Holy Insurance - Pax Insurance

Article published on 1st July 2008

The Roman Catholic Church has opened its own insurance company in the highly competitive Ugandan market. As only about 1% of the Ugandan population is currently insured, experts quite rightly assume that there is room for the added competition from the Church's company.

The company is called Pax Insurance ('Pax' meaning 'Peace' in Latin - the lingua franca of the Catholic Church).

The chairman of the Catholic Episcopal Conference, Bishop Mathius Ssekamanya, has said that the idea to launch the company was in fact a continuation of the Catholic Church's grass roots campaign to decrease poverty in the region, and that it is "part of the Catholic Church's commitment to promoting savings" in a country where levels of healthcare, personal security and life expectancy are far lower than in the global north west and where poverty is an ever present problem, particularly in the rural areas..

This, said Bishop Ssekamanya, was a continuation of the efforts of the Centenary Bank, which was started a couple of decades ago.

Centenary Bank's Vice-President, Professor Gilbert Bukenya, has praised the Catholic Church for championing those causes that are intended to help the poor and better the living standards of people right across Uganda.

He highlighted that the new insurance company should be sure to look towards the rural areas of Uganda as well as cities.

It will be interesting to see, however, what Pax Insurance's definition of 'Act of God' will be...

(please excuse the awful pun)

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