Analysis of knowledge, attitude and practice of adoption of risk based supervision in the insurance industry of Uganda

Abstract

The aim of this study is to analyze the knowledge, attitude, and practice of Risk-based supervision (RBS) adoption in the insurance industry in Uganda from the perspective of actuaries. The study will utilize a mixed-methods approach, employing a survey/questionnaires and one-to -one interviews to gather data from different people in the insurance industry. For Data analysis, STATA and EXCEL will be employed. According to the findings, the level of understanding had a significant relationship with the year of graduation of respondents and level of practice also had a significant relationship with the year of graduation of respondents. It was concluded that most respondents have spent a longer time in the insurance industry and so have a greater understanding though a few have bad attitude towards RBS. The recommendations were for the government to involve students at the university in the study of RBS. The study findings will provide insights into the challenges and opportunities of implementing RBS in the Ugandan insurance industry, which could inform policy and practice in this area.