 Insurance: a dynamic innovative sector |
The
Insurance industry in Uganda recorded premium receipts totalling US$28 million dollars,
sending signals that the industry has set a pace never seen in the country before. Before
1986, all insurance relating to government business were placed with the state company.
This monopoly was removed in 1988 and coincided with Pan World Insurance Company Limitedentry into the insurance business.
"When we look at the industry from 1986 to date, we see that there
has been not only growth in business volumes but also growth in number of players,"
Mr. Gordon Sentiba, General Manager of PWICO, said. Since entering the insurance business
in 1988 PWICO has become a market leader in terms of premiums levels, innovation, product
development, regional market integration and its contribution to social development of the
country. Beginning as a private limited liability company up to the end of last year and
now transformed into limited liability company, PWICO is due to be listed on the stock
exchange. Mr. Sentiba says "we have already appointed a South African leading
Merchant Bankers/Stock Brokers to handle the process of preparing the company for the
Stock Exchange.
"We are doing this because we want to raise more capital to
facilitate further growth of the company. By going to the Stock Exchange we are providing
an avenue for investors to invest and to benefit in terms of investment growth through
capital appreciation and profit earning". | "America should start looking at sub-Sahara Africa and Uganda in
particular as a place which offers opportunities for investment. The American government
should stand behind sub-Sahara Africa to guarantee and give assurance to America Business
Community on Capital investment" Mr. Sentiba advised.
Uganda and Kampala the capital city, remains one of the safest place to
invest in Africa. The business climate is open and positively affected by stability of the
country. The private sector is growing very fast and giving a lot of opportunities to
investors. The country has become a leader in different areas and is attracting such a lot
of business.
That notwithstanding, Sabena remain the only oldest, uninterrupted
operating carrier in Uganda (35 years) but also the second oldest (75 years) still
existing carrier in Europe. "Uganda/Entebbe was one of the first stations of Africa
and was used as a "hub" for our East African destinations, Harare, Lumbumbashi,
Kigali and Bujumbura," Mr Geert Lemman, General manager of Sabena in Uganda said.
Sabena has recently signed a code shared agreement with Delta Airlines which means that a
US citizen can fly on a DL code from his home town in the USA to Entebbe, Uganda. So
Uganda is certainly drawing closer to America. |
