UAP Insurance to cover political risks
Apr 25, 2010
UAP Insurance has launched a new insurance product valued at $4.8m (about sh10b) to protect the property of policy- holders against damage caused by politically-motivated events. <br>
By Mark Owor
UAP Insurance has launched a new insurance product valued at $4.8m (about sh10b) to protect the property of policy- holders against damage caused by politically-motivated events.
The insurance deal is backed by the African Trade Insurance Agency (ATI), which provides a blanket re-insurance treaty specifically for insurance companies in markets, like Uganda, which lack the capacity to offer this type of insurance product.
The deal as announced at a joint press conference with Mathew Koech, the UAP Uganda boss and Stewart Kinloch, the ATI acting CEO in Kampala over the weekend.
The insurance product is expected to protect customers, particularly small-and-medium-sized companies whose property or business interests may be harmed by politically-motivated violence.
Kinloch explained that the assessment revealed a gap in the market after billions of shillings worth of uninsured property was damaged during the Kenyan political violence in 2007.
experienced in Kenya after their 2007 elections, UAP Uganda is taking preventative measures to protect their customers in the lead up to the 2011 national elections.
UAP Insurance has launched a new insurance product valued at $4.8m (about sh10b) to protect the property of policy- holders against damage caused by politically-motivated events.
The insurance deal is backed by the African Trade Insurance Agency (ATI), which provides a blanket re-insurance treaty specifically for insurance companies in markets, like Uganda, which lack the capacity to offer this type of insurance product.
The deal as announced at a joint press conference with Mathew Koech, the UAP Uganda boss and Stewart Kinloch, the ATI acting CEO in Kampala over the weekend.
The insurance product is expected to protect customers, particularly small-and-medium-sized companies whose property or business interests may be harmed by politically-motivated violence.
Kinloch explained that the assessment revealed a gap in the market after billions of shillings worth of uninsured property was damaged during the Kenyan political violence in 2007.
experienced in Kenya after their 2007 elections, UAP Uganda is taking preventative measures to protect their customers in the lead up to the 2011 national elections.