Magazine date:
Nov 2012 Uganda celebrated its fiftieth independence day last October. Insurance had emerged there 16 years before independence. It was introduced during colonial period 66 years ago. The first local insurer, East Africa General Insurance Company, was established in 1946, followed by National Insurance Corporation in 1964. Upon independence (1962), 95 agencies or groups’ subsidiaries, mainly British, American or Indian, were competing over the market. Today, 22 insurance companies, 28 brokers and 800 agencies are certified. It is IRA, Insurance Regulation Authority, established in 1996, which supervises the market’s operations.