By Silvia Nyambura
The Insurance sector in Uganda will soon witness competitive service provision. This follows the entry of Tanzania based Insurance brokerage firm African Risk Insurance Services (ARIS). The firm enters the market in a merger that saw it buy 51 percent of Balaji Insurance an existing brokerage firm in the country. According to Varun Punjabi the former MD of Balaji Insurance and new MD of ARIS Uganda, the deal is strategic because it will grow their regional foot print.
“The insurance market in Uganda is a bit slow that is why Balaji decided to refocus and restructure. ARIS has a plan to expand and penetrate the East African region in Kenya, Rwanda, Malawi and Zambia. This merger will not only recapitalize Balaji but also give us a better foothold of the market and better staffing which will in turn help us achieve our goal to double our figures in the next 3 or 4 years,