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| Population: 48 656 601 inhabitants |
| PIB : 48.77 billion USD |
| GDP per inhabitant: 1002.3 USD |
| GDP growth rate: 5.3% |
| Inflation rate: 5.4% |
Data as of 31/12/2023, Source: World Bank
Structure of the ugandan insurance market
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| Insurance and reinsurance companies | |
| Non-life | 20 |
| Life | 8 |
| Reinsurance | 2 |
| Microinsurance companies | 5 |
| Health insurance management organizations (HMOs) | 2 |
| Experts and claim managers | 32 |
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| Intermediaries | |
| Insurance brokers | 51 |
| Reinsurance brokers | 6 |
| Total | 57 |
Source: Insurance Regularity Authority of Uganda (IRA)
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| Supervisory authority | |
| Insurance Regularity Authority of Uganda (IRA) | www.ira.go.ug |
| Professional body | |
| Uganda Insurers Association | www.uia.co.ug |
The ugandan insurance market: turnover per class of business
Figures in thousands USD
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| 2020 | 2021 | 2022 | 2023 | 2024 | 2024 shares | |
| Health | 35 916 | 35 872 | 52 958 | 53 243 | 60 430 | 13.02% |
| Motor | 41 285 | 45 075 | 47 907 | 52 114 | 55 875 | 12.04% |
| Fire | 31 955 | 34 904 | 34 752 | 39 286 | 46 995 | 10.12% |
| Personal accident | 20 439 | 15 661 | 16 686 | 17 798 | 20 925 | 4.51% |
| Marine and aviation | 12 224 | 15 240 | 15 264 | 16 872 | 19 315 | 4.16% |
| Engineering | 11 265 | 10 625 | 24 753 | 15 564 | 14 085 | 3.03% |
| Third-party liability | 4 892 | 7 907 | 9 229 | 9 735 | 11 093 | 2.39% |
| Theft | 4 483 | 5 255 | 7 113 | 5 938 | 6 055 | 1.30% |
| Workmen's compensation | 3 768 | 3 642 | 3 829 | 4 277 | 4 782 | 1.03% |
| Bond | 3 885 | 4 225 | 4 457 | 5 061 | 3 480 | 0.75% |
| Miscellaneous risks | 9 248 | 18 994 | 25 538 | 14 877 | 20 623 | 4.44% |
| Total non-life | 179 360 | 197 400 | 242 486 | 234 765 | 263 658 | 56.79% |
| Life | 87 576 | 111 196 | 135 438 | 157 954 | 200 593 | 43.21% |
| Grand total | 266 936 | 308 596 | 377 924 | 392 719 | 464 251 | 100% |
Exchange rate as at 31/12/2024: 1 UGX = 0.00027 USD at 31/12/2023: 1 UGX = 0.00026 USD; at 31/12/2022: 1 UGX = 0.00027 USD; at 31/12/2021: 1 UGX = 0.00028 USD; at 31/12/2020: 1 UGX = 0.00027 USD
The ugandan insurance market in 2024: net loss ratio by non-life class of business
Figures in thousands
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| Net incurred losses | Net earned premiums | Net loss ratio | |||
| UGX | USD | UGX | USD | ||
| Health | 120 594 061 | 32 560 | 99 400 183 | 26 838 | 121.32% |
| Motor | 75 300 026 | 20 331 | 186 830 839 | 50 444 | 40.30% |
| Fire | 6 500 120 | 1 755 | 22 545 357 | 6 087 | 28.83% |
| Personal accident | 14 240 057 | 3 845 | 42 057 801 | 11 356 | 33.86% |
| Marine and aviation | 4 432 522 | 1 197 | 22 716 789 | 6 134 | 19.51% |
| Engineering | 4 138 875 | 1 118 | 8 576 311 | 2 316 | 48.26% |
| Third-party liability | 6 216 872 | 1 679 | 10 021 779 | 2 706 | 62.03% |
| Theft | 8 097 245 | 2 186 | 10 662 889 | 2 879 | 75.94% |
| Workmen's compensation | 5 749 419 | 1 552 | 12 379 565 | 3 342 | 46.44% |
| Bond | 715 962 | 193 | 3 389 261 | 915 | 21.12% |
| Miscellaneous risks | 17 797 711 | 4 805 | 33 964 387 | 9 170 | 52.40% |
| Total non-life | 263 782 870 | 71 221 | 452 545 161 | 122 187 | 58.29% |
Net loss ratio = Net incurred losses / Net earned premiums
The ugandan insurance market in 2024: net management expenses ratio by non-life class of business
Figures in thousands
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| Management expenses | Net written premiums | Management expenses ratio | |||
| UGX | USD | UGX | USD | ||
| Health | 47 430 068 | 12 806 | 106 959 554 | 28 879 | 44.34% |
| Motor | 110 240 233 | 29 765 | 188 146 371 | 50 800 | 58.59% |
| Fire | 59 338 578 | 16 021 | 26 374 485 | 7 121 | 224.98% |
| Personal accident | 38 000 780 | 10 260 | 45 149 200 | 12 190 | 84.17% |
| Marine and aviation | 27 491 533 | 7 423 | 17 212 582 | 4 647 | 159.72% |
| Engineering | 12 167 092 | 3 285 | 7 228 265 | 1 952 | 168.33% |
| Third-party liability | 12 519 997 | 3 380 | 12 667 622 | 3 420 | 98.83% |
| Theft | 9 417 896 | 2 543 | 10 753 949 | 2 904 | 87.58% |
| Workmen's compensation | 9 331 796 | 2 520 | 13 320 094 | 3 596 | 70.06% |
| Bond | 6 129 136 | 1 655 | 4 311 361 | 1 164 | 142.16% |
| Miscellaneous risks | 33 890 603 | 9 151 | 36 207 767 | 9 776 | 93.60% |
| Total non-life | 365 957 712 | 98 809 | 468 331 250 | 126 449 | 78.14% |
Net management expenses ratio = (Overheads + Net commissions) / Net written premiums
Exchange rate as at 31/12/2024: 1 UGX = 0.00027 USD
The ugandan insurance market in 2024: net combined ratio by non-life class of business
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| Net loss ratio | Net management expenses ratio | Net combined ratio | |
| Health | 121.32% | 44.34% | 165.66% |
| Motor | 40.30% | 58.59% | 98.89% |
| Fire | 28.83% | 224.98% | 253.81% |
| Personal accident | 33.86% | 84.17% | 118.03% |
| Marine and aviation | 19.51% | 159.72% | 179.23% |
| Engineering | 48.26% | 168.33% | 216.59% |
| Third-party liability | 62.03% | 98.83% | 160.86% |
| Theft | 75.94% | 87.58% | 163.52% |
| Workmen's compensation | 46.44% | 70.06% | 116.50% |
| Bond | 21.12% | 142.16% | 163.28% |
| Miscellaneous risks | 52.40% | 93.60% | 146.00% |
| Total non-life | 58.29% | 78.14% | 136.43% |
Combined ratio = Net loss ratio + Net management expenses ratio
Source: IRA (Uganda)
Read also | Insurance companies in Uganda
