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The insurance sector has continued to be pivotal in the financial sector. However, it is largely dominated by a few companies with the largest share of premiums written by just 10 companies for both non-life and life insurance. Under non-life, at least 58.9% of premiums are generated by five companies, while another five generate more than 88.5% of life premiums, according to data from the Insurance Regulatory Authority (IRA). IRA Market Performance Report for the three months to December 2024 indicates that the insurance sector has about 31 companies, of which 20 are non-life, while eight and three are life…
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By Silvia Nyambura On 5th July 2013, Edward Gakwaya the Director of Muhabura Coaches lost 2 buses to a fire while on a routine servicing trip to the garage. According to Gakwaya, the buses were having their seats changed when a welding spark caused a fire and burned the 2 buses down. Fortunately for him, having been in the business for about six years, he knew well the importance of insuring his business. “I bought an insurance cover from UAP in case of an accident in faith that it would come in handy in case people are injured to protect…
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Lion Assurance Limited, a member of TA Holdings, a regional insurance group which has its presence in Botswana, Uganda and Zimbabwe and one of the leading insurance companies in Uganda , recently secured the most coveted (International Organisation for Standardisation) ISO 9001:2008 certification. ISO 9001:2008 certified companies are those that have demonstrated ability to consistently provide products that meet customer and applicable statutory and regulatory requirements. Lion Assurance, Managing Director, Mr. Newton Jazire, who also recently received The 2013 Pearl of Africa Life Time Achievement Award, spoke to The CEO’s Taddewo Senyonyi, about this milestone. You recently acquired an ISO…
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By Mark Muhumuza Two brightly shinning buildings have given a formerly dull, shanty looking area of Nakawa 4kms from East of Kampala a new glossy look. For the last two years, it has been a construction site synonymous with several Chinese construction workers and Uganda from China Aero-technologic International Cooperation (CATIC). The building; the Nakawa Business Park, will soon be open for business by the end of August. UAP Holdings and UAP Insurance, the owners, have sunk in an estimated US$30m. The 23,000 sq meters of office space in the building is part of UAP’s strategy to diversify their portfolio…
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