Prime
A century of trust and a future of insurance innovation
Ms Angela Dragu
What you need to know:
- The insurance sector has over the years posted tremendous growth, which, as MUA makes us glad to be part of an industry that is driving Uganda's growth
As of 2024, the Ugandan insurance industry has experienced robust growth, with the market projected to reach approximately Shs1.5 trillion in gross written premiums.
The industry has witnessed a compounded annual growth rate of 7.4 percent from 2018 to 2024, reflecting a growing awareness and importance of insurance among Ugandans.
Key trends influencing the market include the rising demand for health insurance, spurred by increased healthcare costs and a growing middle class. Additionally, adopting digital technologies has transformed how insurers operate, enhancing customer experience and service delivery.
According to the Insurance Regulatory Authority, insurance penetration in Uganda stands at 0.8 percent, indicating significant potential for growth as more individuals and businesses seek coverage.
Moreover, several industry reports highlight that micro-insurance is gaining traction, with more insurers offering products tailored to low-income households.
This trend not only addresses the unique needs of these segments but also expands the overall market base for insurers.
And today, as MUA Insurance Uganda, we are glad to be part of this growth, to which we have been a major player for a century now, first as Phoenix and later as MUA.
In October 2018, a pivotal bold rebranding reshaped our landscape, where Phoenix Assurance, a name long associated with reliability, experience, and trust, rebranded to MUA Insurance Uganda.
The change was a celebration of more than just a new name, but a mark of a rich heritage that has established MUA as a cornerstone of the East African Insurance community.
Since inception in 1912, Phoenix had forged a strong reputation by providing a wide range of solutions tailored to meet the diverse needs of East African clients, enhanced by dedication to customer service and innovation, which legacy, MUA continues to carry forward with a fresh vision and upholding the foundational principles established by Phoenix.
Phoenix launched operations in Kenya in 1912 to offer short-term insurance products, before expanding into Tanzania and then Uganda in 1990 and 2000, respectively.
However, in 2014, MUA Group bought a majority stake in Phoenix East Africa, after which, in 2018, a new corporate identity was unveiled, resulting in a rebranding to MUA Insurance Uganda.
And today, we look back with fond memories, for which we shall celebrate with the Twaliwo-Tukyaliwo campaign, (loosely translated to we were there, we are still here) to tell our transition, by honoring inherited achievements from Phoenix, while showcasing the progress and dedication to the future.
Our vision extends far beyond geographical expansion with the commitment to develop cutting-edge insurance solutions that meet the ever-changing needs of our customers.
By celebrating this rich heritage while boldly embracing the present and future, we are well-positioned to lead the evolving insurance landscape in Uganda and build a brighter tomorrow for our clients and the industry as a whole.
Angela Dragu is the MUA Uganda head of operations and branding
