The Ugandan insurance market [4] recorded an increase of 13.2% in premiums in 2019. According to the report issued by the supervisory authority (IRA), written premiums have increased from 859.80 billion UGX (230 million USD) at the end of 2018 to 973.58 billion UGX (261 million USD) at the end of 2019.
This growth is attributed to the non-life class, which alone generated 622 billion UGX (168.6 million USD) in premiums in 2019.
However, the IRA forecasts a decrease of about 50% in premiums during the second quarter of 2020, as insurance underwritings have significantly decreased due to the pandemic. The market will also be impacted by low investment rates in public infrastructure.
Finally, it should be noted that the current fiscal year will also record a decrease in travel and marine insurance underwritings.