Ugandan insurance market as of 30 September 2022

Marché émiratie des assurancesAccording to data published by the Insurance Regulatory Authority (IRA), the Ugandan market's turnover reached 1 081 billion UGX (278.67 million USD) by 30 September 2022.

The premium volume has increased by 18.57% compared to the same period in 2021, thus exceeding the analysts' forecasts which were expecting a 15% growth.

The sector's turnover is broken down as follows:

  • 632.3 billion UGX (163 million USD) for the non-life class of business
  • 351.3 billion UGX (90.56 million USD) for the life activity
  • 64.3 billion UGX (16.58 million USD) generated by Jubilee Health, a mono-line insurer
  • 33.04 billion UGX (8.52 million USD) collected by health organizations (HMO)
  • 468 million UGX (120 620 USD) generated by microinsurance companies

During the period under review, the settled claims amounted to 476.52 billion UGX (122.84 million USD), which represents a 31.2% growth compared to 30 September 2021.

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