Kenya based GA Insurance has launched its newly acquired local unit following its 100% takeover of Nova Insurance which has been renamed GA Insurance Uganda.
The new regime for Uganda's Marine Insurance starts in April 2020 and thereafter will become compulsory by July, according to the Insurance Regulatory Authority (IRA).
The insurance regulator in Uganda has been developing 10 regulations for the insurance sector that are to be gazetted soon, Mr Ibrahim Kaddunabbi Lubega, the CEO of the Insurance Regulatory Authority of Uganda (IRA), has said.
Private health facilities accused of defrauding insurance companies have entered into a dialogue with the latter aimed at reinstating their contractual relationship.
Kenya-based General Accident Insurance Company (GA Insurance), which operates in the general and medical insurance segment, has finalised the acquisition of the entire capital of the Ugandan non-life insurance company, Nova Insurance.
Health insurance premiums are forecast to rise in Uganda after insurance companies discovered widespread fraud by hospitals and some medical insurance customers.
Insurers in Uganda are appealing to banks to reduce insurance premium financing interest rates, following the introduction of the cash-only regulation introduced early this year.
The Sub-Saharan African region is set to see the number of unique mobile subscribers surge from 456m in 2018 to 600m by 2025, according to data from Global System for Mobile Communications (GSMA), a non-profit organisation that represents the interests of more than 750 mobile operators across the world.
Insurance companies have said the poor performance of compulsory motor third-party liability insurance business is making victims of road carnage more vulnerable, calling for the amendment of its legal framework.
Bancassurance has expanded quickly in Uganda in the short period since the banking law has allowed banks to distribute insurance products.