Insurance firm moves to consolidate market share
Unveiled. Left to right: Britam Insurance - Uganda chief executive officer Allan Mafabi, Britam Group director Benson Wariagi and Group board chairman Andrew Hollas during the launch of Britam new home in Nakasero, Kampala last week. PHOTO BY RACHEL MABALA
What you need to know:
Ranking: According to the Uganda Insurers Association, Britam, which entered Uganda’s insurance market in November 2010, has since grown to become the number three biggest insurer by premiums out of the 21 insurance companies operating in the country.
Kampala. In a bid to tap into the vast opportunities in the Ugandan insurance market, Britam Insurance Company (Uganda) Ltd is taking a financial inclusion strategy to draw more people into the finance sector.
Speaking during the official unveiling of the new Britam offices last week, Mr Andrew Hollas, the Britam Group board chairman, applauded the government of Uganda through ministry of Finance and the Bank of Uganda upon the launch of the Financial Inclusion Strategy 2017 -2022.
The strategy is aimed at reducing financial exclusion across the country, noting that it is aligned with Britam group’s mission and vision to provide its clients with financial security every step of the way.
“This strategy will deepen and broaden the formal savings and investment and the use of insurance. Any successful economy actually has to be characterised by strong savings, strong investments and the use of insurance products to provide people with protection,” he said.
Mr Benson Wairegi, the group managing director, said Britam would continue to further invest in the Uganda market because of its great potential made possible by a conducive business operating environment.
“Over and above our recent opening of an asset management company in Uganda, we are considering opening a property division as well in order to bridge the property and real estate gap in the country,” he said.
He noted that Britam had continued to attract global investors, among them the International Finance Corporation, the investment arm of the World Bank, and AfricInvest, one of the largest private equity funds in the world.
The investments, he said, demonstrated confidence in the long-term future of the company.
Mr Allan Mafabi, the chief executive officer Britam Insurance - Uganda, noted that the new office development is a reflection of the group’s commitment to the Uganda market.
The offices, which were acquired from AIG, will host both Britam Insurance Company (Uganda) Ltd - the insurance arm of Britam Holdings Limited and Britam Asset Managers Company (Uganda) Ltd.
“Uganda is a key strategic region for the group as it expands its product offerings in the region. We will continue to strengthen our operations in the country in a bid to generate more employment opportunities for the benefit of the citizens,” Mr Mafabi said.
