The Insurance Industry in Uganda - Key Trends and Opportunities to 2022

The Insurance Industry in Uganda - Key Trends and Opportunities to 2022

  • January 2019 •
  • 143 pages •
  • Report ID: 1120579 •
  • Format: PDF
The Insurance Industry in Uganda - Key Trends and Opportunities to 2022

Summary
The GWP of the Ugandan insurance industry increased from UGX406.8 billion (US$157.3 million) in 2013 to UGX676.0 billion (US$187.2 million) in 2017, with a review-period CAGR of 13.5%. This growth was driven by increased demand for personal accident and health insurance and a rise in infrastructural activity in the country. Also, a factor supporting the growth is an increased uptake of the personal accident and health insurance of corporate institutions, the introduction of infrastructural projects such as road projects, and the construction of dams in Ayago, Kyambura and Achwa.

The Ugandan insurance industry is underdeveloped and has a large scope for improvement.The insurance, reinsurance companies and insurance intermediaries in the country are supervised and regulated by the IRA.

According to IRA, as of 2018, the Ugandan insurance industry comprised 19 general insurers, nine life insurers, one microinsurer and a domestic reinsurer licensed by the IRA to offer insurance services in the country. Furthermore, Uganda Re-Insurance Company Ltd is the only domestic reinsurer, and Africa Re and Zep-Re (PTA Re) are other reinsurers in the country.

Life insurance in Uganda accounted for 21.5% of the industry’s gross written premium, and was valued at UGX145.1 billion (US$40.2 million) in 2017, at a review-period CAGR of 29.6%. This was primarily due to the segregation of composite insurance companies from the industry and increased demand for individual life insurance products, supported by the rise in individuals’ disposable income. The industry was led by the general insurance sub-sector, which grew at a CAGR of 10.5%, and was valued at UGX530.8 billion (US$147.0 million) in 2017.

Insurers operating in the Ugandan insurance industry employ diverse distribution channels to sell insurance.Brokers continue to dominate distribution channels.

In 2017, the regulation of bancassurance was issued, which laid out provisions for the licensing of bancassurance agents, proper accountability of premiums and timely services, supplement protection for policyholders and prospects, along with the roles and responsibilities of bancassurance participants. This is expected to improve the penetration of the insurance industry over the forecast period.

The report "The Insurance Industry in Uganda - Key Trends and Opportunities to 2022", report provides in-depth market analysis, information and insights into the Ugandan insurance industry, including -
- The Ugandan insurance industry’s growth prospects by segment and category
- A comprehensive overview of the Ugandan economy and demographics
- Details of the competitive landscape in the Ugandan insurance industry
- The various distribution channels in the Ugandan insurance industry
- Details of regulatory policy applicable to the Ugandan insurance industry
- Analysis of natural hazards in the Ugandan insurance industry

Companies mentioned: Jubilee Insurance Company Ltd, UAP-Old-Mutual Insurance Uganda Ltd, UAP-Old-Mutual Life Assurance Ltd, Britam Insurance Company Ltd, Liberty Life Assurance Ltd, Lion Assurance Company Ltd, Sanlam General Uganda Ltd, ICEA Life Assurance Company Ltd, Sanlam Life Insurance Ltd, Jubilee Life Insurance Company Ltd.

Scope
- This report provides a comprehensive analysis of the insurance industry in Uganda.
- It provides historical values for the Ugandan insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Ugandan insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Uganda.
- It profiles the top insurance companies in Uganda, and outlines the key regulations affecting them.

Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Ugandan insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Ugandan insurance industry.
- Assess the competitive dynamics in the Ugandan insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Ugandan insurance industry and their impact on companies and the industry’s future.
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