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In a rare case of an efficiently managed public institution in Uganda, the Insurance Training College (ITC) emerges as an island of financial discipline in a sea of inefficient state enterprises. In his report for the 12 months ended June 2024, Auditor General Edward Akol delivers glowing praise: the College’s books are clean, its statements comply with International Financial Reporting Standards (IFRS), and its liquidity is not just adequate – it’s exemplary. But behind the commendation lies a quiet dysfunction: an execution gap that threatens to erode the very mandate the College was created to uphold. Clean accounts are no…
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The insurance sector has continued to be pivotal in the financial sector. However, it is largely dominated by a few companies with the largest share of premiums written by just 10 companies for both non-life and life insurance. Under non-life, at least 58.9% of premiums are generated by five companies, while another five generate more than 88.5% of life premiums, according to data from the Insurance Regulatory Authority (IRA). IRA Market Performance Report for the three months to December 2024 indicates that the insurance sector has about 31 companies, of which 20 are non-life, while eight and three are life…
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