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Identity
| Population: 47 249 585 inhabitants | |
| PIB : 45,56 billion USD | |
| GDP per inhabitant: 964,2 USD | |
| GDP growth rate: 4.7% | |
| Inflation rate: 7.2% |
Data as of 31/12/2022, Source: World Bank
Structure of the ugandan insurance market
Insurance and reinsurance companies | |
Non-life | 22 |
Life | 9 |
Reinsurance | 2 |
| Total | 33 |
Intermediaries | |
Insurance brokers | 46 |
Reinsurance brokers | 3 |
| Total | 49 |
Data as of 31/12/2021 , Source: Insurance Regularity Authority of Uganda (IRA)
Supervisory authority | |
Insurance Regularity Authority of Uganda (IRA) | www.ira.go.ke |
Professional body | |
Uganda Insurers Association | www.uia.co.ug |
The ugandan insurance market: Turnover per class of business
Figures in thousands
| Class of business | 2023 turnover | 2022 turnover (1) | 2022-2023 evolution (2) | 2023 shares | ||
|---|---|---|---|---|---|---|
| UGX | USD | UGX | USD | |||
| Health | 204 781 631 | 53 243 | 196 140 150 | 52 958 | 4.41% | 13.29% |
| Motor | 200 437 164 | 52 114 | 177 435 295 | 47 907 | 12.96% | 13.01% |
| Fire | 151 098 881 | 39 286 | 128 711 138 | 34 752 | 17.39% | 9.81% |
| Personal accident | 68 454 437 | 17 798 | 61 800 251 | 16 686 | 10.77% | 4.44% |
| Marine and aviation | 64 893 893 | 16 872 | 56 532 208 | 15 264 | 14.79% | 4.21% |
| Engineering | 59 861 184 | 15 564 | 91 677 077 | 24 753 | -34.70% | 3.88% |
| Third party liability | 37 444 633 | 9 736 | 34 180 119 | 9 229 | 9.55% | 2.43% |
| Theft | 22 838 839 | 5 938 | 26 344 302 | 7 113 | -13.31% | 1.48% |
| Bond | 19 465 806 | 5 061 | 16 509 605 | 4 457 | 17.91% | 1.26% |
| Workmen's compensation | 16 448 633 | 4 277 | 14 181 828 | 3 829 | 15.98% | 1.07% |
| Miscellaneous risks | 88 763 554 | 23 078 | 94 585 857 | 25 538 | -6.16% | 5.76% |
| Non-life total | 934 488 655 | 242 967 | 898 097 830 | 242 486 | 4.05% | 60.64% |
| Life total | 606 635 395 | 157 725 | 501 622 323 | 135 438 | 20.93% | 39.36% |
| Grand total | 1 541 124 050 | 400 692 | 1 399 720 153 | 377 924 | 10.10% | 100% |
(1) Figures updated in 2022
(2) Growth rate in local currency
Exchange rate as at 31/12/2023: 1 UGX = 0.00026 USD ; at 31/12/2022: 1 UGX = 0.00027 USD
Read also | Ugandan insurance market: 2023 results
