Thursday, April 18, 2024
HomeBusinessBankingPostBank Uganda among top...

PostBank Uganda among top 5 in Bancassurance market share – Report

KAMPALA – PostBank, a financial institution that is committed to transforming lives and livelihoods, has achieved yet another milestone in Bancassurance, after securing a spot among the top five banks in Gross written premiums for both life and general insurance. This followed a 2022 report by the Insurance Regulatory Authority of Uganda (IRA).

The bank recorded a progressive increase of UGX. 919 million to UGX. 8.3bn compared to 2021, when the bank’s gross premium stood at UGX. 7.4bn. This represents an 11% growth in the bank’s premiums. Of the UGX. 8.3bn earned, UGX. 6.7bn was from life premiums, while UGX 1.6bn was generated from non-life premiums.

According to Frank Kalinzi, Principal Officer – Bancassurance, swift turnaround time on claims and numerous insurance options available to customers, were primary drivers of the bank’s cumulative growth. These were accompanied by reasonable pricing of the policies, top-notch customer service and increased confidence in bancassurance by customers.

PostBank sold nearly 5,500 policies in 2022, accounting for 5.8% of the market share. The bank was also able to pay 894 claims for both life and non-life premiums.

Kalinzi added that “PostBank offers a variety of insurance covers tailored for saving, investment and protection (life insurance), as well as general insurance products tailored for indemnity e.g., motor comprehensive, fire, homeowners’ insurance and marine among others.”

For easy access to the above-mentioned bancassurance services, customers can visit any of PostBank’s 56 branches across the country.

Bancassurance, supervised by the Insurance Regulatory Authority of Uganda, is a partnership between banks and insurance companies that allows banks to offer insurance products to their customers. For the year 2022, the overall gross written premium (GWP) through bancassurance grew to UGX. 108bn which is indicative of the significant role banks play in boosting the growth of insurance.

PostBank is in collaboration with several insurance companies including Prudential, UAP Old Mutual life and general, CIC Africa, Sanlam General and life among others, to sale useful insurance products for customers.

The bank also holds training sessions for staff and awareness drives for customers. This is done to equip them with a general knowledge, skill set and understanding of insurance, hence deepening financial inclusion.

Follow us on Twitter. Send us a secure tip

- A word from our sponsors -

Most Popular

More from Author

Hamis Kiggundu

#5|Hamis Kiggundu|$1.02BnRandom fact: “Historical: The first African Billionaire to build a national...

Shelter Afrique urges African States to explore broader partnerships in tackling affordable housing

NAIROBI – Pan-African housing development financier, shelter Afrique has urged African...

Parrots Seized from Congolese Traffickers in April 2022 released to the wild

World Animal Protection applauds Uganda Wildlife Conservation Education Centre for rewilding...

- A word from our sponsors -

Angola’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Here's a look at Angola's wealthiest individuals in 2024, highlighting the top entrepreneurs and business magnates who are shaping the country's economic landscape. This list is current for 2024 and excludes Isabel Dos Santos, focusing on the new and prevailing forces in Angola's billionaire circle.Angola’s Billionaire Elite:...

Discover the Ultimate Road Companion: Nissan Caravan Now Available in Mombasa, Kenya

Are you on the hunt for a vehicle that combines robust performance with spacious comfort? Look no further than the Nissan Caravan, currently on offer in the bustling city of Mombasa, Kenya. Ideal for businesses requiring cargo transport, groups seeking adventure, or families needing extra space, the...

Algeria’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Algeria, with its significant oil and gas reserves, has a group of wealthy individuals whose influence spans across various industries including construction, manufacturing, food, and pharmaceuticals. Here is a table summarizing the top 10 wealthiest individuals in Algeria as of 2024:As of 2024, here is the latest...

Rising Icon of Sport: Kenya’s Talanta Stadium Set to Redefine African Athletics

Kenya's Pinnacle of Pride: Unveiling the Talanta Sports CityNAIROBI-KENYA | Amidst the bustling energy of Nairobi, a new landmark rises - the Talanta Sports City. A marvel of architecture that intertwines the spirit of Kenyan heritage with cutting-edge design, this stadium is poised to become a beacon...

Ethiopias’s Billionaire Elite: Unveiling the Top 10 Wealthiest Moguls in 2024

Ethiopia, known for its rich cultural heritage, is also home to some of the wealthiest individuals in Africa. These moguls have diversified their investments across various sectors including oil, mining, agriculture, and real estate, significantly contributing to the nation's economic development. Here's a look at the top...

Trailblazers of Wealth: Kenya’s Five Most Influential Women in 2024

Kenya's economic landscape is distinguished not only by its vibrant markets and industries but also by the formidable women who have risen to the top of these sectors. As of 2024, here is a detailed look at the five richest women in Kenya, highlighting their net worth,...