Who are the top CEOs and companies dominating Uganda’s insurance sector performance? 

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 and micro insurers, respectively. 

However, under non-life, just five companies hold a market share of 58.9% and dominate in terms of written premiums. 

Data further indicates that insurance sector gross premiums rose by 12.04% to UGX 1.7 trillion in the three months to December 2024, of which UGX 976.5 billion or 54.53% was written by non-life insurers, while UGX 742.9 billion or 41.49% was written by life insurers.  

Out of the 20 companies under non-life insurance, just five bossed the sector, boosted by aggressive marketing and experienced team leaders some of whom are reviewed as below.  

UAP General | Stephen Chikovore

Before he was appointed managing director of UAP Old Mutual Uganda, Stephen Chikovore was the acting managing director of UAP Insurance Tanzania, while concurrently holding the position of general manager operations in UAP Old Mutual Uganda.

Mr Chikovore continues to steer UAP Old Mutual as the single largest insurer in Uganda with a market share of 18.9%. However, this was a reduction from 20.48%, which the company posted in the same period in 2023.  

In the three months to 2024, UAP General wrote more than UGX 184.9 billion in gross written premiums. 

Sanlam General | Ruth Namuli

Sanlam General, which has a market share of 11.5%, a slight reduction from 11.61% in the same period in 2023, takes up the second position, with gross written premiums of UGX 112.6 billion in the three months to December 2024. 

The company draws on the experience of Ruth Namuli as the chief executive officer to consolidate a sizeable share of the market. 

Mrs Namuli has more than 18 years of insurance underwriting experience, having worked as an underwriter at the Insurance Company of East Africa, before becoming the underwriting manager of UAP Old Mutual between 2011 and 2016. 

In 2016 she became Sanlam General’s general manager – corporate, and was later appointed chief executive officer in 2022. 

Jubilee Health | Dan Musiime

In third position is Jubilee Health, which has built on a rich product portfolio to write at least UGX 107.1 billion, which was a substantial improvement from UGX89.8 billion that the company wrote in the same period in 2023. 

The company holds a market share of 11%, an increase from 9.61% in the same period in 2023. 

Jubilee Health has built on the experience of Dan Musiime, whose more than 16 years of experience and deep understanding of the insurance industry, has been vital in building a solid company.  

He has also drawn on Jubilee’s regional presence to build an agile company that has grown its markets share in a relatively saturated industry. 

Jubilee Allianz | Paul Kavuma

Jubilee Allianz comes in fourth with a market share of 9.1%. In the three months to December 2024, Jubilee Allianz wrote UGX 88.4 billion, which was a slight improvement from UGX 88 billion in the same period in 2023. 

Jubilee Allianz became a subsidiary of the Allianz Group, after completion of the purchase of a 66 percent stake in Jubilee Holdings’ insurance business in Kenya, Uganda, Tanzania, Burundi and Mauritius.

Paul Kavuma has since 2022 steered the company, drawing from his extensive experience of more than 24 years in insurance to build a profitable business. 

He has previously worked as the chief executive officer of Uganda Insurers Association, AIG Insurance and AON Insurance Brokers in Uganda. 

Britam | Allan Mafabi

Britam rounds off the list of top five insurance companies under nonlife, with a market share of 8.5%.

In the three months to December 2024, Britam wrote UGX 82.1 billion, which was a slight increase from UGX80 billion the company recorded in the same period in 2023. 

Britam has over the years benefited from Allan Mafabi’s wide experience to consolidate market gains since he was appointed chief executive officer in 2013.

Mr Mafabi has previously worked with the African Trade Insurance Agency as a resident underwriter in Uganda and as the general manager for business development at UAP Insurance Uganda.  

Away from non-life, under life, the picture is not any different. At least more than 88.5% of life premiums are generated by five companies with Prudential bossing the sector. 

Prudential | Tetteh Ayitevie Obuampong

Prudential continues to build on an aggressive marketing strategy to dominate the life insurance category. 

The company has remained aggressive in the last five years, enabling it to become the single largest insurer in the life category with UGX 196.2 billion worth of written premiums, which was an improvement from UGX 154.6 billion recorded in the same period in 2023. 

During the three months to December 2024, Prudential held a market share of 26.4%, a slight improvement from the 25.4% recorded in the same period in 2023. 

Prudential also continues to draw on a wealth of experience from its regional and global presence of more than 175 years. 

Tetteh Ayitevie Obuampong, who has over 20 years of insurance experience, has consolidated Prudential’s number one position, which it has held for about five years more. 

ICEA Life Assurance | Emmanuel Mwaka

ICEA follows in second position, with gross written premiums of UGX132.7 billion, a substantial improvement from the UGX 111.5 billion. 

ICEA, which has a market share of 17.9%, continues to push an aggressive marketing strategy with an expanded product portfolio enhanced by the merger with Lion Assurance. 

Its young leadership steered by Emmanuel Mwaka, who has more than 10 years of experience, has given the company the right incentive to thrive in a largely competitive sector. 

UAP Life | Patrick Kimathi

In third is UAP Life with a market share of 17.9%, a slight improvement from 17.6%.  

During the three months to December 2024, UAP Life wrote UGX 133.3 billion worth of gross premiums, giving it an edge over about five other companies.   

The company continues to build around the experience of Patrick Kimathi as the managing director, whose illustrious professionalism and a solid foundation in commerce and a fellowship from the Insurance Training Institute of Uganda, give the company an edge. 

Jubilee Life | Sumit Kumar

Jubilee Life takes up fourth position as the largest underwriter under life insurance with a market share of 15.5%, a slight reduction, however, from 16.2% in the three months to December 2023. 

During the period, Jubilee wrote UGX 114.8 billion from UGX98.3 billion worth of gross premiums, building on the wealth of experience under the leadership of Sumit Kumar, who has more than 20 years of management experience in life insurance. 

Mr Kumar also has extensive regional and global experience having worked in Tanzania, India, US and UK. 

Liberty | Joseph F. Almeida

To round off the top five life insurers is Liberty, which has a market share of 9.2%, a slight drop from 9.4% registered in the three months to December 2023.  

The company continues to draw from the leadership of Joseph F. Almeida as the managing director, with more than 40 years of life and pensions, investment services, and business development, to consolidate gains and take up a sizeable share of the market.  

In the three months to December 2024, Liberty wrote UGX 68.1 billion up from UGX57.2 billion in the same period in 2023.

Almeida, who has previously worked with some of the largest insurers in East Africa, continues to guide Liberty in a highly competitive market.