Britam Insurance Company Limited is the latest company to join Uganda’s market as a growing private sector continues to demand for products that guard against risks.
David Kuria, the General Manager of Britam Insurance, said the company will bank on the large number of Ugandans who remain uninsured to thrive. “Uganda is on the runway, riding for takeoff, making it the best place to invest,” he said.
Kuria said one of the company’s strategies will be to educate Ugandans about the benefits of insurance. Annual insurance penetration remains at a dismal 0.6%. Ibrahim Kaddunabbi Lubega, the new Commissioner at the Uganda Insurance Commission, said efforts are underway to lure more Ugandans into the insurance bracket. He said the Insurance Act is already being amended to ease the deepening of the products among different customers.
Kaddunabbi also said plans are ongoing to have bank assurance, where banks act as insurance agents. But most importantly, he called upon the players to educate Ugandans about insurance products.
“We call upon players in the insurance sector to lead the way in educating people on the importance of insurance in addition to providing innovative insurance products to meet the needs of various classes of the population. On our part, we will continue to liaise with the insurance sector and the Capital Markets Authority to try and increase the level of financial literacy in the country,” he said.
Britam will focus on the areas of medical insurance, fun management, advanced technology and storage facilities, among others.