Kampala–April 05, 2022: The business community in Kampala has today welcomed a new product innovation by Stanbic Bank Uganda which allows schools to get full insurance cover against calamities such as fire and other natural disasters.
The Stanbic School Comprehensive Insurance (SCI) is an insurance policy that protects school administrations from a range of risks including property damage by fires, accidental injuries to students and theft of their personal effects.
Other risks covered by the SCI scheme include material damage to school property, burglary of school property, student accident cover, public liability insurance and optional Life/Educational Benefit.
Speaking at the product unveiling today, Mike Kironde, Chairman Proprietors of Private Educational Institutions Association in Uganda said, “as an association, we are pleased and congratulate Stanbic Bank on this product innovation which allows our members to safeguard from all sorts of risks including fire that might place their schools in danger.”
Ismael Mulindwa, the Director Basic and Secondary Education at the Ministry of Education and Sports noted that the School has described the Comprehensive Insurance as ‘timely and a relief.’
“As a ministry, we have been concerned about the fires that have gutted the schools over the years, with some leading to loss of lives which is very sad.
In many cases, schools have not been able to refurbish the affected infrastructure as well as compensating the affected students.
When I see Stanbic Bank coming out to support in that particular issue, we can say there could not be a better timing for such a product,” he said.
Committed to growing the education sector
Emma Mugisha, the Stanbic Bank Executive Director and Head of Business Banking said the bank’s product development strategy is motivated by its business purpose—driving Uganda’s growth.
“We cannot drive Uganda’s growth without investing in our education sector which helps us nurture the next generation of human resources that will lead our country’s economy. Insuring schools means we are enabling local entrepreneurs to safeguard their investment against traditional risks such as fires, vandalism, and injuries to children,” she said.
Tiche Makonese, the Stanbic Bank head of insurance said, “The Covid 19 pandemic and any other hindrances that may stand in a way of educating our learners need some kind of insurance.
Some of the disruptions that schools face like fire damaging buildings, students getting hurt on the playground, parents and guardians facing calamities are all covered under this new product and we encourage them to sign up.”
A new report from the Education Ministry indicates that 5 out of the 6 schools that have been affected by fires, since the reopening of schools are privately owned.