Features of the Ugandan insurance market
- Regulatory authority: Ira Uganda
- Life and non-life premiums (2017): 189.266 million USD
- Insurance density (2017): 4.4 USD
- Penetration ratio (2017): 0.72%
Structure of the Ugandan insurance market in 2017
Market players | Total |
---|---|
Non life insurance companies | 19 |
Life insurance companies | 9 |
Reinsurance companies | 1 |
Insurance brokers | 34 |
Reinsurance brokers | 1 |
Total | 64 |
Identity
- Area: 241 550 Km2
- Population (1) (2017) : 42 862 958 in habitants
- GDP (1) (2017) : 25.995 billion USD
- GDP per capita (2017): 606.468 USD
- GDP growth rate (2017): 3.86%
- Inflation rate (1) (2017): 5.21%
- Main economic sectors:hydrocarbons and agriculture: coffee, tea, sugar cane, cotton and sweet potato
Main cities
(per capita) (2)
- Kampala (capital) : 4 101 302
- Jinja : 589 661
- Mbarara : 195 322
(1) Source World Bank
(2) Year 2014
Ugandan insurance industry: Evolution of premiums per life and non-life insurance (2013-2017)
Figures in thousands USD2013 | 2014 | 2015 | 2016 | 2017 | |
---|---|---|---|---|---|
Life | 22 162 | 26 653 | 29 956 | 37 100 | 47 241 |
Non-life | 140 556 | 138 363 | 139 328 | 126 051 | 142 025 |
Total | 162 718 | 165 016 | 169 284 | 163 151 | 189 266 |
Ugandan insurance industry: Ranking of the non-life insurance companies
Figures in thousands2017 turnover | 2016 turnover | 2016-2017 (1) evolution | 2017 shares | |||
---|---|---|---|---|---|---|
In UGX | In USD | In UGX | In USD | |||
Jubilee Insurance Company | 133 474 237 | 37 372 | 114 863 979 | 32 162 | 16.20% | 26.31% |
UAP General Insurance Company | 103 403 042 | 28 952 | 81 803 518 | 22 905 | 26.40% | 20.39% |
Britam Insurance Company | 44 024 745 | 12 327 | 30 512 918 | 8 543 | 44.28% | 8.68% |
Lion Assurance Company | 34 410 367 | 9 635 | 29 110 990 | 8 151 | 18.20% | 6.78% |
Sanlam General Insurance (2) | 28 836 696 | 8 074 | 17 329 099 | 4 852 | 66.41% | 5.69% |
Goldstar Insurance Company | 20 808 678 | 5 825 | 22 729 379 | 6 364 | -8.45% | 4.10% |
ICEA General Insurance Company | 19 831 766 | 5 552 | 20 070 157 | 5 619 | -1.19% | 3.91% |
Phoenix of Uganda | 16 329 970 | 4 576 | 14 628 542 | 4 096 | 11.63% | 3.22% |
NIC General | 15 781 023 | 4 419 | 12 832 629 | 3 593 | 22.98% | 3.11% |
APA Insurance | 15 073 190 | 4 220 | 13 224 909 | 3 703 | 13.98% | 2.97% |
Statewide Insurance Company | 13 513 284 | 3 784 | 13 203 209 | 3 697 | 2.35% | 2.66% |
Liberty General Insurance Company | 12 771 102 | 3 576 | 11 023 539 | 3 087 | 15.85% | 2.52% |
CIC General | 10 820 080 | 3 030 | 3 016 674 | 845 | 258.68% | 2.13% |
Alliance Africa General Ins | 10 184 409 | 2 852 | 6 237 926 | 1 747 | 63.27% | 2.01% |
Excel Insurance Company | 8 089 544 | 2 265 | 8 404 571 | 2 353 | -3.75% | 1.59% |
Transafica Assurance Co | 7 322 910 | 2 050 | 8 703 814 | 2 437 | -15.87% | 1.44% |
Pax Insurance Company | 5 311 603 | 1 487 | 4 302 642 | 1 205 | 23.45% | 1.05% |
First Insurance Company | 3 836 562 | 1 074 | 3 794 542 | 1 062 | 1.11% | 0.76% |
Nova Insurance Company | 1 770 204 | 496 | 1 324 813 | 371 | 33.62% | 0.35% |
Rio Insurance Company | 1 157 795 | 324 | 1 123 841 | 315 | 3.02% | 0.23% |
AIG Uganda (3) | 482 672 | 135 | 31 941 225 | 8 944 | -98.49% | 0.10% |
Total non life | 507 233 879 | 142 025 | 450 182 916 | 126 051 | 12.67% | 100% |
(1) Growth rate in local currency (2) Sanlam General acquires Lion Assurance in 2017 (3) AIG Uganda temporarily withdrew from the Ugandan market in 2016
Ugandan insurance industry: Ranking of the life insurance companies
Figures in thousands2017 turnover | 2016 turnover | 2016-2017 (1) evolution | 2017 shares | |||
