue to facilitate development.
The chief executive officer at the Goldstar Insurance company Mr John Kawuma says the implementation of the policy has been overdue because it will speed up the insurance Penetration.
“We have been paying huge sums of money to foreign insurance companies without any knowledge of how to be compensated for losses,” he said.
He made the remarks while officiating at a function Goldstar Insurance company was rated among the credible insurance companies offering services based on international standards.
While announcing the milestone, he said the new rating reflected their drive to match their services to international standards.
South African rating firm Global Credit Rating (GCR) accredited Goldstar Insurance Company Ltd with a rating from A+ to AA.
