In Uganda, where insurance penetration remains below 1% of GDP, at 0.883% in 2024, according to the Insurance Regulatory Authority (IRA), the sector sits in a paradox. On paper, it is growing: gross written premiums rose by more than 10% in 2024 to UGX 1.76 trillion, and the number of licensed players increased to 143 companies in 2025. Mergers among major insurers, such as the April tie-up between Sanlam General and Jubilee Allianz, dominate headlines. The regulator has also tightened oversight, enforcing a 200% capital adequacy ratio that has compelled firms to strengthen their balance sheets. Yet for the average…
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