Insurance

Fast growing British-American Investments Company (Britam), has brought majority shares in, Real Insurance with operations in Tanzania, Malawi and Mozambique for $15.74 million.

Britam has grown tremendously from a small home based service insurance company to the leading diversified financial services provider in the region, with an asset base of over Kshs 55 billion, as at June 30, 2014.

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The insurance sector saw great success in 2013 as more Ugandans began appreciating their need. Insurance premiums hit Ugx 435bn in the year 2013, a growth of 24% largely attributed to improved economic conditions with lower inflation and commercial bank interest rates.

The average lending rates declined to 22.7% at the end of September 2013 from highs of 27% in March 2012, boosting trade, investment and spending power during the year. The sector benefited from this growth.

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In the words of John Robert Wooden, the famous former American basketball player and coach, “Ability may get you to the top, but it takes character to stay there.” It certainly is not by mistake but by certain intricate design that Jubilee insurance has topped the insurance charts yet again.

The Insurance Regulatory Authority (IRA) has released results for the year 2013 showing higher-than-projected sector growth due to impressive economic growth and declining lending rates.

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What are the three reasons that explain the low insurance penetration in Uganda? Justify

Lack of awareness of how insurance works and its benefits. By its nature, insurance products come packaged in legalese little understood by members of the public. As a result, insurance is generally difficult to sell more so being an intangible product.

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