Uganda Insurance Market

Identity

Population: 47 249 585 inhabitantsUganda flag
PIB : 45,56 billion USD
GDP per inhabitant: 964,2 USD
GDP growth rate: 4.7%
Inflation rate: 7.2%

Data as of 31/12/2022, Source: World Bank

The ugandan insurance market: main indicators

 2022
Turnover377.539 millions USD
Penetration rate0.83%
Insurance density7.99 USD

Structure of the ugandan insurance market

Insurance and reinsurance companies
Non-life
22
Life
9
Reinsurance
2
Total33

Intermediaries
Insurance brokers
46
Reinsurance brokers
3
Total49

Data as of 31/12/2021 , Source: Insurance Regularity Authority of Uganda (IRA)

Supervisory authority
Insurance Regularity Authority of Uganda (IRA)
www.ira.go.ke
Professional body
Uganda Insurers Association
www.uia.co.ug

The ugandan insurance market: evolution of premiums

Figures in million USD
Activities20182019202020212022
Non-life
173.319188.486181.670206,104242,068
Life
58.85274.60699.760111.196135.471
Total232.171263.092281.430317.300377.539

Source: Insurance Regularity Authority of Uganda (IRA) & Atlas Magazine

The ugandan insurance market: Turnover per class of business

Figures in million USD
Class of business2022 turnover2021 turnover2021-2022 evolution (1)2022 shares
UGXUSDUGXUSD
Health196 140 15052 958159 198 78144 57623.20%14.03%
Motor177 435 29547 907160 982 32645 07510.22%12.69%
Fire128 711 13834 752124 656 21234 9043.25%9.21%
Engineering91 677 07724 75337 948 00710 625141.59%6.56%
Personal accident61 800 25116 68655 932 90615 66110.49%4.42%
Marine56 532 20815 26454 427 35315 2403.87%4.04%
Third party liability34 180 1199 22928 240 4257 90721.03%2.45%
Theft26 344 3027 11318 768 1205 25540.37%1.88%
Credit and surety insurance16 509 6054 45815 089 2704 2259.41%1.18%
Accidents du travail14 181 8283 82913 006 5973 6429.04%1.01%
Miscellaneous risks93 035 67825 11967 837 29818 99437.15%6.65%
Total non-life896 547 651242 068736 087 295206 10421.80%64.12%
Total life501 743 138135 471397 128 971111 19626.34%35.88%
Grand total1 398 290 789377 5391 133 216 266317 30023.39%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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