The East African Insurance Supervisors Association (EAISA) has committed to promote the development of cross border products and services and coordinate joint insurance innovations within the EAC.
Exco Chairman and Chief Executive Officer of Insurance Regulatory Authority – Uganda, Alhaj Kaddunabbi Ibrahim Lubega underscored the importance of coordinated regional initiatives relating to research and development for effective policy development and implementation.
“EAISA aims to building capacity across the member countries as they seek to implement industry integration initiatives, “said Lubega.
The association has adopted the 2024/2025-2028/2029 Strategic Plan where EAC members will harmonize their legal and regulatory framework to provide a unified foundation that supports cross border insurance operation by September 2025.
“The members also have up to June 2025 to develop and adopt risk management and solvency standards to ensure that insurers across the region maintain adequate financial reserves to cover potential risks and solvency requirements,” he added.
The Strategic Plan is drawn from five thematic areas; insurance industry stability, insurance market development and innovation, consumer protection, institutional sustainability and cooperation, collaboration, and industry integration.
It has also identified 11 key result areas that include claims handling and settlement, fair pricing practices, innovation hub establishment, product diversification, insurance inclusion, market expansion, crisis management, stress testing and market surveillance, development and adoption of regional frameworks for information exchange sharing and data standardization, group wide risk assessment and cross border supervision framework.