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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