Goldstar Insurance Limited, a member company of the Ruparelia Group, recently released its 2022 results, reporting a 14.5% increase in gross written premiums, from UGX28.2 billion to UGX32.3 billion. The company also announced that net income increased by 13.4%, from UGX15.7 billion to UGX17.8 billion. As a result, profit after tax, grew by 47.8%billion, from UGX2.3 billion to UGX3.4 billion. Goldstar is one of the leading insurance companies in Uganda and provides all types of general insurance services to industrial, commercial, and professional firms, as well as government institutions, individuals and other enterprises. The insurer, however, reported a 28.7% reduction…
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Uganda’s Insurance Regulatory Authority (IRA) has released the official 2022 report detailing the performance of the insurance industry, showing that the sector remained on a growth trajectory in the year 2022, with Gross Written Premium (GWP) growing from UGX 1.183 trillion in 2021 to UGX 1.425 trillion in 2022⏤ a 20.4% growth. In 2021 the industry grew by 10.61% and 9.34% in 2020. According to IRA’s Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega, “The impressive growth is evidence of recovery of business activity from the effects of Covid -19 pandemic.” “Of the UGX 1.425 trillion, the non-life business generated UGX…
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The dispute stems from a 1st July 2016 to 30th June 2017 performance bond worth USD3,000,000 the three companies made to Rift Valley Railways (RVR), then a concessionaire of URC’s assets. The bond was co-insured between Old Mutual Insurance Uganda Ltd (40 per cent); Sanlam General Insurance Uganda Ltd (30 per cent) and Britam Insurance Uganda Ltd (30 per cent). It shall be remembered that URC entered into a concession agreement with Rift Valley Railways Uganda Ltd (RVRU) allowing the latter to run the operations of URC for twenty-five years effective 1st November 2006. As a condition, RVR had to…
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Sanlam Life Insurance Uganda has dismissed as “malicious”, allegations, that its Chief Finance Officer, Anthony Gitonga Kirimi, fraudulently transferred money, amounting to UGX3.5 billion for his private benefit, as has been alleged by some local news websites. In a 13th August 2021 statement received by CEO East Africa Magazine from the Sanlam Group’s communication, the pan-African financial services group said that after an audit into Sanlam Life Uganda’s books by the Group auditors, there was no evidence of the alleged fraud. “The Sanlam Group Internal Audit team conducted an audit to determine the veracity of recent unverified media reports alleging…
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When did PostBank Uganda launch Bancassurance on the product portfolio and how has it changed the bank’s fortunes? PostBank was licensed to transact Bancassurance as an agency for partner insurance companies in the last quarter of 2018 after meeting all the requirements of both regulators – Insurance Regulatory Authority (IRA) and Bank of Uganda (BOU). Bancassurance agency in PostBank contributes to the banks non-interest revenue stream and YTD 2021, the bank has received UGX605m in form of commission revenue from insurers. Bancassurance at PostBank is supervised by the Insurance Regulatory Authority of Uganda (License No. BC/005/2020. Which insurance companies are…
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Standard Chartered Bank launched Bancassurance two years ago; help us understand how you are going about offering Bancassurance to your clients. Since our launch of Bancassurance in 2019, the Bank has partnered with four (4) insurance companies, particularly those with whom we have enjoyed a long-standing working relationship in several of our African markets. We have since rolled out four insurance products; Motor, travel, property and business insurance. We are working with our partners to develop more products that have been informed by our customers’ feedback. I understand Standard Chartered just unveiled a product called Educare. Tell us more about…
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Donato Laboke has been appointed the Sanlam Head Marketing and Channel Development East Africa effective 1st January 2021. He has held the position in an acting capacity since 1st May 2020. In his new capacity, Laboke is tasked with leading the Sanlam Pan Africa regional marketing and channel development strategy within East Africa. Donato was previously the General Manager- Marketing and Brand at Sanlam General Insurance Uganda, a function he will continue to oversee as he takes on new responsibilities in the region. With over 12 years work experience, Donato has expertise in business, marketing & communication strategy development, sales…
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Prudential Assurance Uganda Limited, come May 08th 2021, will acquire all the medical insurance policies of International Air Ambulance (IAA). IAA Healthcare was previously the largest Health Membership Organization (HMO) in Uganda with a portfolio of UGX31.7 billion at the end of 2020. The deal, that is pending regulatory approval will see Prudential, which in 2020 jumped from the 6th to the fourth-largest life insurance company, with a UGX55 billion portfolio, emerge as the largest life insurance company and possibly the fourth-largest insurance company overall in Uganda with a portfolio of over UGX80 billion in gross written premiums. CEO East…
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This October, the Insurance Regulatory Authority (IRA) released its much-awaited 2019 Annual Performance Report for the insurance sector. The report, details the performance, of the country’s 21 non-life insurance companies; 9 life insurance companies; 1 micro-insurance company and 5 Health Membership Organisations (HMOs). In the year 2019, Gross Written Premiums (GWP) for the industry increased from UGX859.9 bn in 2018 to UGX974.42bn- a 13.32 percent growth. Non-life business generated UGX621.69bn in GWP (up from UGX 572.79bn in 2018) representing an 8.54 per cent growth while life insurance business generated UGX276.32bn in GWP (up from UGX 217.97bn in 2018) representing a…
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This 2020 marks 175 years of Old Mutual in Africa, 100 years of UAP Old Mutual in East Africa, and almost 50 years in Uganda. What would you say are some of the key milestones for the business, especially for Uganda? First of all, I would like to say, UAP Old Mutual Insurance (U) Limited is one of the oldest household names in Uganda’s insurance industry; since the early ’70s, being popularly known as United Assurance and on June 29th, 2021, we will be hitting the 50 years milestone. We are not only one of the oldest insurance companies in…
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