Will Elias Edu Confront NIC Holdings’ Falling Market Share? Once Uganda’s dominant insurer, NIC Holdings, now appears to be losing its grip on premium growth, the core lifeblood of the insurance business. While the group has recorded pockets of operational improvement, recent data show softening market share in both general and life insurance, raising questions about competitive positioning and distribution strength. This is the environment in which Elias Edu assumed office as Managing Director in May 2025, tasked with arresting market share erosion while restoring profitability, capital momentum, and investor confidence.

For much of Uganda’s post-independence history, NIC Holdings occupied a privileged position in the country’s insurance landscape. Established in 1964 as National Insurance Corporation, NIC was once the dominant underwriter by virtue of scale, state backing, and first-mover advantage. That legacy, however, has not translated into market leadership for more than two decades. Today, despite being one of Uganda’s oldest, if not the oldest, insurance institutions, NIC operates largely as a mid-tier player in general insurance and remains at the bottom of the rankings in life insurance, with market shares that have struggled to break beyond low single digits. This…