No rise in premiums for the time being

According to the Insurance Regulatory Authority (IRA), the overall claims in both life and non life insurance increased from 52.2 billion UGX (22.8 million USD) in 2010 to 90.7 billion UGX (36.3 million USD) in 2013 (+74%).

In return, gross written premiums in late 2013 reached 457 billion UGX (183 million USD), up by 30% compared to 2012. Nearly 40% of premiums and claims pertain to motor insurance. According to AON Uganda, the sector remains beneficiary and therefore no new massive increase in premium rates is likely to be on the agenda.

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