Business
Britam Launches Life Assurance Unit in Uganda, Deepening Commitment to Financial Protection
Britam Uganda has officially launched its life assurance business, Britam Life, marking a significant milestone in its expansion strategy and deepening its presence in Uganda’s insurance sector. The new unit will initially focus on Group Life and Credit Life solutions, with plans to roll out more individual-focused products in the coming months.
The launch comes as part of the Britam Group’s 60th anniversary, celebrated under the campaign theme “We’ve Got Life,” underscoring six decades of providing trusted financial protection across Africa.
“With this life assurance offering, we are reinforcing that trust with solutions that speak directly to the everyday realities of Ugandan families and institutions,” said Aidah Nkwanzi Mwebaze, CEO of Britam Life Assurance Uganda.
Despite steady growth, Uganda’s life insurance coverage remains relatively low. According to the Insurance Regulatory Authority of Uganda’s 2023 Performance Report, insurance penetration stands at 0.87%, with life insurance comprising 38% of gross written premiums. This gap underscores the urgent need for innovative and inclusive solutions—something Britam Life aims to address.
Group Life Assurance provides financial protection to employees’ families in case of death, typically tied to salary multiples and tailored coverage. Credit Life Assurance protects lenders from loan defaults due to a borrower’s death, promoting financial stability and responsible lending.
“As a board, we view this launch as both timely and necessary,” said Grace Makoko, Chairperson of Britam Life Assurance Uganda. “It reflects our long-standing commitment to delivering responsive insurance that addresses the real needs of Ugandans today.”
Britam first entered the Ugandan market in 2010 and has since established itself as a leading player in general insurance. With the creation of Britam Life, the company now expands its capacity to meet both institutional and individual risk protection needs in a rapidly evolving economic landscape.
“These solutions are built on tested models across East Africa, adapted for the nuances of the Ugandan market,” said Ambrose Dabani, CEO and Principal Officer of Life Assurance. “Our teams have collaborated closely to ensure that what we offer here is not only reliable but relevant.”
Britam Group operates across seven African countries, with a stronghold in Kenya, where it holds the largest market share in life insurance, exceeding 25%. Its success is rooted in product innovation, expansive distribution networks, and deep customer trust—advantages that Britam Life Uganda is expected to leverage.
Beyond Group and Credit Life Assurance, Britam Life is also offering enhanced benefit riders to address critical life events, including:
- Total & Permanent Disability – Lump sum payment for irreversible disability
- Critical Illness Cover – Protection against conditions like cancer, stroke, and heart disease
- Funeral Last Expense – Helps families cover funeral costs
- Retrenchment Rider – Offers financial support in the event of job loss
“This is not just a product launch,” Mwebaze emphasized. “It’s a continuation of a promise to stand with Ugandans at every stage of life.”
Later this year, Britam Life plans to introduce a range of individual life products, including unit-linked policies, endowment plans, and tailored offerings for SMEs, further broadening access to financial protection for all Ugandans.
“Uganda is a key pillar in Britam’s pan-African presence,” said Tom Gitogo, Group Managing Director and CEO of Britam Holdings PLC. “This launch reinforces our purpose of safeguarding dreams and aspirations. It’s not only a celebration of 60 years of legacy but a strong signal of our long-term commitment to Uganda.”
With Britam Life’s arrival, Uganda’s life assurance landscape gains a new, dynamic player poised to deliver customer-centric, accessible, and impactful protection solutions to individuals and institutions alike.
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