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A motor insurance policy is a mandatory coverage given by an insurance company to safeguard the public from any accident that may occur on the road as part of the prevention of public liability.
Every owner of a motor vehicle is required by law to have one automobile insurance coverage. In general, there are two types of car insurance policies: act only and comprehensive.
The ‘Act only’ coverage pays compensation for death or bodily injury, as well as damage to third-party property.
While the insured is considered the first party and the insurance company is considered the second party, all others are considered third parties.
If the vehicle is purchased under a hire-purchase agreement, the financiers need a complete policy to protect their interest as collateral security.
The complete coverage covers fire or theft, or both fire and theft in conjunction with the act’s minimal requirements (i.e. third party liability).
The Uganda Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The modest non-life insurance industry in Uganda is dominated by motor vehicle insurance (third-party risks). Motor vehicle insurance is the most often purchased type of general insurance in Uganda due to several factors, including the fact that it is mandatory.
Despite recent industry growth, Motor Third-Party Liability (MTPL) insurance remains a small sector with tremendous potential to affect positive societal change.
In Uganda, MTPL insurance is mandatory, and the Ugandan government determines the maximum price for insurance premiums.
Unfortunately, Uganda’s existing motor vehicle insurance legislation impose compensation limits in such a way that adequate recompense for third parties impacted by traffic accidents is not possible.
