UK-based insurer in Uganda, Britam, has once again won a business deal with the government to provide insurance cover, this time for Uganda Airlines.
Kampala, Uganda | ISAAC KHISA | Willis Towers Watson is the airlines’ insurance broker. Britam CEO, Allan Mafabi confirmed to The Independent on Aug.02 that they are indeed the insurance provider for Uganda Airlines.
However, he did not divulge more information with regard to the deal.
Uganda Airlines, CEO, Ephraim Bagyenda said on Aug.02 that Britam is the airlines’ insurance provider and that it will cover aircrafts, passengers, war risks, hull loss among others, in the likely event of any liability that may arise in the course of its operations.
“Britam went through a serious selection process through the Public Procurement and Disposal of Public Assets and eventually won the bid,” he said.
However, Bagyenda remained guarded on the agreed premiums and who were the other competitors in the bidding process.
Globally, carriers are supposed to have adequate insurance cover in respect to passengers and the aircrafts, according to Article 50 of the Montreal Convention.
This development cements Britam insurance as the preferred choice for government in the provision of insurance services to the government’s infrastructure projects.
Previously, Britam has provided insurance cover for the Kampala – Entebbe Expressway worth US$476million, new cable bridge along the River Nile in Jinja worth US$130million, expansion of Entebbe International Airport works worth US$ 200million, among others including roads and medium to small hydro power projects.
Since opening shop in Uganda, Britam has recorded tremendous business growth since it entered the Ugandan market nearly nine years ago driven by infrastructure development.
The insurer’s gross underwritten premiums have increased from merely Shs348million in 2011 to Shs58bn in 2018.
With a 10% market share, Britam is currently ranked 4th out of the country’s 21 non-life insurance firms.