Uganda gets cooperative insurance

The cooperative movement in Uganda has finally gotten a specialized insurance company, with stakeholders upbeat about strengthening of the members and safety of finances.

Through the cooperatives societies commonly known as SACCOs, Ugandans will own 49% in CIC Uganda, while Kenyan based CIC Africa will own 51%, according to the shareholding plan.

The shares went on sale on Monday at 10,000 shillings each, with each SACCO offered a minimum of 100 shares, while the company hopes to get a total of 7.2 billion shillings.

Nnume Yasin, the CIC Uganda Chairman and also chairman Uganda Cooperative Savings and Credit Union says this will go a long way in saving SACCO members from recovering loan from  deceased borrowers, while increasing their incomes from profits of the company.

Insurance Regulatory Authority Chief Executive, Ibrahim Kaddunabbi Lubega, says the CIC model has been successful in Kenya and hopes the agriculture sector will benefit more through agriculture insurance.