 Company profile |
 Manager |
Mr GORDON SENTIBA, General Manager
Read our exclusive interview
| Contact |
Plot 28 Jinja Road
P.O. box 7658, KAMPALA
Telephone:
341618 , 250378 , 250365 , 231092
Fax: 341593
Telex: 61371 Sembule
E-Mail: pwico@imul.com
| Activities |
Insurance
| Strategy |
Pan World Insurance Company heads into the twentieth century, with an
eye to a horizon that shows a great deal of promise, increased business opportunities and
a major resurgence in the development of the insurance industry.
The company has maintained its market share of 32% which further
establishes Pan World as the leading insurance company in the country. This is testimony
of the fulfillment of its objectives, which range from providing quality products to
diversifying into a myriad of sensible and profitable ventures.
The introduction of new products to the Ugandan market, which has been
the company’s mainstay, has continued with exploration into adapting the Livestock
and Agricultural Insurance schemes. It is envisaged that these policies will effectively
marketed in the next few years. Promotion of the existing policies has continued and the
growth in various portfolios, particularly Motor, Accident, Fire and Marine testifies to a
rising awareness of the population of Uganda to the need for insurance. The new products
introduced to the Ugandan Market by Pan World have continued to grow at a steady rate. The
Medical Insurance Scheme has been adopted by a number of corporate bodies and individuals,
and plans are underway to systematically increase the levels of cover and to incorporate
provisions that will enable card holders to have access to treatment at more advanced
medical facilities outside Uganda. Travel Insurance continues to show a steady growth in
sales, and the increase in the number of major airlines operating out of Entebbe
International Airport, is certain to see phenomenal growth in this sector. This policy has
been modified to provide cover for persons and property, most especially to tourists and
visitors coming to Uganda for short periods of time. With the stabilization of the Ugandan
currency against most foreign currencies, and with the steady growth of the Ugandan
economy, the Deposit Administration Pension Scheme provides a comfortable nest for
retirement and is designed to ensure than employees’ savings are invested in prime
stocks and yield returns that are inflation resistant. For the third consecutive year, the
Deposit Administration Pension Scheme, in 1995, declared a return on investment of 13%,
which is remarkable. The advisory contribution make by the company’s Consultating
Actuary, Hymans & Robertson, is no doubt part of the success story of the Scheme.
The quest to provide insurance coverage to as many people, and for as
many activities as possible, is being augmented by taking services closer to the people.
Uganda is experiencing a boom in economic activities in all spheres of life, and insurance
protection must necessarily be provided to bolster these activities. Construction,
industry, business activity involving trade, import and export, Agriculture, Horticulture
and a host of other activities that are the product of a resourceful nation, have shown
positive signs of improving the economy tremendously. Pan World has opened branches and
agency office around the country, to ensure that its unique service is available at a
stone’s throw. In addition to its branch offices in Masaka, Mbarara, Jinja and Mbale.
Agency offices have been established in the Eastern, Western and Northern parts of the
country, and the enthusiasm with which these agency offices have been met, augers well for
the development of insurance in the country. In a bid to foster regional co-operation and
to take advantage of the liberalization of the economies of our neighbours, Pan World in
partnership with the Tanzania Development Finance Limited (TDFL) concluded a joint venture
to transform TDFL’s subsidiary, Enterprises Limited into fully fledged insurance
brokerage firm. Enterprises Limited exists now in Tanzania as the only institutionalized
agency firm that provides also legal and computer services. Plans to open Pan World
Insurance Co. (Tanzania) Ltd. are in full gear and only await the relevant enabling
legislation before the company becomes fully operational.
Reinsurance continues to play an important role in the operations of
the company. Pan World has maintained its regional, continental and overseas contracts. In
a few changes in this area, Willis Faber & Dumas Ltd. Pan World’s hitherto major
reinsurance broker transferred their African treaty business to Christchurch King
Reinsurance Co. Ltd. of London. The company’s major reinsurer, Munich Reinsurance
Company, has also Company of Africa. These changes have been effected to provide better
services to the clientele base in Africa.
The company’s traditional links with the Africa Reinsurance
Company (Africa Re), Zimbabwe Reinsurance Corporation (ZIMRE), Global Reinsurance Company,
Continental Reinsurance Corporation and the PTA Reinsurance Company (ZEP-RE) to mention
but a few, have been retained. Pan World’s General Manager, Mr. Gordon Sentiba was
elected a Co-director in the PTA Reinsurance Company and continues to represent Eastern
Africa on the African Insurance Organization’s Executive Committee. | In recognition of the company’s outstanding product quality, its
management excellence, for the quality of its workmanship, value to its clients, service
and global perspective, Pan World was awarded the 1995 Euromarket Award by the European
Market Research Center in November, 1995. The Award is a testament of the tireless efforts
that the Board of Directors, Management and Staff of Pan World have injected into the
company to make it one of the most vibrant business concerns not only in Uganda, but in
the region. It is worthwhile to note that while Pan World is always challenged, its never
equalled.
