MUA wants to be big in East and West Africa

By Aurélie M'Bida
Posted on Friday, 13 May 2022 11:29

Au siège de Mauritius Union Magazine, à Port-Louis

The leading insurance company on the Mauritius stock exchange is gaining market share in the East of the continent and eyeing French-speaking Africa.

Mauritius Union Assurance (MUA) is tackling East Africa and has set its eyes on the west of the continent. Bertrand Casteres, its managing director, says that its July 2020 takeover of the non-life activities of Saham Kenya is a major step forward for the group. “Our main challenge is to successfully integrate the two entities by the end of the year,” Casteres said, which it succeeded in doing by mid-2021.

The Mauritian insurance specialist has big ambitions for the new operations in Nairobi. In this highly fragmented sector, where none of the 35 or so players present represents more than 10% of the market, the leaders UAP Insurance, Jubilee (controlled by Allianz), CIC General, Britam Insurance, APA Insurance and GA Insurance each make do with shares ranging from 5% to 8%.