High Taxes are responsible for the Expensive Insurance Packages. – Regulatory Authority
The Insurance Regulatory Authority of Uganda(IRAU) has established it that the major cause of expensive insurance packages.
According to Lubega Kaddunabbi, the Chief Executive Officer of the Authority puts it to VAT and Stamp duty as the root causes of the high prices of insurance which is more of a necessity in the country today.
He went ahead asked the Uganda revenue authority to subside these taxes so as to encourage Ugandans to subscribe to such services. Lubega further adds that Insurance is the most important kind security one can ever have.
He therefore urges Ugandans to go ahead and subscribe to insurance services and also encouraged the insurance companies to continue inventing the various custom insurance packages that suite Ugandans’ needs.