Britam Insurance Company (U) Ltd and Sanlam General Insurance (U) Ltd have secured lucrative contracts with the Bank of Uganda (BoU) to provide critical insurance services under a multimillion-shilling deal. The awards were announced in an official Notice of Best Evaluated Bidder for Provision of Insurance Services, signed by John Chemonges, Executive Director Administration of Bank of Uganda.
Britam Insurance Takes the Lead
Britam Insurance Company (U) Ltd has emerged as the highest-rated bidder for two important insurance service categories. Fire & Special Perils Insurance – Britam will provide coverage for the Bank of Uganda’s office buildings, homeowners, and holders of domestic insurance policies for BoU’s residential properties. The contract is valued at UGX 556,125,945, inclusive of all taxes.
International Group Travel Insurance—The insurer will also cover BoU employees under an international group travel policy at USD 3 per person per day or USD 400 per person per year, inclusive of all taxes.
Sanlam Insurance Secures Motor Vehicle Coverage
Sanlam General Insurance (U) Ltd has been awarded the contract to provide comprehensive motor vehicle insurance for the Bank of Uganda’s fleet. Valued at UGX 800,067,130, this contract includes full coverage for the central bank’s vehicles, ensuring risk protection for one of Uganda’s most vital institutions.
Pearl Bank Celebrates Customers in Festive Campaign Dubbed Pearl SantaCompetitive Bidding Process and Disqualified Bidders
The procurement process used a restricted bidding method, allowing only prequalified insurers to submit proposals. Several notable insurance companies were disqualified at various stages due to non-compliance with technical and financial requirements.
Among the disqualified bidders were National General Insurance Co Ltd, which was eliminated due to past unsettled claims with Bank of Uganda.
ICEA Lion General Insurance, Mayfair Insurance, and UAP Old Mutual Insurance were disqualified for failure to meet the required experience, solvency, and proof of reinsurance.
Liberty General Insurance and Goldstar Insurance failed to provide required solvency filings and compliance documents.
