Insurance companies are increasingly adjusting their products for specific market segments to increase their market share.
In a move to grow its business, the Insurance Company of East Africa (ICEA) has added a car insurance product targeting women to its growing portfolio.
The company’s Chief Executive Officer, John Karionji said, “With more economic empowerment of women in Uganda, the female clientele base has rapidly expanded in the recent past, but the market has not fully met their specific car insurance needs.”
The ‘Diva Motor Policy’ is packaged to meet the basic concerns of female drivers.
He said, “Women are generally better drivers, they are more careful. They are less likely to be involved in road fatalities because they take fewer risks.”
In addition to the standard benefits of a motor policy, the policy allows female motorists to claim for loss of their personal possessions like a handbag and its contents in the event of an accident or theft of the insured motor vehicle. In partnership with Automobile Association of Uganda (AA) the lady driver will benefit from a countrywide 24 -hour roadside assistance services like tyre changing and car towing.
The policy also offers a personal accident liability cover to one person while travelling in the insured car of up to a maximum of Ush 3m (about $1,100) depending on the category. There is also a reimbursement of medical expenses up to a maximum of Ush1, 000,000.
Source : East African Business Week