The insurance market in Uganda posted gross premiums of UGX1.76tn ($490m) in 2024, 10% higher than the UGX1.60tn chalked up in 2023, according to data from the Insurance Regulatory Authority (IRA).
The performance of Uganda's insurance industry is expected to improve this year due to factors such as the expected take-off of takaful.
The Uganda Insurers Association (UIA) is working on an initiative named the Insurance Literacy and Market Development Agenda to increase public awareness of insurance in the country, according to Mr Jonan Kisakye, CEO of the association.
The insurance industry in Uganda needs to adapt to technological advancements, climate change and regulatory shifts to manage risks effectively in the country's evolving energy sector, according to the secretary of the Insurance Consortium for Oil and Gas Uganda (IGOCU) Jonan Kisakye.
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).
Cyber incidents are rated as the top risk in South Africa in 2024, with nearly half of businesses selected doing so, according to the Allianz Risk Barometer 2024, the 13th edition to date.
With less than two years to mark the 10th anniversary of bancassurance in Uganda, industry participants are working to pick up the pace of sales through the channel.
Uganda's insurance industry registered robust growth rate in 2023 on the back of enhanced insurance customer confidence, improved distribution channels, and growth in online transactions, says the Insurance Regulatory Authority of Uganda (IRA) in a statement.
Nairobi-headquartered financial services group, Equity Group, is piloting its insurance services in the Democratic Republic of Congo (DRC) ahead of a plan to roll out the business across its regional markets.
Despite the low insurance penetration in Uganda, there is a growth potential in the market that can be tapped by various industry players, according to the international professional services firm Deloitte.