By Edwin Muhumuza
Minet, formerly AON, has launched operations in Uganda.
Strategically its risk, reinsurance and human resources advisory operation is the beginning of a new push to increase insurance penetration in the corporate sector.
Group CEO, Joe Onsando notes that at the beginning of the financial crisis in 2008,regulations in the west and the US affected AON’s operations in Africa, and so in order to keep footprint in Africa, Aon opted for a correspondent agreement with Minet.
In February , AON Plc announced its decision to change the ownership structure of its operations across 10 sub Saharan countries including Uganda, converting what were once owned entities into Aon’s largest global correspondent network.
Minet , will on its new expedition in Uganda focus on research on risk and emerging risk, with the ability to tap on the expertise of Aon colleagues. Mr.Onsando , in regard to the nascent oil sector, has revealed that early risk was done by Aon in oil exploration and still remains, including bench-marking risk a across the globe in regard to transfer, pricing and re-insurance.
Among the drivers for there decision is that local companies are growing across Africa, a growing middle class and more people are buying assets.
On insurance penetration which is very low in Uganda, CEO,Maurice Amogola attributes the challenge to poor packaging of insurance messages, which he say will now be solved through digital distribution strategies.
Meantime, Capital Works,an African Investor has opted to partner with Minet on its new endeavor. In the near future, the company is expected to expand into Angola, Mozambique, Swaziland and Tanzania.