Kampala, Uganda | THE INDEPEDENT | DFCU bank has become the 8th bank to receive a certificate from the insurance regulator, Insurance Regulatory Authority (IRA-U) to start selling insurance products at its 67 branches countrywide. This is backed by the Financial Institutions Amendment Act 2016. During the handover ceremony at IRA …
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Experts say financial institutions to prefer extending short term loans. New accounting standard will make loans, insurance more expensive Kampala, Uganda | ISSAC KHISA | Uganda’s banking and insurance industries are envisaging good times ahead as they embrace the new global accounting standards effective this year. The bad news is that borrowers …
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Kampala, Uganda | JULIUS BUSINGE | The Insurance Regulatory Authority (IRA) has so far issued eight certificates to banks to offer bancassurance (selling insurance policies) to their clients as one way of boosting the sector’s growth. Speaking at a press conference in Kampala on Feb.08, IRA officials including the Chief Executive …
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New move expected to boost country’s insurance penetration Kampala, Uganda | ISAAC KHISA | For a long time, buying insurance policies in Uganda through commercial banks, also known as bancassurance, remained unthinkable. Policies were purchased directly from insurers’ branches or through brokers, a situation that had been blamed for a slowdown …
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Kampala, Uganda | THE INDEPENDENT | The umbrella organization of insurers, the Uganda Insurance Association, has intensified a motor insurance awareness drive as part of its countrywide insurance literacy campaign. Miriam Magala, the chief executive officer of UIA said on Nov 29 that as part of the campaign, the association has …
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Regulator says aggressive marketing and awareness would reverse the poor performance Kampala, Uganda | ISAAC KHISA | Uganda’s agriculture sector has been associated with many risks – unstable prices, drought, pests and diseases – thus hampering its growth. This prompted the government to unveil a Shs5bn Agriculture Insurance Premium Subsidy Scheme last …
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THIS WEEK: CIC Insurance to sell insurance in the extractive industry Kampala, Uganda | THE INDEPENDENT | Regional insurance firm, CIC Insurance, is set to unveil a comprehensive cover targeting mining, oil and gas industry players, according to Kenya’s Business Daily. Group general manager for marketing and distribution, Joseph Kamiri, said …
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The company acquired LAC at US$ 6.5million Kampala, Uganda | JULIUS BUSINGE | South Africa-based financial services firm, Sanlam, has upgraded its market share in Uganda with the acquisition of Lion Assurance Company (LAC) at US$6.5million. This follows approval from the Insurance Regulatory Authority of Uganda (IRA-U) nearly two weeks …
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Kampala, Uganda | JULIUS BUSINGE | On Nov. 21, Sanlam Emerging Markets Proprietary Limited (SEM) announced that its subsidiary, Sanlam General Insurance Uganda Limited (SGIU), had successfully concluded the acquisition of close to a 100% interest in the share capital of Lion Assurance Company Limited (LAC) in Uganda, from Trans Industries …
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Kampala, Uganda | ISAAC KHISA | Stanbic Bank has become the first lender to venture into insurance business after Insurance Regulatory Authority of Uganda granted it a bancassurace license on Oct. 25. The lender said it has already signed business deals with seven insurance companies including Sanlam Life, Sanlam General, UAP …
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