INTERVIEWWITH THE GENERAL MANAGER OF PAN
WORLD INSURANCE COMPANY LIMITED.
March, 1998.
Q: Focusing on the Insurance Sector what is your personal evaluation
of the current economic revival Uganda is enjoying for the last 5 years.
GM: Government has been pragmatic in dealing with issues that lead to economic
development, first it has been able to control government expenditure and secondly it has
controlled inflation to less than 10%. The monetary policies that they have put in place
such as liberalization of foreign exchange and creation of Forex Bureaus. Promoting
investment in Uganda and creation of an atmosphere for fair play for people both local and
foreign business people are fundamental for the revival. However, primarily we have had
correct leadership which has allowed freedom of speech, making people feel secure and
maintenance of good politics and seriously handling issues of privatization. Government
has also realized the private sector's importance in the economic development of the
country.
Q: What has been the main changes in the Insurance Sector since the liberalization
process started.
GM: As far as the Insurance Industry is concerned we have had major developments.
When we look at the industry from 1986 to date we see that there has been not only growth
in the business volume but also growth in the number of players. Before 1986 all
insurances relating to government business were placed with the state company. This
monopoly was removed in 1988 and that coincided with the time of our entry in the
business. In terms of growth in business volumes, the industry has recorded an increase
from 3 million dollars premium income in 1987 to a level of 28 million dollars to date
Q: What has been the of Pan World Insurance in the Market.
GM: Pan World Insurance Company came into business in 1988 and since then we have
been able to develop into a market leader considering levels of premiums, innovation,
product development, facilitating the development of the industry, regional insurance
market integration and contribution to social development of the country. As far as the
region is concerned we are founder members of the Preferential Trade Area Reinsurance
company, we have supported its growth in the region. We are also participating fully in
the activities of the African Insurance Organisation, a body for which I am the Vice
President. Pan World Insurance Company has been a private limited liability company up to
the end of last year. It has now been transformed into a public limited liability company
and is due to be listed on the Stock Exchange. We have already appointed a South African
leading Merchant Bankers/Stock Brokers to handle the process of preparing the company to
go to 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 earnings.
This is a new concept as far as Uganda is concerned. As a company that has been doing
well we believe that we should also be there to strategically benefit from new facilities
available.
Q: As an American Magazine we are interested in the relationship between American
Institutions and Uganda, What has been the case with PWICO American Institutions.
GM: We have been working with American Institutions by getting business from
American companies that have been operating business here. We have supported the School to
School Initiative Programme where schools have been connected and work with schools in
Wayome in the USA to exchange information on topical issues through the Internet. We are
not only working for profits but also supporting development programmes of the country in
terms of linking up our country to developed countries. We have made more contributions in
enhancing the relationship of USA and Uganda.
Q: Now that Clinton is coming on the 23rd of March 98, what new business aspects
are you expecting from this visit.
GM: There are three aspects that we are looking at here. One is to unlock the locks
that have been there in terms of attitudes of American Business Community about Uganda and
Africa at large. The American Government should start looking at Sub Sahara Africa and
Uganda in particular as a place which offers opportunities on investment. The american
Government should stand behind Sub Sahara Africa to guarantee and give assurance to
American Business Community on capital investment. This will be enough to encourage
American businessmen to confidently come to Sub Sahara and Uganda in particular to do
business. The problem for our country is also of debt servicing mainly to the multi
national institutions like the World Bank and IMF, if we look at our incomes visa vie the
amount we are paying to service the debts, its quite clear that there is a burden to the
pace of the development of the country. As USA is one of the major players in these
multinational institutions, it gives us confidence that President Clinton's visit will
give more first hand information on what is happening in our region to USA Government and
hope that the multi nationals will respond as they did in South Asia when they froze loans
which allowed those countries to perform and develop. We are expecting the same to happen
for Sub Sahara Africa in general and Uganda in particular because we have more potential
compared to South Asia.
Q: As a General Manager what has been the most satisfying achievement you and your
team have accomplished for PWICO.
GM: When we look back, my team notes with satisfaction the contribution made in
reactivating the Insurance Industry in the country and the economic contribution to the
country. We feel proud that we have been able to make these achievements, we are now
looking at expanding our operations in the region for example we have started operating in
Tanzania. We are sure that we shall also be very successful in the tasks ahead of us.
Q: What message would you send to our 3 million readers.
GM:Time has come to look at Africa for investment. The problems that made Africa
not to look attractive, were problems of not of the creation of African people but of
colonialism. The new generation of leadership in Africa provides new hope for the
continent. Americans should recognize this change and take advantage of it.
My advise is that America should move quickly to invest. The investment should, however,
not be in terms of exploitation and destruction of environment.
The investment activities should be beneficial to both Africa and U.S.A. |
