Ugandan insurance market: 2023 results

According to the Insurance Regulatory Authority of Uganda, the local insurance market turnover reached 1 600 billion UGX (421 million USD) in 2023. The premium volume was up by 11% compared with the 1 440 billion UGX recorded in 2022.

932 billion UGX (245.2 million USD) of this amount was generated by the non-life business, while 611.4 billion UGX (160.9 million USD) was attributable to the life activity.

Health maintenance organizations (HMOs) posted written premiums of 56.3 billion UGX (14.8 million USD) in 2023.

Microinsurance accounted for 0.04% of the overall turnover, or 707 million UGX (186,000 USD).

Claims paid out by insurance companies amounted to 820.47 billion UGX (215.9 million USD) in 2023, against 618.71 billion UGX (165.6 million USD) in 2022 and 564.82 billion UGX (151.2 million USD) in 2021.

According to Alhaj Kaddunabbi Ibrahim Lubega, Chief Executive Officer of the Insurance Regulatory Authority of Uganda (IRA), this improvement in market performance is mainly attributable to the rapid claims settlement, the public's interest in insurance and the reinforcement of the claims settlement mechanisms established by the IRA.