Insurers Uncertain of EAC Status

The chairman of Uganda Insurers Association has said the sector is uncertain of its status in the East Africa Common Market that was effected on July 1.

In an interview last week, Mr Geoffrey Kihuguru said: "It's not only the Ugandan insurers, but a regional issue which resulted from the fact that stakeholders were left out while discussing the integration."

He said if regional governments had involved the sector in the negotiation stages, they would not have reason to complain but since they were ignored from the start they know less about their role in streamlining the Protocol.

The Common Market, which was signed by the EAC member states allows free movement of capital, goods and services within the region.

As companies start to venture in the East African region; they need assistance from insurance companies to protect their properties and businesses in case of risks.

However, as it stands, players in the insurance industry are still perturbed with how to help because they were sidelined during the negotiations of the protocol.

Mr Kihuguru said in order to catch up with the trends, respective insurance associations from the member countries have embarked on strategies to see how they can benefit from the Common Market.