Recent Government initiative and development in Uganda’s financial sector:
i. Agriculture Insurance

Government of Uganda established the Uganda Agriculture Insurance Scheme (UAIS) in FY2016/17, as a Pilot whose objective is to cushion farmers from risks associated with losses arising from natural disasters; and also attracting financing to agriculture. Agriculture Insurance encourages commercial banks to lend to the agriculture sector given that the risk associated with agriculture is mitigated through appropriate insurance cover, which thus improves access to agriculture loans.

The scheme provides Insurance cover for crops and livestock, for both small and large-scale farmers. Under the scheme, government provides premium subsidy funds, and in collaboration with Industry players also undertakes publicity, sensitization and training of farmers. The Insurance Regulatory Authority of Uganda (IRA) provides the regulatory oversight and quality control, Bank of Uganda (BoU) on the other hand manages the drawdown on UAIS Account, while the Monitoring and Evaluation of the Scheme is done by the UAIS Technical Working Committee.

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