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There are years when an industry grows quietly, and then there are years when it changes character. For Uganda’s insurance industry, 2025 was unmistakably a change of character. Viewed from the numbers side, it was a strong year. By mid-year, insurers had written UGX 1.02 trillion in gross premiums, an 8.78% increase from the same period in 2024. Claims paid reached UGX 443 billion, meaning nearly half of all premiums collected were already being returned to policyholders. For Ibrahim Kaddunabbi Lubega, Chief Executive Officer of the Insurance Regulatory Authority (IRA), that balance mattered more than topline growth. “Premium growth without…
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The Insurance Regulatory Authority of Uganda has given the green light for AAR General Insurance Uganda Limited to write non-life business in the country, formalising a move the AAR Group has long telegraphed: a strategic shift from being primarily a dominant health membership organisation. The approval, which comes amid a year of intense supervisory change and an industry reset, places AAR squarely in a non-life sector that is large, concentrated and claims-intensive, and in which incumbents were already spending heavily mid-year to defend and expand market share. AAR’s entry is not being attempted from scratch. The IRA’s market report shows…
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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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