Ugandan insurance industry in 2017: Ranking of insurance companies per turnover

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Crédit photo: US Gov / CIA World Factbook

Features of the Ugandan insurance market

  • Regulatory authority: Ira Uganda
  • Life and non-life premiums (2017): 189.266 million USD
  • Insurance density (2017): 4.4 USD
  • Penetration ratio (2017): 0.72%

Structure of the Ugandan insurance market in 2017

Market players
Total
Non life insurance companies
19
Life insurance companies
9
Reinsurance companies
1
Insurance brokers34
Reinsurance brokers1
Total
64

Identity

  • Area: 241 550 Km2
  • Population (1) (2017) : 42 862 958 in habitants
  • GDP (1) (2017) : 25.995 billion USD
  • GDP per capita (2017): 606.468 USD
  • GDP growth rate (2017): 3.86%
  • Inflation rate (1) (2017): 5.21%
  • Main economic sectors:hydrocarbons and agriculture: coffee, tea, sugar cane, cotton and sweet potato

Main cities

(per capita) (2)

  • Kampala (capital) : 4 101 302
  • Jinja : 589 661
  • Mbarara : 195 322 

(1) Source World Bank
(2) Year 2014

 

Ugandan insurance industry: Evolution of premiums per life and non-life insurance (2013-2017)

Figures in thousands USD
 20132014201520162017
Life
22 16226 65329 95637 10047 241
Non-life
140 556138 363139 328126 051142 025
Total162 718165 016169 284163 151189 266

Ugandan insurance industry: Ranking of the non-life insurance companies

Figures in thousands
 2017 turnover2016 turnover2016-2017 (1) evolution2017 shares
 In UGXIn USDIn UGXIn USD
Jubilee Insurance Company
133 474 23737 372114 863 97932 16216.20%26.31%
UAP General Insurance Company
103 403 04228 95281 803 51822 90526.40%20.39%
Britam Insurance Company
44 024 74512 32730 512 9188 54344.28%8.68%
Lion Assurance Company
34 410 3679 63529 110 9908 15118.20%6.78%
Sanlam General Insurance (2)
28 836 6968 07417 329 0994 85266.41%5.69%
Goldstar Insurance Company
20 808 6785 82522 729 3796 364-8.45%4.10%
ICEA General Insurance Company
19 831 7665 55220 070 1575 619-1.19%3.91%
Phoenix of Uganda
16 329 9704 57614 628 5424 09611.63%3.22%
NIC General
15 781 0234 41912 832 6293 59322.98%3.11%
APA Insurance
15 073 1904 22013 224 9093 70313.98%2.97%
Statewide Insurance Company
13 513 2843 78413 203 2093 6972.35%2.66%
Liberty General Insurance Company
12 771 1023 57611 023 5393 08715.85%2.52%
CIC General
10 820 0803 0303 016 674845258.68%2.13%
Alliance Africa General Ins
10 184 4092 8526 237 9261 74763.27%2.01%
Excel Insurance Company
8 089 5442 2658 404 5712 353-3.75%1.59%
Transafica Assurance Co
7 322 9102 0508 703 8142 437-15.87%1.44%
Pax Insurance Company
5 311 6031 4874 302 6421 20523.45%1.05%
First Insurance Company
3 836 5621 0743 794 5421 0621.11%0.76%
Nova Insurance Company
1 770 2044961 324 81337133.62%0.35%
Rio Insurance Company
1 157 7953241 123 8413153.02%0.23%
AIG Uganda (3)
482 67213531 941 2258 944-98.49%0.10%
Total non life507 233 879142 025450 182 916126 05112.67%100%

(1) Growth rate in local currency (2) Sanlam General acquires Lion Assurance in 2017 (3) AIG Uganda temporarily withdrew from the Ugandan market in 2016

Ugandan insurance industry: Ranking of the life insurance companies

Figures in thousands
 2017 turnover2016 turnover2016-2017 (1) evolution2017 shares
 In UGXIn USDIn UGXIn USD
Jubilee Insurance Company
133 474 23737 372114 863 97932 16216.20%26.31%
UAP General Insurance Company
103 403 04228 95281 803 51822 90526.40%20.39%
Britam Insurance Company
44 024 74512 32730 512 9188 54344.28%8.68%
Lion Assurance Company
34 410 3679 63529 110 9908 15118.20%6.78%
Sanlam General Insurance (2)
28 836 6968 07417 329 0994 85266.41%5.69%
Goldstar Insurance Company
20 808 6785 82522 729 3796 364-8.45%4.10%
ICEA General Insurance Company
19 831 7665 55220 070 1575 619-1.19%3.91%
Phoenix of Uganda
16 329 9704 57614 628 5424 09611.63%3.22%
NIC General
15 781 0234 41912 832 6293 59322.98%3.11%
APA Insurance
15 073 1904 22013 224 9093 70313.98%2.97%
Statewide Insurance Company
13 513 2843 78413 203 2093 6972.35%2.66%
Liberty General Insurance Company
12 771 1023 57611 023 5393 08715.85%2.52%
CIC General
10 820 0803 0303 016 674845258.68%2.13%
Alliance Africa General Ins
10 184 4092 8526 237 9261 74763.27%2.01%
Excel Insurance Company
8 089 5442 2658 404 5712 353-3.75%1.59%
Transafica Assurance Co
7 322 9102 0508 703 8142 437-15.87%1.44%
Pax Insurance Company
5 311 6031 4874 302 6421 20523.45%1.05%
First Insurance Company
3 836 5621 0743 794 5421 0621.11%0.76%
Nova Insurance Company
1 770 2044961 324 81337133.62%0.35%
Rio Insurance Company
1 157 7953241 123 8413153.02%0.23%
AIG Uganda (3)
482 67213531 941 2258 944-98.49%0.10%
Total non life507 233 879142 025450 182 916126 05112.67%100%

