19 insurers licensed
Mar 04, 2007
THE Uganda Insurance Commission has licensed 19 insurance companies for this year, a source has revealed.
By Charles Bwogi
THE Uganda Insurance Commission has licensed 19 insurance companies for this year, a source has revealed.
The development comes amidst concerns that there are many insurance companies chasing after a small volume of business.
“We are talking about 19 insurance companies chasing after about sh90b worth of premium,†the source said.
The source said: “Some companies have started charging less on policy covers, which breeds a danger of failure to pay claims when they arise.â€
Eighteen insurance companies were licensed to write general insurance, while six will write life insurance products.
The industry has received a new member, South African-based Liberty Life Assurance.
However, the insurance commission is conducting a study aimed at setting minimum premium rates.
The commissioner of insurance, F.F Magezi, has always urged the players to come up with new products.
THE Uganda Insurance Commission has licensed 19 insurance companies for this year, a source has revealed.
The development comes amidst concerns that there are many insurance companies chasing after a small volume of business.
“We are talking about 19 insurance companies chasing after about sh90b worth of premium,†the source said.
The source said: “Some companies have started charging less on policy covers, which breeds a danger of failure to pay claims when they arise.â€
Eighteen insurance companies were licensed to write general insurance, while six will write life insurance products.
The industry has received a new member, South African-based Liberty Life Assurance.
However, the insurance commission is conducting a study aimed at setting minimum premium rates.
The commissioner of insurance, F.F Magezi, has always urged the players to come up with new products.