Ugandan insurance market as of 30 September 2022
According to data published by the Insurance Regulatory Authority (IRA), the Ugandan market's turnover reached 1 081 billion UGX (278.67 million USD) by 30 September 2022.
The premium volume has increased by 18.57% compared to the same period in 2021, thus exceeding the analysts' forecasts which were expecting a 15% growth.
The sector's turnover is broken down as follows:
- 632.3 billion UGX (163 million USD) for the non-life class of business
- 351.3 billion UGX (90.56 million USD) for the life activity
- 64.3 billion UGX (16.58 million USD) generated by Jubilee Health, a mono-line insurer
- 33.04 billion UGX (8.52 million USD) collected by health organizations (HMO)
- 468 million UGX (120 620 USD) generated by microinsurance companies
During the period under review, the settled claims amounted to 476.52 billion UGX (122.84 million USD), which represents a 31.2% growth compared to 30 September 2021.
