Alhaj Kaddunabbi Ibrahim Lubega has been the Chief Executive Officer of the Insurance Regulatory Authority (IRA) since 2010.
Under his leadership, the industry has undergone, unprecedented and robust growth.
Non-life insurance has grown by 164% from UGX216 billion in premiums in 2010 to UGX570 billion as at the end of 2018. Life Insurance has grown by 9 times, from UGX24 billion in 2010 to UGX217 billion at the end of 2018- a growth of 804%.
In total, industry premiums, including Health Membership Organizations (HMOs) and micro insurance, have grown by 257% from UGX240 billion in 2010 to UGX856 billion. As a result insurance penetration has improved from 0.65% to 0.84% and insurance per capita grown from USD3.16 per individual to USD5.72.
Bob Okodi, Amref Health Africa Uganda CFO, On Purpose-Driven Finance and Measuring Impact in Lives, Not MarginsThe number of licensed players has also more than doubled from 62 in 2010 to 128 as at January 2020, namely:
- Thirty (30) insurance companies (21 non-life firms and 9 firms for life assurance business);
- 2 microinsurance companies with the latest being Edge Micro Insurance Limited;
- 2 re-insurers with the latest being Kenya Reinsurance Corporation Uganda – SMC Limited;
- 5 Health Membership Organizations (HMOs);
- 39 insurance brokers;
- 2 re-insurance brokers, and;
- 28 Loss Assessors/Adjusters.
In addition, 19 commercial banks and one credit institution were also licensed to sell insurance products and services to their clients in the years 2020 and 2021 as bancassurance agents.
Kudos, Alhaj Kaddunabbi Ibrahim Lubega and your team at the Insurance Regulatory Authority.