(1) Growth rate in local currency

Breakdown of 2017 non life turnover per company

Breakdown of 2017 life turnover per company

Ugandan insurance industry: Turnover per class of business (2016-2017)

Figures in thousands
 2017 turnover2016 turnover2016-2017 (1) evolution2017 shares
 In UGXIn USDIn UGXIn USD
Fire
85 134 82423 83880 333 21722 4935.98%12.59%
Theft
11 473 7953 2138 700 2692 43631.88%1.70%
Personal accident
50 815 50914 22841 756 31811 69221.70%7.52%
Workmen’s compensation
15 786 4824 42019 247 5805 389-17.98%2.34%
Third party liability
14 003 3563 92110 593 3862 96632.19%2.07%
Marine and aviation
33 486 0109 37628 495 2037 97917.51%4.95%
Motor
129 100 94636 148119 870 15633 5647.70%19.10%
Bond
9 094 5482 5468 908 1942 4942.09%1.35%
Engineering
29 045 8508 13320 882 2395 84739.09%4.30%
Miscellaneous accidents
44 926 35412 57949 096 81913 747-8.49%6.65%
Health
84 366 20523 62362 299 53517 44435.42%12.47%
Total non life
507 233 879142 025450 182 916126 05112.67%75.04%
Total life
168 718 46347 241132 499 73137 10027.33%24.96%
Grand total675 952 342189 266582 682 647163 15116%100%

(1) Growth rate in local currency

Ugandan insurance industry: Evolution of premiums per life and non life insurance (2013-2017)

Figures in thousands USD
 20132014201520162017
Fire
25 04124 39022 23922 49323 838
Theft
3 5803 1722 9942 4363 213
Personal accident
14 12012 56111 25911 69214 228
Workmen’s compensation
5 6817 0106 0025 3894 420
Third party liability
5 2372 9673 0092 9663 921
Marine and aviation
9 8109 6428 6117 9799 376
Motor
40 26338 68735 40233 56436 148
Bond
2 8533 4122 2892 4942 546
Engineering
7 9847 83118 7535 8478 133
Miscellaneous accidents
12 50911 30828 75713 74712 579
Health
13 47817 3831317 44423 623
Total non life
140 556138 363139 328126 051142 025
Total life
22 16226 65329 95637 10047 241
Grand total162 718165 016169 284163 151189 266

Ugandan insurance industry: Net loss ratio per class of business in 2017

Figures in thousands
 Net incurred lossesNet earned premiumsNet loss ratio
 In UGXIn USDIn UGXIn USD
Fire
5 404 2381 51319 536 1955 47027.66%
Theft
3 179 8778907 959 6972 22939.95%
Personal accident
12 081 4433 38328 581 9238 00342.27%
Workmen’s compensation
7 149 9052 0038 661 6212 42582.55%
Third party liability
1 865 6885222 201 54061684.74%
Marine and aviation
3 954 3601 10711 948 0163 34533.10%
Motor
39 763 35011 134116 206 25232 53834.22%
Bond
489 8501372 263 44163421.64%
Engineering
1 848 1085175 383 7251 50734.33%
Miscellaneous accidents
11 892 8783 33023 909 1876 69549.74%
Health
35 810 94310 02745 258 96412 67379.12%
Total non life123 440 64034 563271 910 56176 13545.40%

Ugandan insurance industry: Incurred losses, earned premiums and ratios per company in 2017

Figures in thousands USD
 Net incurred lossesNet earned premiumsNet loss ratioNet management expenses ratioNet combined ratio
Jubilee Insurance
8 30813 69660.66%19.44%80.10%
UAP General Insurance
10 47517 93458.41%32.46%90.87%
Britam Insurance
2 2077 40029.83%48.57%78.40%
Lion Assurance
2 6105 39648.36%37.67%86.03%
Sanlam General Insurance
1 1923 86430.85%59.10%89.95%
Goldstar Insurance
5271 81129.13%33.07%62.20%
ICEA General Insurance
1 0502 58040.69%81.00%121.69%
Phoenix of Uganda
1 1602 92739.64%53.27%92.91%
NIC General
2812 33312.05%73.52%85.57%
APA Insurance
7782 39632.46%43.29%75.75%
Statewide Insurance
7483 55221.06%70.58%91.64%
Liberty General Insurance
4731 79926.29%65.82%92.11%
CIC General
6041 70535.41%48.39%83.80%
Alliance Africa General Ins
6811 58842.88%46.43%89.31%
Excel Insurance
4521 76425.64%56.27%81.91%
Transafica Assurance
2951 38121.38%50.66%72.04%
Pax Insurance
21495022.52%66.18%88.70%
First Insurance
18974425.35%66.51%91.86%
Nova Insurance
5027218.21%107.96%126.17%
Rio Insurance
272899.36%97.70%107.06%
AIG Uganda
2 2421 754127.89%1.43%129.32%
Total non life34 56376 13545.40%41.97%87.37%

Source: Insurance Regulatory Authority of Uganda, IRA

Exchange rate
UGX/USD as at 31/12
2013
2014
2015
2016
2017
0.00040
0.00036
0.00030
0.0028
0.00028

Read also | Ugandan insurance market: 16% increase in 2017

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