URA in partnership with the Insurance Regulatory Authority (IRA) announced in May 2022, that all cargo imported into Uganda by sea, air, rail, road or registered post must be insured by local insurance companies.
This new business process took effect on 1st July, 2022. Although, the notice attracted mixed feelings from the business community, it will shield importers against loss.
Previously, most importers hardly considered marine cargo insurance while those who did would have their cargo majorly insured with foreign companies with little or no regard on how to claim in case of a risk occurrence. Many importers indeed count losses because there are no clear channels to liaise with foreign insurers for claim on a cover policy.
KACITA’s Deputy Public Relations Officer, Mr. Jjemba Mulondo decried the pain which importers go through when cargo is destroyed or damaged in transit.
“We have been paying huge sums of money to foreign insurance companies without any knowledge on how to be compensated when we encounter losses.” Said the disgruntled Mulondo.....Read more