By Juliet Hildah.
East African Underwriters Limited on Thursday 9th November, 2017 announced that the company will be operating under a new name and unveiled its new identity at an event held at the Sheraton Hotel Uganda.
“We are excited to announce that we are changing our company name to Liberty General Insurance Uganda Limited. Liberty Holdings Limited (Liberty) acquired a 51% stake in EAUL in January 2016. Since the acquisition, we have worked diligently to bring the best of both companies together, for the benefit of all our stakeholders,” said Peter Makhanu, the new Managing Director Liberty General Insurance.
“Our new name and brand represents our purpose to make a difference in people’s lives by enabling their financial freedom,” he added.
Liberty is a Pan-African service group with a presence in 24 countries that offer an extensive market leading range of products and services to help customers build and protect their wealth and lifestyle. These include; life, general insurance, health related insurance and investments.
“Together with our sister company Liberty Life Assurance, Uganda’s leading life insurer, we will be focusing our strategies at growing market penetration by responding to the needs of the Ugandan consumers and launching innovative, simple, relevant and accessible offerings in both the life and general insurance markets. Insurance penetration remains low in Uganda and therefore, some of our efforts will focus on educating the consumers about the benefits of having the correct insurance cover,” said Makhanu.
The latest Insurance penetration figures according to IRA report of 2016 are as follows: industry Premium in 2016 – Ushs. 634.8 billion, a growth of 3.71% from Ushs 612.1 billion in 2015 Insurance penetration was at 0.73% in the year 2016 down from 0.76% in the year 2015. Recent events around the world also serve as evidence that countries and individuals remain inadequately insured due to lack of awareness.