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The newly merged SanlamAllianz Uganda has officially become the country’s second-largest general insurer. Market performance report for the 2025 third quarter by Insurance Regulatory Authority (IRA) shows that the merged entity, resulting from the union of Sanlam General and Jubilee Allianz, which was formally licensed in August 2025, has immediately reshaped the structure of Uganda’s non-life insurance market. IRA data shows that SanlamAllianz now holds 19.8% of the general insurance market, with UGX 173.33 billion in gross written premiums. This places it just behind long-time market leader Old Mutual, which posted UGX 185.88 billion and a 21.2% market share. As…
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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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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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