The insurance market in Uganda reported gross written premiums of UGX933.8bn ($255m) in the first half of 2024, according to a report released by the Insurance Regulatory Authority (IRA).
This figure represents a strong growth of 12.6% from UGX828.9bn posted for the corresponding half in 2023.
IRA CEO Mr Kaddunabbi Ibrahim Lubega said, “This was an impressive growth, which reflects heightened business activities, underscoring the sector’s resilience and its pivotal role in the country’s economic landscape.”
Non-life, life and health branches
The non-life insurance market chalked up GWP of UGX542.3bn in 1H2024, an increase of 6.3% year on year. The life insurance sector reported growth of 22.9% to UGX357.8bn in 1H2024. Health Membership Organisations generated premiums of UGX33.1bn, climbing by 21.2% from UGX27.3bn in the corresponding half in 2023.
The data indicate that non-life insurance continued to dominate in 1H2024, commanding 58% of the aggregate industry written premiums, although this proportion slipped from the 61.5% seen in 1H2023. The life insurance branch accounted for 38.3% of the total premiums, up from 35.1% in 1H2023, while Health Membership Organisations accounted for 3.5%, an increase from 3.3%.
Growth drivers
Mr Kaddunabbi said that 1H2024 growth drivers for the insurance market were an increase in online transactions, improved distribution, higher customer confidence, and the growth of the middle class.
He added, “We project that the insurance sector will continue to expand, with growth rates remaining above 10%.”