Uganda’s insurance industry registered a solid 10% growth in gross written premiums (GWP) in 2024, rising from UGX 1.60 trillion in 2023 to UGX 1.76 trillion—underscoring the sector’s resilience, adaptability,…
The insurance sector in Africa, particularly in Uganda, presents a remarkable opportunity for growth and innovation. With a penetration rate of only 0.85% in Uganda and under 3% across the continent, the market is vastly underdeveloped compared to global averages, where insurance penetration typically hovers around 7%. As of 2023, the African insurance market is valued at approximately $87.4 billion, projected to reach $153.9 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.3% during this period. This stark contrast highlights the sector’s immense potential for expansion and innovation. Several factors drive this optimism, including a growing population…
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In November 2022, Minet Uganda⏤ a risk, re-insurance and human capital solutions advisory company celebrated its 5th anniversary. The company has however been present for much longer, but under different names, thus the “5 years in Uganda and 75 Years of African Heritage” celebratory theme. Minet started operations in Uganda in 1954 as JH Minet Company. In 1997 Aon, a global provider of risk management, human resource consulting and outsourcing solutions, as part of their African expansion strategy, acquired London Minet and subsequently the Ugandan operation became Aon Minet and later Aon Uganda. In 2017 private equity firm, Capitalworks acquired…
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Turaco, one of the leading insurtech companies in Africa, becomes the first insurtech in Uganda to acquire an underwriting license, with a promise to be a leader in the provision of “affordable and simple microinsurance products, reaching unserved and underserved Ugandans in line with its global mission of insuring 1 billion people”. “Turaco Microinsurance will design and distribute simple products that target the key risks mass-market customers face, with policies starting at just UGX1,000 per month. Through its customer-centric approach, Turaco Microinsurance will offer terms and conditions that are simple enough to fit 3 SMS messages, such that even first-time…
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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 Institute of Certified Public Accountants of Uganda (ICPAU) will hold the 27th Annual Seminar of accountants from 31 August to 2 September 2022 at the Imperial Resort Beach Hotel, Entebbe, and online. The theme for the Seminar is Resilience in a Dynamic Environment. The theme was selected based on the prevalent persistent disruptions and the need for accountants to remain steadfast in their service to their organisations and communities. “Accountants hold pivotal roles in organisations. Therefore, it is important for them to equip themselves for various scenarios through continuous learning so that they can adequately support organisations and the…
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ICEA LION Life Assurance Company (U) Ltd has unveiled the ICEA Annuity Plan for retirees and those nearing retirement. The ICEA Annuity plan guarantees the holder a regular stream of income for life after retirement. The ICEA Annuity plan allows the holder to make a lump sum deposit with the promise of guaranteed regular payments for the rest of one’s life. “Typically, retirement benefits are provided through lump-sum payouts by retirement benefit schemes like NSSF and others. It’s commonplace to find retirees unable to sustain themselves because they invested in ventures that cannot guarantee a regular income during retirement. This…
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The dispute stems from a 1st July 2016 to 30th June 2017 performance bond worth USD3,000,000 the three companies made to Rift Valley Railways (RVR), then a concessionaire of URC’s assets. The bond was co-insured between Old Mutual Insurance Uganda Ltd (40 per cent); Sanlam General Insurance Uganda Ltd (30 per cent) and Britam Insurance Uganda Ltd (30 per cent). It shall be remembered that URC entered into a concession agreement with Rift Valley Railways Uganda Ltd (RVRU) allowing the latter to run the operations of URC for twenty-five years effective 1st November 2006. As a condition, RVR had to…
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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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