, KAMPALA, Kenya, Mar 5 – In a move aimed at strengthening its position in Uganda, Britam’s Board of Directors has appointed Allan Mafabi as its new Chief Executive Officer.
Mafabi, formerly the General Manager, Business Development at UAP Uganda comes with a wealth of experience spanning over a decade in the insurance industry ranging from general insurance, Underwriting Management, Claims Management, loss adjustment, Reinsurance and Marketing.
He joins Britam at a time when the company is on a growth trajectory through regional expansion, and will be expected to steer the local franchise to market leadership.
Britam is listed on the Nairobi Securities Exchange. The group has interests across the Eastern Africa region, and offers a wide range of financial products and services in Insurance, Asset management, Banking and Property.
Making the announcement, 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.
He added that as the country moves towards oil production, demand for higher risk cover will ultimately increase and that the strong foundation built by Britam over the years will make the company an ideal choice.
“Having an experienced person like Allan on board will spur our ambitions as we look at expanding our horizons in terms of regional reach. The entire Board would therefore like to welcome Allan to the Britam family,” Wairegi added.
Insurance penetration in Uganda is quite low, at around 0.8 percent 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.
“It gives me great pleasure to join this company that has a long heritage of providing financial services. As a team, we shall strive to always lead the way in terms of widening our product range,” Mafabi, the Uganda CEO said.
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.