In a move aimed at strengthening its position in Uganda, British American Investment Company’s Board of Directors has appointed former UAP Uganda boss Allan Mafabi as its new Chief Executive Officer.
Mafabi, formerly the General Manager, Business Development at regional insurers has experience spanning over a decade in the insurance industry ranging from general insurance, Underwriting Management, Claims Management, loss adjustment, Reinsurance and Marketing.
In an email to this newspaper, Benson Wairegi, the Britam Group Managing Director said that the appointment marks an important step in the company’s strategic plan to widen the scope of insurance products in the Uganda market.
“Allan brings invaluable expertise and experience to this company especially at this point in time when we are looking at growing our regional footprint. There are many opportunities that exist in this market and Britam is better placed to take on a cross section of the risks,” he said.
Insurance penetration in Uganda is quite low, at around 0.8% of the GDP. However, a growing middle class as well as developments in the oil and gas sector present the sector with immense opportunities for growth as demand for insurance cover increases with the growing risks.
As the Ugandan insurance industry plans to move towards risk based supervision from compliance based supervision, Britam is well capitalized to handle the requirements of the sector.
Britam’s recent acquisition of a 99 percent shareholding in Kenya’s Real Insurance Company Limited rubber stamps the company’s commitment towards gaining a market share of the region, making it the largest Pan African insurance company within the East and Central African region.
The acquisition will also see Britam increase its market share to rank second in Kenya on gross premium basis.
This places the company at a vantage position to take on bigger risks as a result of merging two companies that have well-documented track records of excellence.
Britam already has a strong presence in Kenya, Uganda, Rwanda, and South Sudan. Real’s subsidiaries in Tanzania, Malawi, and Mozambique will see Britam increase its overall market share.