HOW WE MADE IT: ICEA Life Chairman, James Ndegwa tells how Uganda’s leading insurance and asset management business was built On 11th March 2020, the ICEA Uganda celebrated 20 years since it opened its doors for business in 2000. In his speech, James Ndegwa, shares the 6 secrets behind the conglomerate’s growth into a UGX155 bn insurance and financial services business.
James Ndegwa the ICEA Life chairman (left) gives a plaque to the Insurance Regulatory Authority (IRA) CEO, Alhaj Ibrahim Kaddunabbi Lubega in recognition of his exemplary leadership of the industry. Kadunabbi also at one-time worked for ICEA in Kenya, before returning to Uganda. Under Kaddunabi the number of licensed insurance players has more than doubled from 62 in 2010 when he became CEO to 128 as at January 2020. Total industry premiums, including HMOs and micro insurance, have grown by by 280.1% from UGX240bn to UGX914.1 billion as at end of December 2019.
In November 1964, soon after the completion of political independence in East African, three companies, Eagle Star Insurance, the Welfare Insurance, and the New Zealand Insurance Company merged their regional interests to form the Insurance Company of East Africa Limited.
In 1974 these overseas companies sold their stake in the company to some East African citizens.
The local incorporation o
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