Ugandan insurance market

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Uganda

Uganda's insurance market features

  • Regulatory authority: Insurance Regulatory Authority of Uganda (IRA Uganda)
  • Life and non-life premiums: 267 million USD
  • Insurance density 2020: 5.8 USD
  • Penetration rate 2020: 0.7%

Structure of the Ugandan insurance market in 2020

Market stakeholders
Total
Non-life insurance companies
21
Life insurance companies
9
Reinsurance companies
2
Insurance brokers
41
Reinsurance brokers
3
Micro-insurance companies
2
Health Maintenance Organizations (HMO)
5
Total
83

Identity

  • Surface area (1) : 241 551 Km2
  • Population (2) (2020): 45 741 000 inhabitants
  • GDP (2) (2020): 37.6 billion USD
  • GDP per capita (2020): 822 USD
  • GDP growth rate (2) (2020): 3%
  • Inflation rate (2) (2020): 3.8%
  • Main economic sectors: Agriculture (coffee, wheat, sugar, cotton), energy, oil exploitation and tourism.

Major cities (1)

(per number of inhabitants) (2020)

  • Kampala (capital): 3 298 000
  • Jinja: 515 000
  • Mbarara: 350 000

(1) World Population ReLifew
(2) World Bank

 

Ugandan insurance market: evolution of premiums per life and non-life insurance

Figures in thousands USD
 20162017201820192020
Non-life121 549136 953153 891167 596179 360
Life35 77545 55458 62274 60787 576
Total157 324182 507212 513242 203266 936

Read also | Ugandan insurance market as of 30 September 2022

Ugandan insurance market: turnover per class of business

Figures in thousands USD
 201620172018201920202020 shares
Motor
32 36534 85738 99240 53341 28515.47%
Health
16 82122 77927 73229 16935 91613.45%
Fire
21 69022 98725 80930 93731 95511.97%
Personal accident
11 27413 72011 59517 56920 4397.66%
Marine and aviation
7 6949 0418 96210 73912 2244.58%
Engineering
5 6387 84210 7899 81111 2654.22%
Third-party liability
2 8603 7814 0834 6974 8921.83%
Theft
2 3493 0983 1155 0834 4831.68%
Bond
2 4052 4562 9234 8653 8851.46%
Workmen's compensation
5 1974 2623 7304 3333 7681.41%
Miscellaneous accident
13 25612 13016 1619 8609 2483.46%
Total non-life
121 549136 953153 891167 596179 36067.19%
Life
35 77545 55458 62274 60787 57632.81%
Grand total
157 324182 507212 513242 203266 936100%

Ugandan insurance market: net 2020 loss ratio per non-life class of business

Figures in thousands
 Net incurred lossesNet earned premiumsNet loss ratio
In UGXIn USDIn UGXIn USD
Motor
44 966 97812 141138 072 74037 28032.57%
Health
60 333 56716 29079 740 18321 53075.66%
Fire
5 584 9141 50825 185 4516 80022.18%
Personal accident
19 570 3515 28452 061 30114 05737.59%
Marine and aviation
2 991 79580812 786 0283 45223.40%
Engineering
3 258 7148806 357 5861 71651.26%
Third-party liability
2 668 3517205 881 4391 58845.37%
Theft
4 575 9801 23610 632 9372 87143.04%
Bond
-1 034 230-279671 504181-154.02%
Workmen's compensation
5 812 7701 56910 311 1602 78456.37%
Miscellaneous accident
1 934 4515227 659 9472 06825.25%
Total non-life
150 663 64140 679349 360 27694 32743.13%

Ugandan insurance market: net 2020 management expenses ratio per non-life class of business

Figures in thousands
 Management expenses (1)Net written premiumsManagement expenses ratio
In UGXIn USDIn UGXIn USD
Motor
70 145 13518 939137 376 96237 09251.06%
Health
23 571 7326 36485 375 74323 05127.61%
Fire
41 667 00611 25027 272 5307 364152.78%
Personal accident
40 044 80210 81252 448 75014 16176.35%
Marine and aviation
11 195 9473 02312 239 6843 30591.47%
Engineering
12 248 3523 3076 268 1331 692195.41%
Third-party liability
7 745 1022 0916 154 4671 662125.85%
Theft
8 487 9762 29210 768 9702 90878.82%
Bond
5 123 9991 3841 674 254452306.05%
Workmen's compensation
7 845 0402 11810 462 7282 82574.98%
Miscellaneous accident
15 677 7184 2338 530 6292 303183.78%
Total non-life
243 752 80965 813358 572 85096 81567.98%

(1) Including net commissions

Ugandan insurance market: net 2020 combined ratio per non-life class of business

Figures in thousands USD
 Net loss ratioNet management expenses ratioNet combined ratio
Motor
32.57%51.06%83.63%
Health
75.66%27.61%103.27%
Fire
22.18%152.78%174.96%
Personal accident
37.59%76.35%113.94%
Marine and aviation
23.40%91.47%114.87%
Engineering
51.26%195.41%246.67%
Third-party liability
45.37%125.85%171.22%
Theft
43.04%78.82%121.86%
Bond
-154.02%306.05%152.03%
Workmen's compensation
56.37%74.98%131.35%
Miscellaneous accident
25.25%183.78%209.03%
Total non-life
43.13%67.98%111.11%

Source : IRA (Uganda)

Exchange rate as at 31/12/2020: 1 UGX = 0.00027 USD at 31/12/2019: 1 UGX = 0.00027 USD ; at 31/12/2018: 1 UGX = 0.00027 USD ; at 31/12/2017: 1 UGX = 0.00027 USD ; at 31/12/2016: 1 UGX = 0.00027 USD

Read also | Insurance companies in Uganda

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