The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | ISAAC KHISA | Sanlam General Insurance Uganda has appointed two senior executives in an ongoing re-organisation of the firm’s management following the US$6.5 million acquisition of Lion Assurance Company (LAC) and rebranding last month.
Ambrose Kibuuka has been appointed as General Manager, Commercial Business Division and Donato Laboke, General Manager – Marketing and Brand.
Prior to the new appointments, ibuuka was the Commercial Business Manager at Sanlam General Insurance since 20016 whereas Laboke served as Marketing and Strategy Head at LAC.
Sources familiar with the appointments told The Independent that the two executives will be in charge of growing Sanlam’s market share in the industry through strategic marketing and innovative brand building initiatives to strengthen its corporate image countrywide.
The new executives will also be in charge of growing the commercial side of the business as well as leading the commercial team to deliver the company’s business goals.
However, Gary Corbit, the CEO for Sanlam General Insurance Uganda could not be reached for a comment as he was reportedly out of office.
Prior to Sanlam’s acquisition of LAC, Sanlam General insurance, controlled merely 3.85% of the market share out of the country’s 21 non-life insurance industry players according to the latest data from IRA-U while LAC controlled 6.7% market share.
However, LAC’s market share did not include that of AIG insurance following its acquisition last year. This new development comes at the time when Uganda’s insurance industry is enjoying a relative surge in growth, albeit from a very low base.
Insurance premiums underwritten over the years have grown from Shs 80.75billion in 2004 to Shs 635 billion in 2016 as a result of massive promotion campaigns and affordable product innovations targeting customer needs.
