The Speaker of Parliament, Rt. Hon. Rebecca Kadaga has called for opening up of more saving schemes to encourage more saving and to support the Actuarial profession.
The Speaker was officiating at a dinner organized by the Makerere University Actuarial Association to usher in fresh graduates into the field, on Saturday, 29th April, 2017, at the Imperial Royale Hotel in Kampala.
Kadaga said that actuarial science is currently a narrow sector because of economic instability experienced in the past and added that as the economy grows, she is sure there will be more opportunities for the upcoming professionals.
“I have asked the National Planning Authority to liaise with all the universities to support those professions that would be instrumental to the country in a few years so that we train people. I believe Actuarial Science is one of those that we need to support,” Kadaga said, adding that “We are going to amend the law to ensure that the Actuarial Association of Uganda is recognized, so that the profession can actually grow.”
The Speaker said that many countries like Tanzania have several saving schemes. “I hope that with the advent of this profession we can support more of these saving schemes in Uganda to encourage the saving culture amongst Ugandans,” she said.
The President of the Actuarial Association of Uganda, Musa Sebuufu said that the professional body has been operational since 2007.
He said that, “We as Actuaries express our appreciation towards Parliament for passing the Insurance Bill 2016 as it is going to open more windows for those in the profession.” Sebuufu said that the Insurance Bill states that all Insurance companies should have an Actuarial Function run by Actuarial Scientists.