Gov't Signs Host Agreement with ZEP-RE to Boost Insurance and Reinsurance Sector

The minister of finance, planning and economic development, Hon. Matia Kasaija, together with Minister of State for Foreign Affairs, Okello Oryem have today signed a Host Agreement between the Government of Uganda and ZEP-RE (PTA Reinsurance Company).

The move is aimed at enhancing the country's insurance and reinsurance landscape.

The signing ceremony took place this morning, with Hope Murera, the Managing Director & CEO of ZEP-RE, representing the company.

The objective of the Host Agreement is to provide a conducive environment for ZEP-RE to expand its footprint in Uganda.

With strategic locations in nine capitals and a presence in 50 countries, ZEP-RE is poised to leverage Uganda's strategic position to further bolster its insurance and reinsurance business.

Government believes this is a good move aimed at creating employment opportunities, and enhancing the capacity of Ugandans in the insurance business.

"The presence of ZEP-RE is expected to catalyze the development of the local insurance market, providing access to a wider range of insurance products and services."

Finance Minister Matia Kasaija expressed optimism about the partnership, highlighting ZEP-RE's potential to support ongoing initiatives such as agricultural insurance, bolster Uganda's credit rating, de-risk the financial sector, and provide technical capacity-building services.

"The collaboration with ZEP-RE is poised to contribute to Uganda's economic resilience and financial stability."

The signing ceremony was attended by senior officials, including the Chief Executive Officer of the Insurance Regulatory Authority and representatives from the Ministry of Finance, Planning and Economic Development.