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Uganda’s Insurance Regulatory Authority (IRA) has released the official 2022 report detailing the performance of the insurance industry, showing that the sector remained on a growth trajectory in the year 2022, with Gross Written Premium (GWP) growing from UGX 1.183 trillion in 2021 to UGX 1.425 trillion in 2022⏤ a 20.4% growth. In 2021 the industry grew by 10.61% and 9.34% in 2020. According to IRA’s Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega, “The impressive growth is evidence of recovery of business activity from the effects of Covid -19 pandemic.” “Of the UGX 1.425 trillion, the non-life business generated UGX…
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Prudential Uganda has won three awards; the Most Innovative Life Insurance Product, Most Innovative Insurance Agent and the Overall Judges’ Special Award in the second edition of the Insurance Innovation Awards organised by the Insurance Regulatory Authority of Uganda. Under the same category of Most Innovative Life Product Prudential came both first and third with its Telemedicine offering, an enhancement to Prudential’s Health Insurance. Held at the Kampala Serena Hotel, under the theme “Innovation amidst turbulence”, the awards seek to recognize exceptional innovation and inspire the insurance industry to evolve, innovate and better serve the insurance customer, according to the…
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VisionFund Uganda and Turaco Insurance Brokers Limited (T/A Turaco) are proud to officially announce the launch of their partnership with a microinsurance product called “VisionFund Cares”. The product offering, available to over 40,000 VisionFund customers and their families, is designed to help ease the financial burden associated with hospital admissions, permanent disability and death. The cover is underwritten by ICEA LION Life Assurance Company Uganda Ltd. VisionFund Uganda is a microfinance institution (MFI) and affiliate of World Vision Uganda that started in 1996 as MEDNET and later rebranded in 2012 as VisionFund Uganda. The MFI has grown to a footprint of 21 branches,…
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By Alhaj Kaddunabbi Ibrahim Lubega In June 2019, the National Health Insurance Scheme (NHIS) bill was approved by Cabinet and subsequently tabled before Parliament. The bill was referred to the Parliament’s Health Committee for scrutiny. In its consultative process, the Health Committee Chaired by Hon. Dr. Michael Bukenya received a number of views from various stakeholders. As a critical stakeholder representing the views of the Insurance Sector, the Insurance Regulatory Authority of Uganda advised that an immediate actuarial study should be carried out to determine the contributory rates for employees, employers and those in the informal sector under the NHIS….
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ALHAJ KADDUNABBI IBRAHIM LUBEGA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega is a Fellow and Certified Insurance Professional of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) with over 21 years hands-on experience in finance operations, regulations and supervision. He has passion for good governance, policy making, standard setting and capacity building. Currently, Kaddunabbi is the Chief Executive Officer of the Insurance Regulatory Authority of Uganda (IRAU) and Chairman of the East African Insurance Supervisors Association (EAISA). He was also the President of the African Insurance Organization (AIO) 2017/2018. He sits on several boards on both private…
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Uganda’s insurance industry has grown quite significantly, nearly touching the UGX1 trillion in premiums mark in 2019- what are some of the key highlights of this growth? First of all, in general, I must say, for the period I have been at the helm of the Insurance Regulatory Authority (IRA), the insurance industry has continued to register a two-digit positive growth year in, year out and 2019 was no exception. In 2019, the insurance industry registered a growth of 13.22 percent in gross written premiums- from UGX860 billion in 2018 to UGX974 billion. Broken down into classes, general or non-life…
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In November 1964, soon after the completion of political independence in East African, three companies, Eagle Star Insurance, the Welfare Insurance, and the New Zealand Insurance Company merged their regional interests to form the Insurance Company of East Africa Limited. In 1974 these overseas companies sold their stake in the company to some East African citizens. The local incorporation of an insurance company back in the early 1960s was a novel concept and at the time most players in the industry were branches or agents of foreign-based insurers. With time we were joined by state-owned players and eventually, legislation obliged…
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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…
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American International Group (AIG) has tapped on seasoned insurance executive, Lydia Kayonde to lead their re-entry into the Ugandan market, CEO East Africa Magazine has learnt. The Insurance Regulatory Authority’s…
The insurance industry in Uganda underwrote UGX856 billion (USD227.8 million) in 2018- that is UGX73.60 billion (USD19.6 million) more than the Shs782.4 billion (208.2 million) underwritten in 2017. This is…
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