Pax Insurance, a new insurance company, has launched operations in Uganda, joining a highly competitive market of 19 firms chasing after a market with sh100b total premium.The firm is owned by the Catholic Church.
“This development is part of the Catholic Church’s commitment to promoting savings in the country,” said Bishop Mathius Ssekamanya, the chairman of the Catholic Episcopal Conference.
Ssekamanya explained that the idea to start an insurance firm was a continuation of the church’s commitment to encouraging savings.
This, he said, was a follow up to the Centenary Bank, which was started decades ago.
The Vice-President, Prof. Gilbert Bukenya, lauded the Catholic Church for championing causes intended to improve the lives of the people.
He challenged the company to spread its operations to rural areas.
“You need to work on ways to bring on board the small-and-medium farmers in the agricultural sector,” Bukenya, who was the chief guest, said.
He added that Pax Insurance needed to follow in the footsteps of the Centenary Bank whose operations and wide branch network have supported rural-based businesses.
“If Pax works with the Centenary Bank, I believe a lot can be achieved for the poor people,” Bekenya tipped.
Experts believe there is still room in the insurance sector given that only 1% of the population is covered, leaving the majority vulnerable to insurable calamities.
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