A 300 000 USD aid allocated to the development of motor third party liability

According to Valeriya Gothe, finance specialist at the World Bank, the aid provided by the institution to the Insurance Regulatory Authority (IRA) Uganda has been extended to 300 000 USD.

This amount would help finance the reforms aimed at developing motor third party liability insurance and implement repressive mechanisms for motorists who do not underwrite this cover.

The measures under study include the introduction of government vehicles in the mandatory motor third party liability insurance and the compensation of any insured person involved in an accident.

These measures aim at boosting the insurance penetration rate in Uganda, the lowest on the continent. It accounts today for 0.85% of GDP, 0.62 point better than a decade ago.