ITC conducts first edition of the ITC Insurance Quiz 2021Annet Katusiime
On Friday, February 26th, 2021, the Insurance Training College (ITC) hosted up to 13 insurance players to the first edition of the insurance quiz competition focusing on non-life insurance aspects. This unique initiative aims at bringing elements of innovation and applicability to encourage insurance players to look beyond their professional knowledge and establish a relationship between the industry demands through the spirit of competition in the subjects of general insurance specifically in Engineering and Liability insurance.
Participating teams comprising of insurance companies, re-insurers and brokers were tested on knowledge in general insurance specifically in Engineering and Liability insurance. The participating teams include; Clarkson Insurance Brokers, Mayfair Insurance Brokers, Uganda Re-insurance Company, APA Insurance company, Alliance Africa General Insurance, ICEA, Statewide Insurance Company, Liberty Insurance, UAP, Minet, Britam Insurance Company, Jubilee Insurance and Marsh.
As the public institution that is mandated with professionalizing the insurance sector in Uganda, this quiz is in line with the College’s vision and mission of being the premier insurance training institution in the region.
Saul Sseremba, the Chief Executive Officer and Principal of the Insurance Training College expressed excitement at the overwhelming participation of insurance players commending the effort designed to further enhance professionalism and eventually increase the appreciation and penetration of insurance in the country.
Sseremba said, “This quiz competition has generated a lot of enthusiasm to working towards realizing a more professionalized insurance sector and has motivated insurance players in improving their capacity to address the sector demands”. It should be noted that Uganda’s current insurance penetration is estimated at 1% which signifies a low level of formal insurance uptake compared to counterparts like Kenya standing at 2.43% and Rwanda at 1.7%. Statistics from the insurance regulator in Uganda (IRA) also indicate that in the year 2019, Non-life business continued to dominate with a generation of UGX621.69billion in GWP (up from UGX 572.79billion in 2018) representing an 8.54percentage growth in premiums. This further confirms the focus of this edition of the insurance quiz.