Government has asked communities operating informal businesses to use insurance to formalize their business into formal.
The Permanent Secretary, Ministry of Finance Planning and Economic Development, Mr Ramadan Ggoobi says the community should use insurance products available to transform their businesses.
He says insurance plays a great role in the country’s economic development.
He made the remarks while officiating at the 8th graduation ceremony of the Insurance Training College in Kampala where 720 students graduated in various disciplines.
“As we welcome global businesses to expand and attract foreign investment, a resilient insurance sector becomes a cornerstone in building the confidence. Insurance plays a pivotal role in promoting financial inclusivity, even those with limited financial needs can now participate in the economy,” said Ggoobi.
He says the government will continue to render support to the insurance regulatory Authority to promote insurance penetration in the country.
However; the chief executive officer of the Insurance Regulatory Authority, Mr Kaddunabbi Ibrahim Lubega asked the government to allocate more funds to promote agricultural insurance which is critical for the country’s economic development.
He says the agricultural insurance is critical to protect the crops from calamities.