The Executive Director, Insurance Reguratory Authority-Uganda (IRA-U) Ibrahim Kadunabi (centre) speaking at the opening of Mayfair Insurance Company Uganda as the company staff look on at Skyz Hotel in Naguru, Kampala on Thursday. Photo by Jeff Andrew Lule
Kadunabi noted that many Ugandans still need to be educated to understand how they can benefit from insurance companies.
He was launching Mayfair Insurance Company Uganda, a new insurance company joining the Ugandan market at Skyz Hotel in Naguru, Kampala.
“The insurance potential in this country is still untapped. This is clearly shown by the penetration level and the number of policies which we sell.
I have no doubt in my mind that the coming in of Mayfair is going to explore more on the untapped advantages which exist in Uganda,” Kadunabi noted.
He said opening of Mayfair in Uganda, shows the insurance industry is steadily growing and becoming attractive.
“The insurance industry has continuously been labelled as traditional and slow and indeed it is continuing to record remarkable growth with the increased recorded premiums underwritten, asset base and the investments by the players,” he noted.
Kadunabi said IRA-U has also introduced new deliberate measures to ensure that interests of all stakeholders are well taken care of.
“Our new Insurance Act 2017, is trying to realign our operations. Beginning 2019, we have started cash and carry, which means you must pay for your services.
So, Mayfair you are coming in at the right time when you do not expect to have outstanding premiums on your books,” he noted.
The chairman Mayfair Insurance, Vinay Dawda promised to offer, the best insurance services to all Ugandans.
“We have an expertise and experience of 13 years and promise to contribute to the growth of the industry.
We want to replicate the same in Uganda and we already have a string insurance programme which helps us to retain the premium and we can undergo any risk including the aviation risk,” he noted.
Dawda said every company has its own expertise and we shall be able to find our own place within Uganda and East African region at large.
The company’s managing director; Ridra Deva said Uganda’s GDP has grown by 5.8% which is an indication of the many available opportunities.
“Our main focus is non-life insurance products apart from medical insurance. We are also looking at entering the agriculture market. More Ugandan farmers need to be insured and protected,” he said. Ends