---|---|---|---|---|---|---|
In UGX | In USD | In UGX | In USD | |||
Jubilee Insurance Company | 133 474 237 | 37 372 | 114 863 979 | 32 162 | 16.20% | 26.31% |
UAP General Insurance Company | 103 403 042 | 28 952 | 81 803 518 | 22 905 | 26.40% | 20.39% |
Britam Insurance Company | 44 024 745 | 12 327 | 30 512 918 | 8 543 | 44.28% | 8.68% |
Lion Assurance Company | 34 410 367 | 9 635 | 29 110 990 | 8 151 | 18.20% | 6.78% |
Sanlam General Insurance (2) | 28 836 696 | 8 074 | 17 329 099 | 4 852 | 66.41% | 5.69% |
Goldstar Insurance Company | 20 808 678 | 5 825 | 22 729 379 | 6 364 | -8.45% | 4.10% |
ICEA General Insurance Company | 19 831 766 | 5 552 | 20 070 157 | 5 619 | -1.19% | 3.91% |
Phoenix of Uganda | 16 329 970 | 4 576 | 14 628 542 | 4 096 | 11.63% | 3.22% |
NIC General | 15 781 023 | 4 419 | 12 832 629 | 3 593 | 22.98% | 3.11% |
APA Insurance | 15 073 190 | 4 220 | 13 224 909 | 3 703 | 13.98% | 2.97% |
Statewide Insurance Company | 13 513 284 | 3 784 | 13 203 209 | 3 697 | 2.35% | 2.66% |
Liberty General Insurance Company | 12 771 102 | 3 576 | 11 023 539 | 3 087 | 15.85% | 2.52% |
CIC General | 10 820 080 | 3 030 | 3 016 674 | 845 | 258.68% | 2.13% |
Alliance Africa General Ins | 10 184 409 | 2 852 | 6 237 926 | 1 747 | 63.27% | 2.01% |
Excel Insurance Company | 8 089 544 | 2 265 | 8 404 571 | 2 353 | -3.75% | 1.59% |
Transafica Assurance Co | 7 322 910 | 2 050 | 8 703 814 | 2 437 | -15.87% | 1.44% |
Pax Insurance Company | 5 311 603 | 1 487 | 4 302 642 | 1 205 | 23.45% | 1.05% |
First Insurance Company | 3 836 562 | 1 074 | 3 794 542 | 1 062 | 1.11% | 0.76% |
Nova Insurance Company | 1 770 204 | 496 | 1 324 813 | 371 | 33.62% | 0.35% |
Rio Insurance Company | 1 157 795 | 324 | 1 123 841 | 315 | 3.02% | 0.23% |
AIG Uganda (3) | 482 672 | 135 | 31 941 225 | 8 944 | -98.49% | 0.10% |
Total non life | 507 233 879 | 142 025 | 450 182 916 | 126 051 | 12.67% | 100% |
(1) Growth rate in local currency
Breakdown of 2017 non life turnover per company
Breakdown of 2017 life turnover per company
Ugandan insurance industry: Turnover per class of business (2016-2017)
Figures in thousands2017 turnover | 2016 turnover | 2016-2017 (1) evolution | 2017 shares | |||
---|---|---|---|---|---|---|
In UGX | In USD | In UGX | In USD | |||
Fire | 85 134 824 | 23 838 | 80 333 217 | 22 493 | 5.98% | 12.59% |
Theft | 11 473 795 | 3 213 | 8 700 269 | 2 436 | 31.88% | 1.70% |
Personal accident | 50 815 509 | 14 228 | 41 756 318 | 11 692 | 21.70% | 7.52% |
Workmen’s compensation | 15 786 482 | 4 420 | 19 247 580 | 5 389 | -17.98% | 2.34% |
Third party liability | 14 003 356 | 3 921 | 10 593 386 | 2 966 | 32.19% | 2.07% |
Marine and aviation | 33 486 010 | 9 376 | 28 495 203 | 7 979 | 17.51% | 4.95% |
Motor | 129 100 946 | 36 148 | 119 870 156 | 33 564 | 7.70% | 19.10% |
Bond | 9 094 548 | 2 546 | 8 908 194 | 2 494 | 2.09% | 1.35% |
Engineering | 29 045 850 | 8 133 | 20 882 239 | 5 847 | 39.09% | 4.30% |
Miscellaneous accidents | 44 926 354 | 12 579 | 49 096 819 | 13 747 | -8.49% | 6.65% |
Health | 84 366 205 | 23 623 | 62 299 535 | 17 444 | 35.42% | 12.47% |
Total non life | 507 233 879 | 142 025 | 450 182 916 | 126 051 | 12.67% | 75.04% |
Total life | 168 718 463 | 47 241 | 132 499 731 | 37 100 | 27.33% | 24.96% |
Grand total | 675 952 342 | 189 266 | 582 682 647 | 163 151 | 16% | 100% |
(1) Growth rate in local currency
Ugandan insurance industry: Evolution of premiums per life and non life insurance (2013-2017)
Figures in thousands USD2013 | 2014 | 2015 | 2016 | 2017 | |
---|---|---|---|---|---|
Fire | 25 041 | 24 390 | 22 239 | 22 493 | 23 838 |
