Leading EA insurer here

Jan 29, 2004

PHOENIX Assurance of East Africa, one of the leading regional insurers, has become the latest entrant in the local insurance industry with a promise to introduce innovative covers

By Steven Odeu

PHOENIX Assurance of East Africa, one of the leading regional insurers, has become the latest entrant in the local insurance industry with a promise to introduce innovative covers.

The Phoenix group of insurance companies operating in Kenya, Tanzania and now Uganda, is one of the oldest insurance companies in East Africa having started operations in 1912.

However, in an industry where products are similar, Phoenix will have to do a lot to compete with the already existing 18 players in the market.

“Prompt documentation and fast claims settlement will be our first strong point,” Suresh Kumar, the general manager recently said this at their offices on Workers House.

“The industry is just growing and the competition is still very weak because people don’t believe in insurance,” Kumar said.

The company underwrites all types of general insurance products and is planning to come up with innovative covers including medical insurance.

Phoenix Uganda has reinsurance with leading reinsurers like Swiss Re, Hanover Re, General Insurance Corporation, Africa Re and PTA Re.

Kumar said the company had recruited the majority of its staff from fresh university graduates and will train them.

Under the leadership of Maheboob Alibhai who has a track record of establishing successful new operations in East Africa, Phoenix aims at providing superior services, increasing shareholders’ value, strengthening employee relationships and being part of the community.

Phoenix Uganda is licensed by the Commissioner for Insurance as a general insurer and has a paid up capital of sh1b. The company started underwriting business from January 1 2004.

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