Ugandan insurance market in Q2 2023

The Insurance Regulatory Authority (IRA) has published the Ugandan insurance market figures for the second quarter of 2023.

The turnover reached 828.9 billion UGX (224.2 million USD), representing a 16.48% increase over the 711.6 billion UGX (187.9 million USD) recorded during the same period of 2022.

The non-life premiums have progressed by 14.23% to 510.1 billion UGX (138 million USD). Life underwritings climbed by 19.87% over one year to 291 billion UGX (78.7 million USD).

For their part, health maintenance organizations (HMOs) have posted a premium income of 27.3 billion UGX (7.4 million USD). As for the remaining 462.6 million UGX (125 110 USD), they were underwritten by microinsurance companies.

Together, these four classes of business account for respective market shares of 61.54%, 35.1%, 3.3% and 0.06%.