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As Uganda prepares for the general elections next month, many businesses are worried about the risk of violence. Some experts, however, say taking insurance cover is a good solution, writes JUSTUS LYATUU.
Businesses in Uganda have been urged not to worry about any potential risks of violence that might emerge from the coming general elections period, and advised, instead, to carry on normally.
Experts from the insurance industry say the campaigns are relatively well-managed and peaceful. Maurice Amogola, the chief executive officer of Aon Uganda, said although the elections are scheduled less than a month from now, businesses can go about their trade normally.
“It is normal for the general public and business community to be caught up in the election fever and, to some extent, depending on the country, the fear of turmoil and violence makes some people to close shop. But I don’t think that is the case with Uganda this time,” he said.
Amogola noted that Uganda has set rules that are strong enough to ensure a peaceful election. John Karionji, the CEO of ICEA General Insurance, agrees that in most African countries, election time means demonstrations, riots, fracas, tear gas and destruction of property.
“In some cases, businesses have to close for days or even weeks owing to the volatility of the situation. This presents a very risky situation for business in terms of lost assets, production downtime hence loss of profit and, in addition, the country is profiled as a high risk by investors,” Karionji said.
Despite the calm, the risk analysts say, it is still important for businesses to take up the necessary risk mitigation measures to protect themselves and their business from any unforeseen incidents.
“We cannot assume that there will be no losses; so, business owners need to make sure that they have put in place the correct measures to protect their businesses. Transfer the political risks, sabotage and terrorism exposure risk to insurance; it is not too late to buy the cover,” Amogola advised businesses.
He added that markets become tougher and extremely expensive if the risks and losses are already happening.
