The Insurance Regulatory Authority of Uganda (IRA) is expecting an improvement in the performance of the Ugandan insurance market [4] by 2023.
To this end, the IRA has set objectives for the year 2023, including:
- the finalization of the Motor Insurance Bill
- the implementation of the International Financial Reporting Standard (IFRS) 17
- the automation of the supervisory authority's monitoring operations
- the introduction of compulsory marine insurance
- the initiation of insurance awareness campaigns