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Empowering Uganda Women Entrepreneurs: Understanding Insurance & Risk Management

Discover the criteria for choosing an insurer based on financial strength, management quality, and claims settlement attitude. Learn about risk categories, risk management strategies, and the diverse insurance options available for Uganda Business Women. Gain insights into the troubled history of the Uganda insurance industry and explore various insurance categories and coverage types. This event aims to equip women entrepreneurs with the knowledge to protect their businesses and assets effectively.

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Empowering Uganda Women Entrepreneurs: Understanding Insurance & Risk Management

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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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