The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | Patricia Akankwatsa | Britam Uganda officially launched its new life assurance business, Britam Life, marking a significant expansion of its services in the country. This was during Britam’s 60 th anniversary celebrations held on 09 July at the Kampala Serena hotel. The new unit will initially focus on Group Life and Credit Life solutions, aiming to deepen financial protection for families and institutions across Uganda. This strategic move leverages the Britam Group’s six decades of regional expertise and strong financial protection presence across Africa.
The introduction of “Britam Life” comes at a crucial time for Uganda, where the demand for tailored and accessible life insurance coverage continues to rise. Despite recent progress, the country’s overall insurance penetration remains low at 0.87%, with life insurance contributing 38% of total gross written premiums in 2023, according to the Insurance Regulatory Authority of Uganda. This highlights a significant gap in coverage, especially in life assurance, highlighting the urgent need for more inclusive, innovative, and customized protection solutions.
“With this life assurance offering, we are reinforcing that trust with solutions that speak directly to the everyday realities of Ugandan families and institutions,” stated Aidah Nkwanzi Mwebaze, CEO of Britam Life Assurance Uganda. She expressed profound gratitude, acknowledging divine favor for the company’s vision and journey, emphasizing that Britam Life, alongside Britam General Insurance and Britam Asset Managers, forms an integrated promise to safeguard Ugandans’ dreams from cradle to legacy.
Britam’s entry into Uganda in 2010 has seen it grow into one of the nation’s leading insurers. The launch of Britam Life builds on this momentum, significantly expanding the company’s capacity to address both institutional and individual risk needs within Uganda’s dynamic economy.
Grace Makoko, Chairperson of Britam Life Assurance Uganda, welcomed the launch as a timely and necessary advancement for the sector. “As a Board, we view this launch as both timely and necessary,” she remarked. “It reflects our long-standing commitment to delivering responsive insurance that addresses the real needs of Ugandans today. We’re proud to support this expansion into life assurance as part of Britam’s broader strategy for long-term growth in Uganda.”
Britam Life also benefits significantly from the Britam Group’s deep technical expertise and proven track record across its operations in seven African countries. In Kenya, for instance, Britam holds the position of the largest life insurer by market share, commanding over 25 percent. This leadership position has been built on years of continuous product innovation, robust distribution networks, and unwavering customer trust.
“These solutions are built on tested models across East Africa, adapted for the nuances of the Ugandan market,” explained Ambrose Dabani, Britam’s CEO and Principal Officer of Life Assurance. “Our teams have collaborated closely to ensure that what we offer here is not only reliable but relevant.”
Tom Gitogo, Group Managing Director and CEO of Britam Holdings PLC, underlined the broader strategic significance of this expansion. “Uganda is a key pillar in Britam’s pan-African presence. We are pleased to see our life assurance portfolio take root here, with solutions that draw on regional expertise but are tailored for local impact,” he stated.
Gitogo noted that this milestone reinforces Britam’s brand purpose of safeguarding dreams and aspirations, particularly as the Group celebrates its 60th anniversary under the campaign “We’ve Got Life.” He expressed strong conviction in Uganda’s future, highlighting that Britam is now able to offer all its services life assurance, general insurance, and asset management in Uganda, a testament to its belief in the country’s potential.
The launch received strong endorsements from industry leaders and regulators.
Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority of Uganda (IRA), speaking on behalf of the Minister of Finance, Planning and Economic Development, warmly welcomed Britam Life to the Ugandan market. He highlighted the 60-year legacy of Britam, noting that it began as a life company, which bodes well for Britam Life Uganda’s success.
Lubega affirmed the IRA’s full support for Britam Life, promising an enabling regulatory environment for its growth.
Lubega lauded Britam’s strategic vote of confidence in Uganda’s growing insurance sector, noting that the life insurance sector generated over Shs701 billion in gross written premiums in 2024, representing a 15% growth. He expressed confidence that Britam Life’s entry would drive further innovation and enhance financial inclusion.
He particularly emphasized the IRA’s keenness to see products that directly resolve the needs of the Ugandan market, including individual life solutions. He also proudly announced that the IRA had recently achieved ISO 9001:2015 certification, setting a standard for regulated entities to follow.
Britam Life’s initial offerings include Group Life Assurance, which provides financial protection to employees and their families in the event of death, with benefits typically based on annual salary multiples and flexible coverage. Credit Life Assurance shields lenders from loan defaults caused by a borrower’s death, thereby helping financial institutions manage risk and promote responsible borrowing.
Beyond these foundational covers, Britam offers a comprehensive range of additional benefits designed to address critical life events and provide continuity in the face of disruption. These include:
- Total & Permanent Disability: Provides a lump sum in the event of irreversible disability.
- Critical Illness: Covers major medical events such as cancer, stroke, or heart disease.
- Funeral Last Expense: Assists with funeral costs, easing the financial burden on loved ones.
- Retrenchment Rider: Offers crucial support in the event of involuntary job loss.
These options provide clients with the flexibility to build personalized solutions that offer more than just basic cover; they offer peace of mind and financial stability. Aidah Nkwanzi further announced that Britam Life plans to introduce individual life solutions within the next six months. These solutions will be “digital first” and “priced for the border rider in Gulu, the teacher in Jinja, and a startup founder in Itanda,” aiming to make life cover as common as a cellphone.
