The growth of the insurance industry is slowing down

The economic slowdown reported in 2016 has reduced the revenues available to households. The latter, consequently, have grown more mindful of their expenses, especially those dedicated to insurance. Sluggishness has also affected business and foreign direct investments. In addition to the instability created by the 2016 presidential elections.

All of these factors have negatively impacted the insurance sector. Over the first half of the year, written premiums attained 310 billion UGX (92.5 million USD), a decreasing figure in comparison with the one reported in 2015. AIG, third non life insurer, has announced its withdrawal from the market. The company has stated its lack of interest in small-size markets such as Uganda.

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