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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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The bancassurance concept in Uganda was born following the amendments to the Financial Institution Act,2004 in 2006 and, enactment of the Insurance Act, 2017 in which (Bancassurance) is considered as one of the services that can be offered by supervised financial institutions. KCB Bank Uganda is one of the banks that offer insurance services in Uganda. Linda Nakigozi talks about the services that the bank offers and what you need to access these services. For the benefit of our readers, briefly share with us what Bancassurance is? Bancassurance is where a commercial bank/s provides insurance services to customers through use…
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The Insurance Regulatory Authority of Uganda (IRA) has published industry performance for the period April-June 2021 (Q2) with Bancassurance recording a 54% growth dominated by Stanbic Bank Uganda which consolidated its market-share to 21.2% from 19.1 between January and March. According to IRA, the insurance industry registered impressive growth in the first six months of 2021 on account of improved product uptake and interest generating a total of UGX600bn in gross premiums. Bancassurance (life assurance and other insurance products sold through banking institutions) contributed 8.2% of the industry’s total business in the first six months of the year. In 2020,…
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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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