There are years when an industry grows quietly, and then there are years when it changes character. For Uganda’s insurance industry, 2025 was unmistakably a change of character. Viewed from…
The Insurance Regulatory Authority of Uganda has given the green light for AAR General Insurance Uganda Limited to write non-life business in the country, formalising a move the AAR Group has long telegraphed: a strategic shift from being primarily a dominant health membership organisation. The approval, which comes amid a year of intense supervisory change and an industry reset, places AAR squarely in a non-life sector that is large, concentrated and claims-intensive, and in which incumbents were already spending heavily mid-year to defend and expand market share. AAR’s entry is not being attempted from scratch. The IRA’s market report shows…
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Beyond the conventional channels of writing insurance premiums, insurers have also built a new revenue stream of bancassurance through which they partner with banks to recruit new policyholders. During the three months to December 2024, gross written premiums from bancassurance rose by 25.36% to UGX 225 billion from UGX 179.4 billion, contributing 12.56% to gross insurance written premiums. Life continues to dominate in terms of written premiums under bancassurance, contributing 78.26%, compared to 21.74% for nonlife. IRA data indicates that in the three months to December 2024, banks wrote 619,719 life policies, from which UGX 176 billion was generated, leading…
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Insurance gross written premiums grew by 12.04%, increasing by at least UGX 192.4 billion in the three months to December 2024. Details contained in the Insurance Regulatory Authority (IRA) Market Performance Report show that gross written premiums rose from UGX 1.5 trillion in the same period in 2023 to UGX 1.7 trillion supported by considerable growth in microinsurance, Health Maintenance Organizations (HMOs) and life premiums. During the period, microinsurance posted the largest share of growth of 67.4%, doubling gross written premiums from just UGX 888 million to UGX 1.4 billion, while premiums under HMOs grew by 24.01%, rising from UGX…
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Prudential Uganda and Standard Chartered Bank Uganda have announced a transformative partnership aimed at expanding financial inclusion and enhancing access to financial protection solutions in Uganda. This collaboration marks a significant milestone in both companies’ efforts to provide tailored, long-term financial security products to the Ugandan market. Through this strategic partnership, Prudential Uganda will become one of Standard Chartered Uganda’s key bancassurance partners, offering the bank’s clientele a diverse range of financial protection products. This partnership brings together global experience and local expertise to address the evolving financial needs of individuals and businesses in Uganda. Mr. Tetteh Ayitevie, the CEO…
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Julius AKais, PostBank’s Supervisor Agriculture and Partnerships speaks to CEO Magazine on how the bank through its credit channels is set to support farmers and agricultural businesse, as the bank continues to fulfil its purpose of fostering prosperity for Ugandans in the agriculture sector which aligns with its new tagline, ‘Grow Prosper’. The second planting season for farmers in Uganda is due in August. What specific loan products or financing options do you have in store for farmers and agricultural businesses, and how specialised are they? We have the Agricultural Seasonal Loan; This facility is specifically tailored for agricultural purposes,…
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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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Stanbic Bank and Prudential Uganda are set to launch a health insurance product for Stanbic Bank clients, to protect their savings so that in the event of an illness or medical emergency they don’t have to spend out of pocket.This product, which will officially be launched in January 2022, was jointly designed by the partnership as a result of feedback on the Bank customers needs.This health insurance scheme is targeting the expansive and growing customers of Stanbic bank who, despite having access to banking services and products, do not all have access to affordable medical insurance cover. For those who…
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When did PostBank Uganda launch Bancassurance on the product portfolio and how has it changed the bank’s fortunes? PostBank was licensed to transact Bancassurance as an agency for partner insurance companies in the last quarter of 2018 after meeting all the requirements of both regulators – Insurance Regulatory Authority (IRA) and Bank of Uganda (BOU). Bancassurance agency in PostBank contributes to the banks non-interest revenue stream and YTD 2021, the bank has received UGX605m in form of commission revenue from insurers. Bancassurance at PostBank is supervised by the Insurance Regulatory Authority of Uganda (License No. BC/005/2020. Which insurance companies are…
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Standard Chartered Bank launched Bancassurance two years ago; help us understand how you are going about offering Bancassurance to your clients. Since our launch of Bancassurance in 2019, the Bank has partnered with four (4) insurance companies, particularly those with whom we have enjoyed a long-standing working relationship in several of our African markets. We have since rolled out four insurance products; Motor, travel, property and business insurance. We are working with our partners to develop more products that have been informed by our customers’ feedback. I understand Standard Chartered just unveiled a product called Educare. Tell us more about…
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