Initiatives taken to boost the market

The insurance penetration rate in Uganda is of 0.6%, that is, the lowest rate in the region. To boost the market, the Insurance Regulatory Authority of Uganda (IRA), has introduced new provisions which are likely to enhance premiums growth by 20% in 2012, compared to 10% in 2011. Some of the measures taken pertain to the new regulation of microinsurance and health insurance, bancassurance authorisation, the establishment of a local reinsurer, the increase of paid-up capital by insurers and brokers, the increase of regulatory deposits for insurance companies, and IRA independence from the central bank.

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