Mauritius-based MUA eyes insurance market in East African countries

Mauritius-based insurance organization MUA is looking to expand tasks in a few East African nations, Bloomberg has revealed.

MUA President Bertrand Casteres trusts that in future, the greater part of the development is supposed to come from East African countries.

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The insurer, which at present has tasks in Kenya, Uganda, Rwanda and Tanzania, plans to catch 10% of the market in East African markets.

"Mauritius is a tiny stone in the Indian Sea," MUA boss said in an interview recently.

"The expenses from Africa will get increasingly big in the coming years," he added.

"In the following a few years our need, given the investments in East Africa, over half of our value base, is to make esteem out of our investments," Casteres said. "We keep our ears open, our eyes open to see whether there is some other open door in one more market yet that is not our need right now."

MUA obtained Phoenix Transafrica Holdings and Saham Kenya in 2014 and 2020, separately, to support its presence in East African markets.

The news follows a new understanding among MUA and French improvement finance institution Proparco for a $10m value investment.

MUA plans to utilize the returns to reinforce its financial limit and backing its sustainability initiatives.

At that point, Casteres said: "We are looking forward to working with Proparco to fortify the gathering's financial limit and expand insurance market inclusion in Mauritius.

"As we leave on another period of our provincial process with this regarded accomplice, we mean to follow through on our sustainability goals and have a more prominent social effect. "Alongside the value continues, Proparco brings its impressive territorial experience, a-list capacities and a broad cross-area organization."

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