Theft | 3 580 | 3 172 | 2 994 | 2 436 | 3 213 |
Personal accident | 14 120 | 12 561 | 11 259 | 11 692 | 14 228 |
Workmen’s compensation | 5 681 | 7 010 | 6 002 | 5 389 | 4 420 |
Third party liability | 5 237 | 2 967 | 3 009 | 2 966 | 3 921 |
Marine and aviation | 9 810 | 9 642 | 8 611 | 7 979 | 9 376 |
Motor | 40 263 | 38 687 | 35 402 | 33 564 | 36 148 |
Bond | 2 853 | 3 412 | 2 289 | 2 494 | 2 546 |
Engineering | 7 984 | 7 831 | 18 753 | 5 847 | 8 133 |
Miscellaneous accidents | 12 509 | 11 308 | 28 757 | 13 747 | 12 579 |
Health | 13 478 | 17 383 | 13 | 17 444 | 23 623 |
Total non life | 140 556 | 138 363 | 139 328 | 126 051 | 142 025 |
Total life | 22 162 | 26 653 | 29 956 | 37 100 | 47 241 |
Grand total | 162 718 | 165 016 | 169 284 | 163 151 | 189 266 |
Ugandan insurance industry: Net loss ratio per class of business in 2017
Figures in thousandsNet incurred losses | Net earned premiums | Net loss ratio | |||
---|---|---|---|---|---|
In UGX | In USD | In UGX | In USD | ||
Fire | 5 404 238 | 1 513 | 19 536 195 | 5 470 | 27.66% |
Theft | 3 179 877 | 890 | 7 959 697 | 2 229 | 39.95% |
Personal accident | 12 081 443 | 3 383 | 28 581 923 | 8 003 | 42.27% |
Workmen’s compensation | 7 149 905 | 2 003 | 8 661 621 | 2 425 | 82.55% |
Third party liability | 1 865 688 | 522 | 2 201 540 | 616 | 84.74% |
Marine and aviation | 3 954 360 | 1 107 | 11 948 016 | 3 345 | 33.10% |
Motor | 39 763 350 | 11 134 | 116 206 252 | 32 538 | 34.22% |
Bond | 489 850 | 137 | 2 263 441 | 634 | 21.64% |
Engineering | 1 848 108 | 517 | 5 383 725 | 1 507 | 34.33% |
Miscellaneous accidents | 11 892 878 | 3 330 | 23 909 187 | 6 695 | 49.74% |
Health | 35 810 943 | 10 027 | 45 258 964 | 12 673 | 79.12% |
Total non life | 123 440 640 | 34 563 | 271 910 561 | 76 135 | 45.40% |
Ugandan insurance industry: Incurred losses, earned premiums and ratios per company in 2017
Figures in thousands USDNet incurred losses | Net earned premiums | Net loss ratio | Net management expenses ratio | Net combined ratio | |
---|---|---|---|---|---|
Jubilee Insurance | 8 308 | 13 696 | 60.66% | 19.44% | 80.10% |
UAP General Insurance | 10 475 | 17 934 | 58.41% | 32.46% | 90.87% |
Britam Insurance | 2 207 | 7 400 | 29.83% | 48.57% | 78.40% |
Lion Assurance | 2 610 | 5 396 | 48.36% | 37.67% | 86.03% |
Sanlam General Insurance | 1 192 | 3 864 | 30.85% | 59.10% | 89.95% |
Goldstar Insurance | 527 | 1 811 | 29.13% | 33.07% | 62.20% |
ICEA General Insurance | 1 050 | 2 580 | 40.69% | 81.00% | 121.69% |
Phoenix of Uganda | 1 160 | 2 927 | 39.64% | 53.27% | 92.91% |
NIC General | 281 | 2 333 | 12.05% | 73.52% | 85.57% |
APA Insurance | 778 | 2 396 | 32.46% | 43.29% | 75.75% |
Statewide Insurance | 748 | 3 552 | 21.06% | 70.58% | 91.64% |
Liberty General Insurance | 473 | 1 799 | 26.29% | 65.82% | 92.11% |
CIC General | 604 | 1 705 | 35.41% | 48.39% | 83.80% |
Alliance Africa General Ins | 681 | 1 588 | 42.88% | 46.43% | 89.31% |
Excel Insurance | 452 | 1 764 | 25.64% | 56.27% | 81.91% |
Transafica Assurance | 295 | 1 381 | 21.38% | 50.66% | 72.04% |
Pax Insurance | 214 | 950 | 22.52% | 66.18% | 88.70% |
First Insurance | 189 | 744 | 25.35% | 66.51% | 91.86% |
Nova Insurance | 50 | 272 | 18.21% | 107.96% | 126.17% |
Rio Insurance | 27 | 289 | 9.36% | 97.70% | 107.06% |
AIG Uganda | 2 242 | 1 754 | 127.89% | 1.43% | 129.32% |
Total non life | 34 563 | 76 135 | 45.40% | 41.97% | 87.37% |
Source: Insurance Regulatory Authority of Uganda, IRA
Exchange rate UGX/USD as at 31/12 | 2013 | 2014 | 2015 | 2016 | 2017 |
0.00040 | 0.00036 | 0.00030 | 0.0028 | 0.00028 |
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