Uganda advised to take insurance more seriously

The need. Mr Whitwell says Africa needs to take insurance more seriously to mitigate losses that sometimes lead to loss of business.

Africa, particularly Uganda, must take advantage of the products and support offered by the insurance industry in order to fast-track her growth, an expert has advised.

Mr Mike Whitwell, the Chartis Insurance central president, which comprises of Africa, the Middle East, Russia, India and South Asia, said although the insurance business was taking a firm root in Africa, more effort was still needed to deepen its appreciation and contribution to the continent’s economic growth.
“We must appreciate that the insurance industry has a positive contribution to all sectors of economies. ‘Developed economies are taking advantage of this; Africa’s time is also now,” he said.

Mr Whitwell who was speaking at stakeholders’ luncheon in Kampala also provided an update of Chartis Insurance operations in the central region.
“We appreciate the support from Africa and Uganda in particular. It serves as a benchmark for us as we seek to consolidate our foot print on this continent because we believe Africa is an exciting market for us,” he said.

According to Mr Alex Wanjohi, the Chartis Uganda managing director, the insurance firm has registered tremendous growth posting premium income of Shs41 billion in 2011 against an industry record claims payout of Shs35 billion in 2011.
Recently Chartis said it was committed to serving its existing and new business relationships ahead of plans to revert to its former name - American International Group (AIG).

Mr Whitwell “We pledge to serve you better after this rebranding exercise and in the next two weeks, you are going to witness a more vibrant corporate identity and the change will come with new innovations for your establishments.”
Uganda’s insurance penetration continues to be low at about 0.65 per cent, the lowest rate in the region compared to Kenya with about 3 per cent, Tanzania with about 2 per cent and Rwanda with about 1 per cent.