Uganda Launches Digital Platform for Marine Cargo Insurance

The Insurance Regulatory Authority (IRA) and the Uganda Revenue Authority (URA) have introduced an integrated insurance platform designed for local marine cargo and goods in transit. The platform, launched by PSST Ramathan Ggoobi at URA headquarters in Nakawa, is set to ease the challenges faced by importers who previously relied on foreign insurers.

“There was a general outcry and discontent from the importers and the business community who insured with the foreign insurers," said Ggoobi, representing the Minister of Finance. "To end this, locally licensed insurance companies will issue insurance policies for goods imported from other countries, except for personal effects and donations."

The new platform empowers local insurers to handle domestic marine cargo insurance policies, reducing risks for importers and ensuring a seamless claims process. Ggoobi emphasised that this step not only safeguards imports but also supports Uganda's local insurance industry.

IRA Chief Executive Officer Alhajji Kaddunabbi Ibrahim Lubega highlighted the platform as a milestone in Uganda’s trade facilitation efforts. "We know that insurance works on the principles of risk management, trust, and long-term relationships. As these fundamentals remain crucial, we must go digital to bolster the insurance sector,” Kaddunabbi said.

He noted that relying on foreign insurers led to significant capital outflows and claims processing difficulties. Importers often struggled to recover claims from foreign providers, leading many to give up. "This is now history. Importers can now buy insurance in local currencies at highly subsidised premium rates," he assured.

Acting Commissioner General Robert Mutebi commended IRA for digitising marine cargo insurance, aligning it with URA’s efforts to simplify taxpayer processes. "Importers will benefit by easily getting their claims from locally licensed insurance companies, which was not possible before,” Mutebi explained.

The Acting Commissioner Customs, Asadu Kisitu, highlighted how the platform will eliminate delays in trade facilitation. “The mode of clearance is CIF—cost, insurance, and freight. While other areas were easy to handle, insurance posed a challenge. With this platform, we will no longer estimate costs,” Kisitu said.

The web-based platform hosts all locally licensed insurance companies, offering importers an efficient and transparent system. By digitising marine cargo insurance, Uganda takes a significant step toward enhancing trade and retaining capital within the country, providing importers with reliable and accessible insurance services.