Insurance company AIG has announced it will exit the Ugandan market at the end of March for the second time.
In a public notice, the company without giving reason for the exit, the company said there are currently in a transition in the remaining few months.
“After careful consideration and in-depth market review, AIG have decided to stop offering insurance products directly to our customers in Uganda. During the transition period, we are committed to providing you with our usual high level of service,” the notice read in part.
The company however noted that existing policy holders will continue to receive full policy and claims support for the remaining periods of their policies and subsequent valid claims.
This is the second time the American company is announcing exit from insurance business in Uganda.
Prior to its first exit and sale of its agents and businesses to Lion Assurance Company, which was later sold to Sanlam Emerging Markets in 2017, AIG had offered non-life insurance policies ranging from motor vehicle, home, travel to accident for over 50 years.
In 2018, the American Insurance Group (AIG) however re-entered the Ugandan market, exactly two years after its exit, citing a re-alignment of its global business strategy.
The second exit has come exactly two years after their return in December 2018.
The company that originally entered the market in the East African nation in 1962 was a market leader in Uganda until the 2008 global financial crisis that saw its business begin to crumble.