GA insurance Uganda has unveiled a new medical cover for senior citizens up to 80 years

GA insurance Uganda has unveiled a new senior health Insurance cover dubbed Graysure for elderly citizens for up to 80 years.

During the launch of the Seniors health Insurance cover product, Our CEO, Mr.Francis Kamau said, the health policy dubbed Graysure will help ease the pressure for persons attaining 50 years or on retirement and remains renewable up to the age of 80.

“This is an inpatient medical insurance product that covers the principal member and eligible dependents,” he said, adding that the outpatient benefits option is arranged on a self-funded insurance scheme.

The new product covers pre-existing medical conditions, nursing care, intensive care, diagnostic, laboratory, or other required medical services including evacuation and referral for overseas treatment.

Other expenses covered include doctor’s bills, anesthetists’ bills, operating theatre fees, and pharmacy. The policy also offers the last expense should the principal member die.

Our CEO, Francis Kamau said, the retired senior citizens’ premiums can be paid annually while the pensioners have the benefit of their premium paid from the retirement benefits, with the premium computed based on the member’s age and the limit of cover preferred.

The majority of Ugandans who enjoy medical insurance during their work-life usually retire with no backup once their employment comes to an end.

However, those willing to purchase insurance tend to do so at a very high cost as insurance firms factor in pre-existing conditions, impose many restrictions, and charge high prices commonly known as premiums.

This leaves the elderly population to rely solely on their families for medical care if they fall ill.

“GA Insurance is keen to provide medical insurance to every demographic segment of the society.  Having identified a gap in the needs of the senior citizens it has designed a niche product. After research and development, the insurer is launching a senior citizens medical insurance product,” Kamau added.

This new Seniors health Insurance product comes at the time the proportion of older persons (60 years and above) stands at 11% and it’s anticipated to double by 2050 worldwide, according to the United Nations, Department of Economic and Social Affairs. In sub-Saharan Africa, older persons comprise 5% of the population based on the United Nations Population Fund data.

In Uganda, the current population of older persons is estimated at 1.6 million (5% of the population) and it is expected to increase to 5.5 million by 2050, according to the Uganda Bureau of Statistics.

Dominic Gidudu Mafabi, State minister for Gender, Labour and Social Development-Elderly Affairs said the new product will eliminate segregation of the elderly in accessing medical services.

He said the product is well thought, keenly designed, and will be a useful tool in financial planning ahead of one’s retirement.

“GA Insurance has made a prudent decision because most of the savings will be in the hands of the senior citizens and definitely will be able to afford all these products,” he said.

The decision could also lead to a rise in insurance penetration which currently stands at 0.77% – one of the lowest in the East African region.

About GA Insurance Limited

GA Insurance Uganda Limited is a subsidiary of GA Insurance Limited, The Group Head Offices are situated in Nairobi Kenya. It is one of the oldest insurance companies operating in Kenya underwriting all classes of general and medical insurance. The company over a period of time has earned its standing as one of the most reputable insurers in East Africa.

The company is associated with the promoters of I&M Bank Group in Kenya. The Bank has operations in Kenya, Tanzania, Rwanda, and Mauritius. The bank has recently acquired Orient Bank Limited. The promoters also have interests in a portfolio of well-diversified businesses like bottling plants for Coca-Cola, Manufacturing, Real Estate, etc.

Groups Consolidated 2020 gross written premium was US$ 75 Million, a growth of 20%, GA is certainly a leading insurer in the region. PBT of US$ 9.1 Million makes GA one of the few profitable insurers. The company has a very strong balance sheet with assets in excess of  US$ 280 Million. Recognized for its customer centricity, the insurer has a record of settling individual material damage claims in excess of US$ 10 Million. To achieve its Vision; “to be the most trusted insurer” continuous investments are made in technology, human capital, and partnerships. Core values, namely; integrity, professionalism, enthusiasm, respect, and transparency are lived and not merely touted.

GA Uganda was set up in November 2019 and has since grown in leaps and bounds. In 2020 the company had a written premium of US$ 1.1 Million. However, it is this year that the company has had a quantum leap. Gross written premium of US$ 3.2 Million as of August 2021 is a 379% growth over the same period 2020. The insurer has clearly announced its arrival and is on course to becoming a leading player.

GA Uganda launched its medical business in September 2020 achieving an exponential growth of US$ 1.0 Million contributing 30% of total GWP in one year. Tens of corporate, SME,  and Family members have benefited from the GA’s superior medical plans covering extras such as COVID-19.