UK firm pledges to boost Uganda Insurance coverage
Monday July 11, 2011
The UK-based Britam Insurance Company has launched on the Ugandan market.
The firm’s entry comes amidst low penetration of insurance services estimated at 0.6%, a trend the company has promised to reverse.
“We are very pleased to launch operations in Uganda as it is in line with our strategic expansion plan aimed at diversifying into other markets in the region,” Nicholas Ashford-Hodges, the group chairman, said during the launch at the Kampala Serena Hotel on Friday.
He said there exists a huge untapped market in the insurance sector in Uganda.
Ibrahim Kaddunabbi, the commissioner and the head of the Uganda Insurance Commission, said insurance sector was critical to the economy.
“As a commission, we are working closely with the Government to improve the growth of the insurance sector.
As in other regional countries, insurance penetration in Uganda is dismal and a drastic step needed to be taken by the Government and by the players in the sector,” said Kaddunabbi.
He said an amendment to open up micro-insurance and bank assurance had been initiated. This, he said, would make insurance services available to the majority of the population.