By Francis Emorut
KAMPALA - The Insurance Regulatory Authority of Uganda (IRA) has appealed to Alliance Africa General Insurance, a new entrant in the insurance industry, to exhibit the highest level of integrity and professionalism to enable customers have trust and confidence in them.
"We are optimistic that the regional expertise and professionalism will be transferred as this is a strong pillar for sustainable growth for our insurance industry," said IRA chief executive officer Ibrahim Kaddunabbi Lubega.
He was speaking at an inauguration ceremony for the new player at Kampala Serena Hotel in Kampala this week.
Alliance Insurance has operated in the East African region for some 16 years with an A+ global rating for sound financial base and claims paying ability.
And it is on the basis of this comprehensive existence in the region that Lubega felt that the new company will introduce and deepen innovative products targeting the uninsured population.
He pointed out that the insurance industry in Uganda has continued to attract reputable regional insurance players and assured Alliance Insurance of stability, healthy competition and professional insurance business environment.
The chief executive was sure to note that the local insurance industry has traditionally been labeled as slow to adopt to change but that the new entrant will bring the needed change.
Some of the guests who attended the ceremony. (Photo credit: Francis Emorut)
The chairman of Alliance Insurance Corporation Shaffin Jamal (L) mingles with Solomon Rubondo (R) the technical director of Pentad Insurance Services and the chairman of MAC Group Limited Y.M Manek. (Photo credit: Francis Emorut)
On his part the managing director of Alliance Insurance Corporation Limited, K.V.A Krishnan noted that his company has a network in Uganda to the tune of sh50b investment.
He told an audience of mostly insurance players that Alliance Insurance has been operating in Uganda for three months now.
Krishnan pointed out that his organization which has operated widely in Tanzania has a reputation of settling accounts promptly, adding that in 2014, the company paid a premium to a tune of sh93b in time as well as claims of sh29b.
According to him, the company boasts of 115b as total assets.
Shaffin Jamal, the chairman of Alliance Insurance Corporation Limited, said the organization – involved real estate, agriculture and shipping business – is rated the fifth in banking out of 58 banks in Tanzania with a sh2bn asset base.
Both the chairman and managing director promised to bring in new innovations in the Ugandan market using the 70-year-experience in the insurance industry globally.
Jamal introduced members of their board who include Ugandans like the former Uganda Bureau of Statistics boss Male Mukasa, Philip Karubuga, and the CEO Lubega, and others.
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New insurance player asked to act professionally