According to an expert, the reluctance to pay claims is having a negative impact on the adoption of insurance. According to our expert the issue of insurance companies being unwilling to pay claims is discouraging people from taking up insurance policies.
The expert cited in the article argues that this is a major factor contributing to the low uptake of insurance in Uganda.
However the reluctance to pay claims has become a common issue in the insurance industry, with some companies being accused of finding ways to avoid paying out on policies. This has resulted in a lack of trust in the industry and a perception among potential customers that insurance is not worth the cost.
Meanwhile to address this issue, the expert suggests that insurance companies need to improve their claims handling processes and be more transparent about the terms and conditions of their policies.
They also need to build trust with their customers by providing more information about the claims process and demonstrating a willingness to pay out when claims are made.
Overall, it seems that the reluctance to pay claims is a significant barrier to the uptake of insurance in Uganda.
Addressing this issue could help to increase the number of people who take out insurance policies, which could in turn provide greater financial security for individuals and businesses in the country.
