Tuesday, June 24, 2008
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.