Unmarried couples in the East African country of Burundi have until the end of the year to legalise their relationships through church or state registrations. In May, President Pierre Nkurunziza signed a new law which the government says will help protect women and create a more moral society, but some disagree. The government insists
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Following passage of the Financial Institutions Amendment bill 2016 which included a provision for Bancassurance and the subsequent approval of the regulatory guidelines by the Bank of Uganda (BoU), Stanbic Bank Uganda has become the first bank in Uganda to be granted a license to provide Bancassurance as a product
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The International Finance Corporation (IFC), the World Bank’s private arm, has completed buying a 10.3% stake in Nairobi-based insurance firm Britam. Britam announced the completion of the transaction set in motion in January in a notice on Friday, reports the Daily Nation. The shareholding guarantees IFC a board seat. “...Britam
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By Lydia Kayonde, One of the most significant changes in financial services over the past few decades has been the growth and adoption of Bancassurance. Whileit may sound like a complex word, it isa simple term coined by combining two words, bank and insurance. The sale and distribution of insurance
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Insurance regulators from the East African Community meet in Arusha on Thursday in efforts to adopt common regulatory standards meant to protect policyholders and ensure stability of the sector. The meeting, called by the East African Insurance Supervisory Association (EAISA), will explore emerging issues including common regulatory standards, according to
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To remain competitive in the market, ICEA Life Assurance has trained its staff members on reinsurance. The three-day training that took place at the beginning of this month at Royal Suites, Bugolobi was conducted by ZEP -RE, a leading reinsurance company. Julie Zaake, the Head of Human Resource at ICEA
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In a bid to expand operations and distribution of their products, ICEA Group which consists of ICEA General Insurance, ICEA Life Assurance Company Limited and ICEA Asset Management Limited Company has officially launched their Mbale Agency office. The agency office will act as a one-stop centre for operations in the
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ICEA General Insurance Managing Director, John Karionj has said General Products remain key to Uganda’s insurance industry. He made the remarks on May19 during the inauguration of the company’s agency office that is now based at Rumee Towers, Lumumba Avenue. Previously, its agency office has been at Hannington road, Kampala. Speaking
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British global insurer AON has quit 10 African markets including Uganda, citing weak economy that can’t permit its growth. According to a February 20, 2017 statement, Capitalworks, a leading Africa focused and based private equity firm specialising in investing on the continent, is to acquire AON’s shareholding in 10 countries
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Failure to implement existing laws have played a big role in the slow growth of Uganda’s insurance industry, players say. According to the Uganda Insurers Association (UIA), non- enforcement of the compulsory insurances; Motor Third Party Insurance, Workers Compensation Insurance and Marine Insurance have seen Uganda lag behind her counterparts
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