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Paul Kavuma appointed CEO of Jubilee Allianz Uganda

Paul Kavuma has been appointed the CEO of Jubilee Allianz General Insurance Company Limited Uganda, effective April 04, 2022.

He replaces Deepak Pandey, who will stay with the company until April 30, 2022 after which he will take up a new role in the Jubilee Group, the minority shareholders of Jubilee Allianz Uganda, while serving as a Director on the Jubilee Allianz Uganda Board.

“Paul has an impressive pedigree in the insurance sector in Uganda, and he is well equipped to drive the success and growth of Allianz in Uganda”, said Delphine Traoré, CEO of Allianz Africa.

“We would like to thank the outgoing CEO Deepak Pandey for his past service and for his support in the transition to Jubilee Allianz over the last few months.”

Kavuma has extensive experience in the insurance industry, having worked for over 24 years in both the insurance and broking sides of business. Prior to joining Jubilee Allianz Uganda, Paul was the Chief Executive Officer of the Uganda Insurers Association since 2018. He also worked with AIG Insurance and AON Insurance Brokers in Uganda for over 9 years before serving as the Chief Operating Officer and later the Deputy Managing Director of Goldstar Insurance.

Kavuma is also a Director at the Organization of Eastern and Southern Africa Insurers (OESAI) and Uganda Re, Governing Council Member of the Uganda Chamber of Mines & Petroleum, and Governing Council Member of the Federation of Uganda Employers.

Uganda has unveiled mortality table for life insurers

Insurance Regulatory Authority of Uganda has unveiled the first ever mortality table for life insurance companies in the country to help determine pricing, which may decrease or increase payments popularly known as premiums for new life insurance products and annuities.

The table dubbed Uganda Assured lives mortality table (UA 2015/19) came into effect August last year, said IRA CEO Ibrahim Kaddunabbi Lubega.

Mortality table is a statistical table showing the rate of deaths occurring in a defined population during a selected time interval, or survival rates from birth to death. The tables are typically used to inform the construction of insurance policies and other forms of liability management.

However, it remains unclear on whether the locally developed mortality table in partnership with the World Bank will lead to an increase or decrease of premiums to life insurance products.×155&!2&btvi=1&fsb=1&xpc=pdAnsLZEPM&p=https%3A//

Kaddunabbi said insurers have been using mortality tables from other countries, specifically South Africa, Kenya and sometimes India in setting prices for life insurance products and annuities which could be misrepresenting the true picture of mortality of the Ugandan population.

Uganda insurance sector has nine life insurance companies and recorded a 17% growth in insurance premiums to hs324billon in 2020.

Emanuel Mwaka, chairperson life insurance committee at the Uganda Insurers Association said the new mortality table now caters for the local perspective and thus able to correctly price the products.

“From an insurance practitioner perspective is that when you work with data that is not yours, you make some assumptions to try to bend the results to sort of meet requirements for your own market.  Now this brings in the aspect of subjectivity which now this mortality tables for Ugandan takes away,” he said.

He said for instance that using mortality tables from Britain to price local insurance products may not give a true picture of the country’s mortality because it does not include perspectives of malaria because the British population doesn’t suffer from Malaria.

“But with our local mortality table we are able to include this in our pricing because we know the risk associated with malaria to our population,” he said.