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Uganda Investment Authority Women Entrepreneurs Network HOTEL AFRICANA, KAMPALA

Uganda Investment Authority Women Entrepreneurs Network HOTEL AFRICANA, KAMPALA Thursday, March 16, 2006. Insurance & Risk Management. How do you CHOOSE your Insurer?. Criteria for an Insurer. Financial Strength Management Quality Claims Settlement Attitude Reinsurance

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Uganda Investment Authority Women Entrepreneurs Network HOTEL AFRICANA, KAMPALA

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  1. Uganda Investment Authority Women Entrepreneurs Network HOTEL AFRICANA, KAMPALA Thursday, March 16, 2006

  2. Insurance & Risk Management

  3. How do you CHOOSE your Insurer?

  4. Criteria for an Insurer • Financial Strength • Management Quality • Claims Settlement Attitude • Reinsurance Only Then – Price/Premium

  5. Risk Probability of Occurrence of an Event leading to: • Loss or Disability of Life • Loss of or Damage to Property

  6. Risk Categories • Speculative Risk • Pure Risk

  7. Speculative Risk Result = Loss or Profit Examples: • Buying Shares • Lending Money • Banking Money • Others

  8. Pure Risk Result = Loss (Never Profit) • Examples: • Fire • Motor Accident • Liability • Others

  9. Risk Management • Identify • Control • Transfer (Insurance)

  10. Insurance • A FIXED & KNOWN COST (LOSS) IS INCURRED TODAY BY PAYING PREMIUM” • THE ADVERSE EFFECT OF A FUTURE PROBABLE (UNCERTAIN) LOSS IS MINIMISED

  11. Insurance Industry • Uganda Government – Insurance Act 1992 • Customers • Insurance Companies • Agents & Brokers • Loss Adjusters, Investigators & Assessors

  12. Uganda Insurance Market Size

  13. INSURANCE FOR UGANDA BUSINESS WOMEN

  14. Uganda Insurance Industry Troubled History • Currency Depreciation • Mistrust • Misconception – Customers Vs Insurers • Low Skills • Inaccuracy of Values • Negative Claims Settlement Attitude • Insufficient Law – Overseas Insurance

  15. Comprehensive • Third Party Liability MOTOR

  16. DWELLING HOUSE • Householders • House Owners • Personal Liability

  17. Fire • Explosion & Lightning • Earthquake incl. Tsunami • Flood • Malicious Damage • Strikes & Riots • Business Interruption FIRE

  18. Workers Compensation • Employers Liability WORK ACCIDENTS

  19. Individual Accident • Group Accident • Family Accident • Children Accident Hospital Cash • MFI Protection ACCIDENT & HEALTH

  20. TRAVEL • Leisure Travel • Business Travel • Family Travel • Education Travel

  21. Marine Cargo • Air Cargo • Inland Cargo • Transport Delay • Hull & Liability TRANSPORT

  22. Burglary • Money / Cash-in-Transit • Employee Fraud • Computer Fraud • Bankers Blanket Bond • Arson CRIME

  23. Public Liability • Product Liability • Professional Liability • Management (Directors & Officers) • Pension Trustees Liability LIABILITY

  24. Machinery Breakdown • Business Interruption • Electronic Breakdown • Data Reconstruction • Stock Deterioration ENGINEERING

  25. Construction Risks • Machinery Assembly • Project Delay • Construction Plant PROJECTS

  26. Terrorism • Sabotage • Kidnap & Ransom • Product Contamination CRISIS

  27. Thank You Partnership

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