By David Mwanje
KAMPALAโ In a vibrant celebration of its 60th anniversary, Britam Holdings PLC has unveiled a new chapter in Uganda with the launch of Britam Life Assurance, a bold step to weave a safety net for families and institutions across the nation. Under the spirited banner of โWeโve Got Life,โ Britam Life debuted its offerings, focusing initially on Group Life and Credit Life insurance solutions, tailored to meet Ugandaโs rising demand for accessible and innovative protection.
Britam Life steps into Ugandaโs insurance landscape with a promise to shield dreams and aspirations, drawing on the Groupโs six decades of expertise across seven African countries. โWeโre not just offering policies; weโre building trust,โ said Aidah Nkwanzi Mwebaze, CEO of Britam Life Assurance Uganda. โOur insurance solutions are crafted to resonate with the heartbeat of Ugandan families and businesses, addressing their everyday realities.โ
Since planting its roots in Uganda in 2010, Britam has grown into a leading insurer, and this expansion into life assurance signals a deeper commitment to the countryโs dynamic economy. The Insurance Regulatory Authority of Ugandaโs 2023 report paints a clear picture: with insurance penetration at a modest 0.87%, and life insurance making up 38% of premiums, thereโs fertile ground for growth. Britam Life aims to cultivate this space with inclusive, forward-thinking products.
Group Life Assurance offers employees and their families a financial buffer against lifeโs unpredictability, with customizable benefits tied to salary multiples. Meanwhile, Credit Life Assurance acts as a safeguard for lenders, protecting against loan defaults triggered by a borrowerโs passing a tool to foster responsible lending in Ugandaโs bustling financial sector.
โThis launch is a milestone, not just for Britam but for Ugandaโs insurance industry,โ said Grace Makoko, chairperson of Britam Life Assurance Uganda. โItโs a testament to our resolve to deliver insurance solutions that truly matter to Ugandans.โ
Britam Life inherits the Groupโs robust legacy, notably its dominance in Kenya, where it commands over 25% of the life insurance market. โWeโve taken proven models from East Africa and tailored them to Ugandaโs unique rhythm,โ said Ambrose Dabani, Britamโs CEO and Principal Officer of Life Assurance. โOur offerings are reliable, relevant, and ready to make an impact.โ
Tom Gitogo, Group Managing Director and CEO of Britam Holdings PLC, underscored Ugandaโs pivotal role in the companyโs pan-African vision. โThis launch is a celebration of our heritage and a step toward a future where Ugandans can dream big, knowing weโve got their back,โ he said.
Beyond standard coverage, Britam Lifeโs insurance products come with thoughtful extras: lump-sum payouts for total and permanent disability, support for critical illnesses like cancer or stroke, funeral expense assistance, and even a retrenchment rider to soften the blow of job loss. โThis is more than insurance itโs a promise to stand with Ugandans through lifeโs highs and lows,โ Mwebaze added.
Looking ahead, Britam Life is set to roll out individual life insurance products later this year, including unit-linked plans, endowment solutions, and offerings designed for Ugandaโs vibrant SME sector. As the company sows the seeds for a more secure future, itโs clear Britam Life is here to nurture Ugandaโs aspirations, one policy at a time.
