- The partnership assures additional professional enhancement to insurance businesses in Uganda
- Life insurance on average has been growing at the rate of 35%
- Life insurance companies invested heavily in Uganda.
The insurance regulatory authority CEO AlHaj Kaddunabbi Lubega says companies that are doing life insurance business in the country have invested heavily in this business and this explains the reason for continued booming of life insurance business in this insurance sector.
Kaddunabbi who was speaking at the ceremony where German based insurance company Allianz obtained two-thirds of Jubilee Insurance Uganda’s shareholdings has noted that the life insurance on average has been growing at the rate of 35%, the rate he confirms that is very big for any business.
According to him, the partnership signed by the two insurance companies assures them of additional professional enhancement to insurance businesses in Uganda and additional capacity to retain the business of insurance business in Uganda.
Kaddunabbi also emphasized the need of Ugandans to have life insurance schemes to guard their lives against life-threatening diseases that continue to emerge. He cited the recent outbreak of COVID 19 adding that it affected people without life insurance more compared to those that had their lives insured.
During the ceremony, Conrad Vrolijk, the CEO Allianz Insurance Africa noted that Uganda has now become the 14th African country to register the Allianz’s presence.
He went ahead to say that this partnership is aiming at solving problems related to the life and business insurance in Uganda and perhaps to increase insurance penetration in the country.
The partnership follows Allianz’s completion of acquisition of majority shares (66%) in Jubilee general insurance, Kenya.
According to Conrad, The Company will leverage expertise from both partners to bring international market excellence to its customers.