Uganda Insurance Industry – Key Trends and Opportunities to 2025
The Uganda insurance market size was valued at $295.5 million in 2021. The market is expected to grow at a CAGR of more than 12% from 2020 to 2025. The Coronavirus (COVID-19) pandemic significantly impacted various segments of the insurance market, including life insurance, liability insurance, property insurance, motor insurance, MAT insurance, and financial lines insurance.
The Uganda insurance market research report provides a detailed outlook by product category for the Uganda insurance industry. It provides values for key performance indicators such as gross written premium, retail and commercial split, premium retained and ceded, profitability ratios, and premium by line of business, during the review period and forecast period. The report also gives a comprehensive overview of the Ugandan economy and demographics, and the COVID-19 impact on the industry. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Uganda Insurance Market Overview
To gain more information on the Uganda insurance market forecast, download a free report sample
What are the key Uganda insurance market trends?
An increasing number of insurers are adopting digitalization for customized and individual risk-based underwriting outcomes. In response to the COVID-19 pandemic, UAP Old Mutual accelerated the rollout of its digital strategy to ensure remote customer access to services in 2020. In addition, to ease face-to-face sales, Sanlam insurance rolled out its world-class technology platform, Sanlam Indie, which aims to make world-class financial products accessible to everyone during the pandemic crisis.
Telemedicine is gaining prominence in the Ugandan insurance industry, mainly due to the COVID-19 pandemic and restrictive socio-economic measures imposed by the government. In May 2020, the Ministry of Health Uganda launched MOH CTC, a telemedicine healthcare app for easing patients’ experience during a medical e-consultation.
What are the key segments in the Uganda insurance market?
The key segments in the Uganda insurance market are life insurance and general insurance.
Life insurance market in Uganda
The life insurance market’s growth rate declined in 2020, due to the COVID-19 impact on businesses and retail policyholders, which caused a reduced economic activity that affected corporate and personal incomes. Term life was the largest insurance class in 2020 followed by pension insurance.
General insurance market in Uganda
The Uganda insurance industry was dominated by the general insurance segment in 2020. Non-life PA&H was the largest insurance class in 2020 followed by property insurance and motor insurance.
Uganda Insurance Market Analysis by Segments
For more segment insights, download a free report sample
Which are the leading companies in the Uganda insurance market?
The leading insurance companies in Uganda are UAP Old Mutual Life Assurance Uganda Limited, The Jubilee Insurance Company of Uganda Limited, ICEA Life Assurance Company Limited, Prudential Assurance Uganda Limited, Liberty Life Assurance Uganda Limited, Sanlam Life Insurance Uganda Limited, CIC General Insurance Uganda Limited, NIC General Insurance Company Limited, Liberty General Insurance Uganda Limited, Britam Insurance Company (Uganda) Limited, Phoenix of Uganda Assurance Company Limited, and GoldStar Insurance Company Limited. The Jubilee Insurance Company of Uganda Limited was the largest insurer in 2020.
Uganda Insurance Market Analysis by Companies
To know more about the leading companies, download a free report sample
Market Report Scope
| Market size (2021) | $295.5 million |
| CAGR (2020 – 2025) | >12% |
| Key segments | Life Insurance and General Insurance |
| Leading companies | UAP Old Mutual Life Assurance Uganda Limited, The Jubilee Insurance Company of Uganda Limited, ICEA Life Assurance Company Limited, Prudential Assurance Uganda Limited, Liberty Life Assurance Uganda Limited, Sanlam Life Insurance Uganda Limited, CIC General Insurance Uganda Limited, NIC General Insurance Company Limited, Liberty General Insurance Uganda Limited, Britam Insurance Company (Uganda) Limited, Phoenix of Uganda Assurance Company Limited, and GoldStar Insurance Company Limited |
Scope
This report provides a comprehensive analysis of the Uganda insurance industry –
- It provides historical values for the Ugandan insurance industry for the report’s review period, and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in the Uganda insurance industry, and market forecasts till 2025.
- It profiles the top life 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 Uganda insurance industry, and each sub-segment and category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Uganda insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Uganda insurance industry, and their impact on companies and the industry’s future.
Key Players
Table of Contents
Frequently Asked Questions
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 (0) 20 7947 2960
GDPR + CCPA Compliant
Personal and transaction information are kept safe from unauthorised use.
Recently Viewed Reports
Sign up to receive regular alerts for our latest analysis and reports. No matter your industry focus, you can keep your finger on the pulse with our timely updates.