Kenya Re Targets Ugandan Market with a New Office

To strengthen its presence in the local market, Kenya Reinsurance Corporation (Kenya Re) opened a new office in Uganda.

The Kenya Re Uganda subsidiary in Uganda is also responsible for expanding the Group’s reinsurance and investment-related activities in the region.

“Our presence in Uganda serves a vital purpose of bridging the gap of missing reinsurance services domestically,” Kenya Re Group Managing Director Hillary M. Wachinga said.

“We want to partner with local insurance companies to reduce the reliance on international reinsurance which often comes at a higher cost,” Wachinga added.

“By reinforcing our local presence, our goal is to foster self-sufficiency in the reinsurance sector and contribute to Uganda’s economic growth by retaining value within the country.”

Uganda’s office now increases Kenya Re’s portfolio, which includes Kenya Reinsurance Corporation Zambia Ltd and Kenya Reinsurance Corporation Ltd Cote d’Ivoire.

Its entrance into Kampala coincides with a period of market expansion brought on by the emergence of a growing middle class, improved infrastructure, and a growing understanding of the value of risk management.

According to Uganda’s Insurance Regulatory Authority, the industry saw growth of 19.23% in 2022 compared to 10.6% in 2021.

From Ush1.11 trillion in 2021 to Ush1.32 trillion in 2022, the gross written premiums increased.

“Before we set up an office here, we analysed the market to determine what clients want,” Kenya Re Uganda Board chairman George Steven Okotha said.

“We noted that they consider price, ability, and willingness to pay claims, underwriting expertise, speed of service delivery, flexibility, innovation, and credit quality/rating,” he added.

“These factors guide how Kenya Re Uganda Limited runs business and they form part of our unique selling points.”