Socabu
From Wikipedia, the free encyclopedia
The Insurance Company of Burundi (French: Société d’Assurances du Burundi, Socabu) is an insurance company in Burundi. It dominates the markets for life and non-life insurance.
| Socabu | |
Native name | Société d’Assurances du Burundi |
| Founded | 29 June 1977 in Bujumbura, Burundi |
| Headquarters | , Burundi |
  Socabu Headquarters Socabu Headquarters (Burundi) | |
| Website | socabu-assurances |
Foundation
Socabu was created by decree n°100/61 of 29 June 1977, and issued its first insurance policy in October 1977.[1] When it was founded, Socabu had a monopoly on selling insurance in Burundi. It was launched with a staff of 21 agents. The state owned 90% and the private companies Boels & Bégault and EIC of Belgium owned 10%.[2]
History
In 1985 the state reduced its stake to 50%, with public and private banks, financial institutions and other companies acquiring the rest of its shares. The company ended its reliance on expatriate managers from Boels & Bégault in 1985. In 1989 the state reduced its shares to 25%, selling its other 25% to companies.[2]
As of 2009 Socabu dominated the life and non-life insurance markets in Burundi, which was growing rapidly. It had 173 employees and two agencies. The National Postal Administration gave it a presence throughout Burundi.[3]
Planning for building a modern, well-equipped hospital in Bujumbura began in 2011.[4] A group of doctors obtained support from Suiss Made International and Lamelec, two Swiss companies that provided 40% and 20% respectively of the capital, and Socabu with another 20%.[5] The Minister of Public Works, Saidi Kibeya, laid the foundation stone of Kira Hospital on 29 June 2011.[6] In 2023 the auditor refused to report on the shareholding structure at the general meeting because it did not match the balance sheets, which had to match investment.[7]
As of December 2022, owners with over 10% were:[8]
- 25.00% State of Burundi
- 16.67% Ecobank (private)
- 11.11% Ocibu (in liquidation, mixed)
- 9.31% Interbank Burundi (mixed)
In 2022, Socabu had plans to separate its Life and Non-Life operations into two separate companies.[1] As of 2024 it had three public offices in Bujumbura, and public offices in Gitega, Ngozi and Makamba.[9] Socabu owned 19.22% of the share capital of Bancobu, the Commercial Bank of Burundi.[10]