Jubilee Holdings has inquired about expanding its underwriting operations into Ethiopia.
According to The Standard news agency, citing an interview with Jubilee Holdings Chairman Nizar Juma last Thursday, the insurer is open to acquiring an insurer in Ethiopia and establishing a greenfield license in the Democratic Republic of the Congo, which recently joined the East African Community (EAC).
Nizar Juma was cited in the standard. “We are hoping that they (Ethiopia) will open up for insurers this year.” “We’re going to be the first.” We even asked the government if we could buy one of the local companies, but they said that would be circumventing the law. “
Ethiopia has a population of about 115 million people, while the Democratic Republic of the Congo has a population of 89.56 million, making the two populous markets a target for firms looking to expand there.” “We’ve already informed the government of our desire,” he said.
Jubilee Holdings is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange.
It has a network of offices in five countries – Kenya, Uganda, Tanzania, Burundi and Mauritius which are highly rated on leadership, quality and risk management and have been awarded an AA in Kenya, AAA in Uganda, and an A in Tanzania.
Jubilee Insurance is the largest and the number one insurer in East Africa providing insurance services to over 1,900,000 people in the region. Jubilee Insurance is also the largest provider of medical insurance in Kenya, Uganda and Tanzania which includes many of the region’s blue-chip companies.
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