Ugandan insurance market: turnover increase in 2022

Ugandan insurers have ended the financial year 2022 with a 23.39% increase in their overall turnover. It has gone up from 1 133.216 billion UGX (317.3 million USD) in 2021 to 1 398.291 billion UGX (377.6 million USD) one year later.

Non-life premiums have progressed by 21.8% to reach 896.548 billion UGX (242.1 million USD) against 736.087 billion UGX (206.1 million USD) in 2021.

The ranking by non-life company makes UAP General the market leader with 217.744 billion UGX (58.8 million USD), that is, 15.57% of the non-life portfolio. It is followed by Sanlam General and Jubilee Insurance with respective market shares of 7.19% and 6.63%.

The life class of business, on the other hand, has posted a 26.34% upswing in underwritings which amounted to 501.743 billion UGX (135.5 million USD).

Prudential Assurance, ICEA Life and UAP Life are among the top three life insurers of 2022.