Uganda Insurance Market
Identity
| Population: 45 853 778 inhabitants |  |
| PIB : 40.53 billion USD | |
| GDP per inhabitant: 883.9 USD | |
| GDP growth rate: 3.5% | |
| Inflation rate: 2.2% |
Data as of 31/12/2021, Source: World Bank
The ugandan insurance market: main indicators
| 2021 | |
| Turnover | 317.3 millions USD |
| Penetration rate | 0.78% |
| Insurance density | 6.92 USD |
Structure of the ugandan insurance market
Non-life | 22 |
Life | 9 |
Reinsurance | 2 |
| Total | 33 |
Insurance brokers | 46 |
Reinsurance brokers | 3 |
| Total | 49 |
Data as of 31/12/2021 , Source: Insurance Regularity Authority of Uganda (IRA)
Insurance Regularity Authority of Uganda (IRA) | www.ira.go.ke |
Uganda Insurers Association | www.uia.co.ug |
The ugandan insurance market: evolution of premiums
Figures in million USD| Activities | 2018 | 2019 | 2020 | 2021 | 2022 |
Non-life | 173.319 | 188.486 | 181.670 | 206,104 | 242,068 |
Life | 58.852 | 74.606 | 99.760 | 111.196 | 135.471 |
| Total | 232.171 | 263.092 | 281.430 | 317.300 | 377.539 |
Source: Insurance Regularity Authority of Uganda (IRA) & Atlas Magazine
The ugandan insurance market: Turnover per class of business
Figures in million USD| Class of business | 2022 turnover | 2021 turnover | 2021-2022 evolution (1) | 2022 shares | ||
|---|---|---|---|---|---|---|
| UGX | USD | UGX | USD | |||
| Health | 196 140 150 | 52 958 | 159 198 781 | 44 576 | 23.20% | 14.03% |
| Motor | 177 435 295 | 47 907 | 160 982 326 | 45 075 | 10.22% | 12.69% |
| Fire | 128 711 138 | 34 752 | 124 656 212 | 34 904 | 3.25% | 9.21% |
| Engineering | 91 677 077 | 24 753 | 37 948 007 | 10 625 | 141.59% | 6.56% |
| Personal accident | 61 800 251 | 16 686 | 55 932 906 | 15 661 | 10.49% | 4.42% |
| Marine | 56 532 208 | 15 264 | 54 427 353 | 15 240 | 3.87% | 4.04% |
| Third party liability | 34 180 119 | 9 229 | 28 240 425 | 7 907 | 21.03% | 2.45% |
| Theft | 26 344 302 | 7 113 | 18 768 120 | 5 255 | 40.37% | 1.88% |
| Credit and surety insurance | 16 509 605 | 4 458 | 15 089 270 | 4 225 | 9.41% | 1.18% |
| Accidents du travail | 14 181 828 | 3 829 | 13 006 597 | 3 642 | 9.04% | 1.01% |
| Miscellaneous risks | 93 035 678 | 25 119 | 67 837 298 | 18 994 | 37.15% | 6.65% |
| Total non-life | 896 547 651 | 242 068 | 736 087 295 | 206 104 | 21.80% | 64.12% |
| Total life | 501 743 138 | 135 471 | 397 128 971 | 111 196 | 26.34% | 35.88% |
| Grand total | 1 398 290 789 | 377 539 | 1 133 216 266 | 317 300 | 23.39% | 100% |
(1) Growth rate in local currency
Exchange rate as at 31/12/2016: 1 UGX = 0.00027 USD ; at 31/12/2017: 1 UGX = 0.00027 USD ; at 31/12/2018: 1 UGX = 0.00027 USD ; at 31/12/2019: 1 UGX = 0.00027 USD ; at 31/12/2020: 1 UGX = 0.00027 USD ; at 31/12/2021 : 1 UGX = 0.00028 USD ; at 31/12/2022 : 1 UGX = 0.00027 USD
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