The Uganda Office Subsidiary was setup on 26th August, 2019 but started transacting officially on 1st January 2020. The office is responsible for managing and growing the Corporation’s General & Life reinsurance business in line with the Corporation’s strategic objectives within Uganda Market.
Some of the Key deliverables to achieve Profitable Growth include but not limited to;
- Grow Premium Revenue
- Grow Investment income
- Premium Collection
- Timely and effective processing of claims in line with our SLAs with cedants
- Marketing, client engagement, and follow-up on new treaties and renewals to grow the business.
- Prudent selection of risks within the Ugandan market
- Following up and processing of Cedant Technical Accounts
Key Markets (Cedants)
The Ugandan Market has 21 General Insurance Companies, 9 life Insurance Companies, 5 licensed HMOs and 2 Micro Insurers.
General Insurance accounts for over 60% of the Market and Life Insurance accounts for close to 30% of the Market.
The Reinsurance Ratios in the General Insurance Market are at an average of 44%, which comes to a Potential Local Reinsurance Revenue of over UGX 200BN/=.