This archive report was first published on 12 November 2019.
On November 12, 2019, GA Insurance, a leading insurance firm in East Africa, announced the acquisition of 100% of Nova Insurance Company in Uganda, marking a significant milestone in its expansion plans.
The acquisition, which has received regulatory approval, is part of GA Insurance's strategy to increase its presence in the region. The firm already operates in Kenya and Tanzania, and this move brings its total number of subsidiaries to over 25, driving up insurance sector penetration in East Africa.
According to the Financial Sector Deepening report, insurance penetration in Uganda stands at around 1%. With this acquisition, GA Insurance is poised to tap into this growing market and provide its services to a wider customer base.
GA Insurance CEO, Mr. Vijay Srivastava, stated that the company has other acquisitions in the pipeline and aims to be present in three to four countries by the end of the year.
As part of its expansion strategy, GA Insurance is also investing in technological innovation, with plans to launch a document management software that will enable the efficient management of huge volumes of data and information for its general and medical insurance services.
