AIG moves back to Uganda
Two years after its departure and the sale of its business in the region, the American insurance giant AIG has re-entered the Ugandan market. This return is announced as part of the re-alignment of the group's sales strategy with international standards.
AIG operated in Uganda in the non-life class of business until the end of 2016. At the time of its exit, the US group was ranked third at the national level with an 8.8% market share out of 21 non-life insurance companies. In 2015, its turnover amounted to 41.04 billion UGX (12 million USD), compared to 42.93 billion UGX (15.3 million USD) in 2014 and 50 billion UGX (19.5 million USD) in 2013. This drop in turnover compelled the insurer to withdraw from the market.
According to experts, the comeback of the US giant is a sign of strong growth potential of the insurance sector in Uganda. This growth is mainly due to the government's continued investments in infrastructure and to the introduction of agricultural insurance coverage.
Read also:
