One of the country’s insurance brokers, Minet –formerly Aon – has extended its services to reinsurance as it aims to expand its operation base.
Bernard Obel, the director supervision at Insurance Regulatory Authority said the expansion of Minet, a reputable into the reinsurance sector is of an added advantage to the country.
He however urged the company to consider investing heavily in cyber risk.
“There are many transactions that take place online now, and any time the systems may be hacked and money lost by the banks. We ask Minet to enter into this space of reinsurance,” Obel said.
“This yet another milestone into our journey of robust and dynamic insurance sector. This is a pivotal step towards enhancing the depth and sophistication of our financial landscape. In rapidly developing environment, it is imperative that our local industry remains agile, innovative and capable of meeting emerging challenges.”
He said the coming of Minet will not only enhance quality of reinsurance services but also stimulate greater competition and innovation to foster economic growth within the country.
Alex Onen, the CEO of Minet Uganda Reinsurance Brokers Limited said the company is part of the Minet Africa group with headquarters in South Africa.
He said Uganda is the fourth country where the company has expanded wings into reinsurance after Botswana, Kenya and Lesotho.
