UAP Insurance South Sudan to cease operations

UAP Insurance South Sudan Co. Ltd says it will end its operations in the country after 19 years over capital investment and market conditions concerns.

This is according to a press statement issued by the UAP managing director last week.

The company said the decision followed a strategic review of the company’s medium-to-long term plan against challenging market conditions and under-capitalization.

It said financial losses attributed to the worsening economic situation have made it difficult to continue operating in the country.

However, the company says, it will remain operational for existing insured customers up to the expiry of the current insurance period.

It’s added that the company will continue to honor claims subject to policy terms and conditions.

According to the statement, the company will accept medical and life claims for up to 90 days after policy expiry or the claim date but will not accept new insurance business or renew contracts.

UAP began its operations in South Sudan in 2006, becoming the first major insurance provider following the signing of the Comprehensive Peace Agreement.

The company is also known for co-owning the UAP Equatoria Tower — South Sudan’s first and tallest building — in partnership with the Central Equatoria state government.

UAP maintains its regional presence in other East African countries.