Record high insurance premiums in 2015
According to the Insurance Regulatory Authorities (IRA), insurance premiums witnessed an increase of 21.58% at 733 billion UGX (218.8 million USD) during the year 2015. In 2014, the market had already reported a 9% increase.
The strong progression of the 2015 year is accounted for by the development of local infrastructure, especially some projects such as the hydro-electrical dam, Isimba, Entebbe airport, the “Nile Bridge”, the high-speed railroad between Kampala and Entebbe.
The State has increased considerably the budget allocated to transport and mega works. In fact, the budget went twofold at 3 300 billion UGX (985 million USD) in 2015. Life insurance also reported an important growth of 35.67% in 2015.
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