Under the pay-as-you-drive model, riskier drivers pay higher premiums. [Ken Gachuhi, Standard]
At the recent CEOs Summit for insurance sector leaders in Nairobi, the Insurance Regulatory Authority (IRA) of Uganda Alhaj Lubega revealed that he has initiated conversations with underwriters in his country to consider usage-based products.
He argued that some products currently in the market do not have a value proposition to modern-day consumers.
He gave an example of motor vehicle insurance.
“Someone has five or 10 cars, why should they continue to pay motor vehicle insurance for all of them when they can only drive one car at a time?” he posed.
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