KAMPALA – The Insurance Training College (ITC) will on Thursday 26th and Friday 27th of October 2023, host the 4th Annual ITC Insurance Conference 2023 at the Las Vegas Hotel in Mbarara City under the theme “ESG (Environmental, Social, and Governance) and Sustainability Trends for Today’s Organization.”
This was revealed by Mr. Saul Sseremba, CEO/Principal at ITC during a press conference at the College in Kampala on Wednesday. This, he said is the first conference hosted outside the central.
He underscored the essence of the conference as one of the most anticipated events in the insurance industry that promises to be a dynamic delivering platform for local and international industry leaders, experts, and professionals to delve into the critical intersection of Environmental, Social, and Governance factors thought-provoking discussions, networking opportunities, and valuable insights into the evolving landscape of the insurance sector.
“The Conference is one of the platforms we have put forward to exchange ideas. We bring on board different speakers to deliberate on key issues that pertain to the industry. One of the trending issues now is ESG [because] companies can no longer focus on the balance sheet but they have to take care of the environment, take care of the societies in which they operate, they have to look at the governance.”
A PricewaterhouseCoopers report indicates that 57% of insurers globally are struggling with implementing ESG principles due to challenges in understanding ESG-related regulations and guidelines, understanding how best to take action, and matching ESG initiatives with customer needs.
Mr. Sseremba said, as the college, “We thought this was the prime time for us to have a platform to discuss issues to do with ESG. We hope this conference will move the discussions of insurance from the city center to the regions and we have a lot of the activities we have aligned including exhibitions, matches, trainings so that we can further have insurance penetration into the society.”
Although the penetration of insurance in Uganda remains below 1%, he said this speaks to the opportunity the insurers have because there’s still a big market to interface with.
He attributed the low penetration to the insurance being an intangible service, making it difficult for some people to appreciate it.
“As a sector, we must do all it takes to create awareness in the masses. We believe once this is consistent, we can build masses that can appreciate insurance more.”
“As a college, we have taken a step further to engage schools and we have included insurance in the curriculum for secondary schools because we believe once these people are taught insurance from that level, they appreciate the concept.”
Mr. David Tumuhaise from Africa Re-Insurance Corporation – a Platinum sponsor for the conference noted that ESG is a very relevant topic.
“Today, the focus is not on how much profit you make but how are you contributing to the society and you do that by promoting the environment, by ensuring the gender issue, ensuring there is fairness.”
On the insurance penetration, he noted that much as it remains under 1%, it has over the years registered a significant growth.
“When we are comparing how it was ten years ago, insurance has grown. The penetration is almost the same (below 1%) but the premiums underwritten are huge. Besides the premiums, look at the role insurance plays, bringing businesses back, employment, production and tax base is able to continue. We even teach businesses how to avoid losses because insurance is also about risk management.”
The event will be graced by Hon. Bright Rwamirama, the State Minister for Agriculture, Animal Industry, and Fisheries in Uganda and the keynote speaker will be Mr. Greg Coleman, the Founder and Managing Director of Future Energy Partners based in England.