By Benjamin Mwibo

Jubilee Insurance Limited has emphasized the importance of increased awareness about insurance and investment which is crucial for empowering individuals to make informed decisions that secure their financial futures and contribute to long term stability.

Jubilee in kampala, has embarked on this by launching a campaign which seeks to equip individuals with the knowledge to make informed decisions that promote wealth growth while achieving their financial goals and safeguarding their health.

While speaking to journalists on Tuesday, Jubilee Life Insurance CEO, Sumit Guarav, highlighted the company’s belief that financial literacy is crucial for securing a brighter future for individuals and communities across East Africa and beyon

With over 87 years of industry experience, we will dedicate ourselves to passing on the knowledge we have accumulated and the insights we have gained. The goal of the campaign is to simplify the lives of our customers and the broader community, making the complexities of insurance and investment more understandable and accessible,” said Sumit.

The initiative of the campaign, “ there is living and living free,” is a testament that the business has remained committed to protecting what truly matters most to the clients, he added.

“You will agree with me, that in many parts of the world, including right here in Uganda and the greater East Africa region, insurance is perceived as comple or even intimidating. Words like premiums, deductibles, and risk assessments can seem alien, and many people may feel that insurance is a luxury to be enjoyed by a few members of the society. This may explain why we have gaps in coverage and a lack of financial protection, leaving individuals and families exposed to vulnerabilities.” Said Dan Musiime Chief Executive officer jubilee health Insurance.

Musiime, however, emphasized that the campaign’s importance in the current economic climate, stating in today’s dynamic economic environment, they are seeing an increase in mental health challenges, many of which are linked to financial instability. “At Jubilee Insurance, we understand that financial uncertainty can deeply affect individuals’ overall well-being.”

According to the Insurance Outlook Report 2023 by Deloitte points out, insurance penetration in Uganda, Tanzania and Kenya is less than 2% of GDP.

This highlights a glaring gap in coverage. The Global Index Report also reveals that only 41% of adults in these countries are financially resilient. This means that less than half the population is ready to handle financial curveballs.