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.
This is part of GA’s plan to expand across East Africa where it also has operations operations in Tanzania, reported New Vision.
Mr Francis Kamau, the CEO of GA Uganda, said of the local market, “Based on the allocation of funds by the government to different economic sectors like road transport, air transport, oil and gas, ICT innovations and others, we are optimistic that the economy will grow to favour an increase in the uptake of insurance.”
Competition is keen because Uganda has over 30 licensed insurance companies, most of which are foreign owned.
At a meeting in February, the Minister of State for Economic Monitoring Molly Kamukama held talks with the insurance regulator, the Insurance Regulatory Authority of Uganda (IRA) to discuss the possible listing of foreign-owned insurance companies operating in the country on the Uganda Securities Exchange (USE), PML Daily reported.
The minister said that the listings could ensure that at least a portion of dividend payouts remained in Uganda. She directed the IRA to discuss the issue with the insurance industry.