Life insurance is expanding faster than the non-life activity in H1 2022

At the end of June 2022, the Ugandan insurance market has recorded an 18.5% increase in its turnover to stand at 711.6 billion UGX (185 million USD).

Non-life premiums have grown by 4% to reach 468.9 billion UGX (122 million USD). With 242.7 billion UGX (63 million USD) of premium income, the life activity has progressed by 32.13% during the first six months of 2022.

According to the Insurance Regulatory Authority (IRA), the market should maintain its upward trend despite a difficult economic context, affected by the rising cost of living and the declining revenues.