Coutts Otolo

This October, the Insurance Regulatory Authority (IRA) released its much-awaited 2019 Annual Performance Report for the insurance sector. The report, details the performance, of the country’s 21 non-life insurance companies; 9 life insurance companies; 1 micro-insurance company and 5 Health Membership Organisations (HMOs). In the year 2019, Gross Written Premiums (GWP) for the industry increased from UGX859.9 bn in 2018 to UGX974.42bn- a 13.32 percent growth. Non-life business generated UGX621.69bn in GWP (up from UGX 572.79bn in 2018) representing an 8.54 per cent growth while life insurance business generated UGX276.32bn in GWP (up from UGX 217.97bn in 2018) representing a…