Stanbic Bank introduces insurance package to protect schools from risks

April 9, 2022 in Business, Financial Services, Real Estate & Property by Editor

Mugisha said insuring schools means the bank is enabling local entrepreneurs to safeguard their investment against traditional risks such as fires, vandalism, and injuries to children.

Stanbic Bank has introduced School Comprehensive Insurance (SCI) that provides cover against calamities such as fire and other natural disaster and protects school administrations against a range of risks including property damage, 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 recently, 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 described SCI as timely. “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 this particular issue, we can say there could not be a better timing for such a product,” he said

 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 hinderances 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 five out of the six schools that have been affected by fires since the reopening of schools in January this year are privately owned.