Uganda Insurance Industry – Key Trends and Opportunities to 2026
Uganda Insurance Market Report Overview
The gross written premium of the Uganda insurance industry was UGX1,133.9 billion ($316.1 million) in 2021. The market is expected to achieve a CAGR of more than 12% during the forecast period. The Uganda Insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the economy and demographics of Uganda, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Uganda Insurance Market Outlook
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Key Uganda Insurance Industry Trends
Some of the key trends in the Uganda insurance industry are the rising popularity of microinsurance, insurtech, bancassurance, and telemedicine. Insurers in Africa have adopted digitalization and found innovative solutions to address the gaps between the insurance sector and the end client. Insured clients could avail free telehealth consultations from Rocket Health clinic via the Rocket Health app, WhatsApp, and toll-free phone calls. Sample collection for laboratory tests and medicine delivery was also facilitated for certain areas.
Uganda Insurance Industry Segments
The key segments of the Uganda insurance industry are life insurance and general insurance. The general insurance segment dominated the total insurance industry.
General Insurance: Based on lines of business, the Uganda insurance industry is further sub-segmented into property, liability, financial lines, MAT, and miscellaneous. The growth of the general insurance segment is driven by the PA&H line in 2021.
Life Insurance: Life insurance penetration in the country has consistently been quite low when compared to both emerging and developed markets. The key categories of the Uganda life insurance industry are term life, Life PA&H, pension, general annuity, endowment, and other life insurance.
Uganda Insurance Industry Analysis, by Segments
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Uganda Insurance Industry - Competitive Landscape
Some of the key insurance companies in the Uganda insurance industry are UAP Old Mutual Insurance Uganda Ltd, The Jubilee Insurance Company of Uganda Ltd, Prudential Assurance Uganda Ltd, Metropolitan Life Uganda Ltd, and Sanlam General Insurance Uganda Ltd among others. UAP Old Mutual Insurance Uganda Ltd is the largest general insurer.
Uganda Insurance Industry Analysis, by Companies
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Uganda Insurance Industry Report Overview
| Market Size (2021) | UGX1,133.9 billion ($316.1 million) |
| CAGR (2021-2026) | >12% |
| Key Segments | Life Insurance and General Insurance |
| Key Companies | UAP Old Mutual Insurance Uganda Ltd, The Jubilee Insurance Company of Uganda Ltd, Prudential Assurance Uganda Ltd, Metropolitan Life Uganda Ltd, and Sanlam General Insurance Uganda Ltd |
Segments Covered in the Report
Uganda Insurance Industry Segment Outlook (Value, UGX Billion, 2021-2026)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Uganda insurance industry –
- It provides historical values for the Uganda insurance industry for the report’s 2017-21 review period, and projected figures for the 2021-26 forecast period.
- It offers a detailed analysis of the key categories in the Uganda insurance industry, and market forecasts to 2026.
- 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 category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Uganda insurance industry.
- Assess the competitive dynamics in the Uganda insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of the Uganda insurance industry was UGX1,133.9 billion ($316.1 million) in 2021.
The insurance industry of Uganda is expected to achieve a CAGR of more than 12% during the forecast period.
The key segments in the Uganda insurance industry are life insurance and general insurance.
Some of the key insurance companies in Uganda are UAP Old Mutual Insurance Uganda Ltd, The Jubilee Insurance Company of Uganda Ltd, Prudential Assurance Uganda Ltd, Metropolitan Life Uganda Ltd, and Sanlam General Insurance Uganda Ltd among others.
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