Overview:
The authorised insurance players include two (2) reinsurers, 20 non-life insurers, eight (8) life insurers, two (2) micro insures, two (2) Health Membership Organisations (HMOs), three (3) reinsurance brokers and 51 insurance brokers.
The Insurance Regulatory Authority of Uganda (IRA) has authorised a total of 134 industry players to conduct insurance business in 2023.
The authorised insurance players include two (2) reinsurers, 20 non-life insurers, eight (8) life insurers, two (2) micro insures, two (2) Health Membership Organisations (HMOs), three (3) reinsurance brokers and 51 insurance brokers.
The others are, nineteen (19) bancassurance agents, eight (8) loss assessors, three (3) loss adjustors, four (4) loss assessor and loss adjustors, six (6) loss assessors and risk advisors, three (3) loss adjustors and risk advisors, two (2) risk advisor, loss adjustor and loss assessors and one (1) risk advisor.
“The public is advised to deal with only licensed players,” IRA said in a statement on Wednesday.
The non-life insurance firms are Alliance Africa General Insurance Limited, APA Insurance (Uganda) Limited, First Insurance Company Limited, GA Insurance Uganda Limited, Goldstar Insurance Company Limited, ICEA Lion General Insurance Company Ltd, Liberty General Insurance Uganda Limited, Mayfair Insurance Company Uganda Ltd, MUA Insurance (Uganda) Limited, NIC General Insurance Company Limited and Pax Insurance Company Limited.
Others are Sanlam General Insurance (Uganda) Limited, Jubilee Allianz General Insurance Company Limited, Statewide Insurance Company Limited, TransAfrica Assurance Company Limited, UAP Old Mutual Insurance Company Uganda Limited and Jubilee Health Insurance Company of Uganda Limited.
Life Insurance Companies are CIC Africa Life Assurance Limited, ICEA Lion Life Assurance Company (U) Limited, Jubilee Life Insurance Company of Uganda, Liberty Life Assurance Uganda Limited, NIC Life Assurance Company Limited, Prudential Assurance Uganda Limited, Sanlam Life Insurance Uganda Limited and UAP Old Mutual Life Assurance Uganda Limited.
Micro-Insurance Companies are Grand Micro Insurance Limited and Edge Micro Insurance Limited
Figures released by the Insurance Regulatory Authority of Uganda (IRA) on November 21, 2022 indicate that the industry grew by 18.57% as at the end of September, surpassing the 15% growth rate that had been projected earlier.
This growth saw the industry’s Gross Written Premium increase to UShs1.08 trillion as at the end of September 2022, up from UShs912 billion posted over the same period in 2021.