• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Uganda’s Insurance Industry Surges Ahead with Strong Growth in 2024

Mourice Muhoozi by Mourice Muhoozi
9 months ago
in Business, Finance
1 0
IRA CEO Lubega Ibrahim Kaddunabbi

IRA CEO Lubega Ibrahim Kaddunabbi

ShareTweetSendShare

Uganda’s insurance sector experienced substantial growth in the first half of 2024, with total gross written premiums reaching Shs 933.8 billion (approximately US$249 million), according to the latest sector report from the Insurance Regulatory Authority (IRA).

This marks a significant 12.6% increase from the Shs 828.9 billion recorded in the same period last year, highlighting the sector’s resilience and its expanding role in the national economy.

Speaking at the launch of the report, IRA Chief Executive Officer Kaddunabbi Ibrahim Lubega commended the insurance industry’s performance, stating, “The growth seen in the insurance sector during this period is a clear indicator of increased economic activity. It demonstrates the sector’s ability to withstand market challenges while continuing to serve as a key pillar in our economic landscape.”

The non-life insurance segment, which includes policies covering property, liability, and health, contributed Shs 542.3 billion, a modest 6.3% growth from Shs 510.1 billion in 2023. Meanwhile, the life insurance segment recorded significant momentum, producing Shs 357.8 billion, up 22.9% from Shs 291 billion in the previous year. This sharp increase in life insurance uptake reflects growing public awareness of the importance of securing the future for individuals and their families.

Health Membership Organizations (HMOs), which cater to medical coverage, also saw a notable increase, generating Shs 33.1 billion compared to Shs 27.3 billion last year—a 21.2% rise.

Microinsurance Gains Traction
One of the standout performers in the sector was microinsurance, a relatively new product that focuses on low-income earners and small businesses. It generated Shs 0.613 billion in the first half of 2024, a remarkable 32.52% jump from Shs 0.463 billion in the previous year. This demonstrates growing confidence among Ugandans in securing their assets and future through accessible insurance options.

Kaddunabbi underscored the importance of microinsurance in promoting financial inclusion, stating, “Microinsurance plays a crucial role in providing a safety net for the most vulnerable members of society. Its continued growth shows that more Ugandans are recognizing the value of affordable insurance, and we are committed to expanding its reach.”

A significant portion of the premiums during this period came through brokerage firms, which generated Shs 298.3 billion, up 15.6% from Shs 257.8 billion in 2023. Brokers now account for 31.9% of the total insurance premium, a slight increase from 31.1% last year, further solidifying their role as important intermediaries in the industry.

Bancassurance—insurance products offered by banks—also recorded a significant boost, with premiums rising by 28.5% to Shs 107.5 billion, compared to Shs 83.6 billion in the first half of 2023. The growing synergy between the banking and insurance sectors has proven to be a powerful driver of insurance penetration, with bancassurance now a key component of Uganda’s financial services landscape.

Kaddunabbi emphasized that these distribution channels are vital to the industry’s growth.

“The collaboration between banks and insurance firms is a testament to the power of partnerships. These alliances are bringing insurance closer to the people, enhancing financial security across the country,” he noted.

Sector Outlook and Future Projections
The report highlighted that the non-life insurance sector continues to dominate, holding 58% of the total gross written premiums, though this represents a slight decline from 61.5% in 2023. The life insurance segment increased its market share to 38.3%, up from 35.1%, while Health Membership Organizations accounted for 3.5%, reflecting gradual but steady growth.

The insurance industry also paid out Shs 423.8 billion in claims during the first half of 2024, representing 45.3% of the gross written premiums. This underscores the industry’s ability to meet its obligations, further building trust among consumers.
Looking forward, the Insurance Regulatory Authority anticipates continued growth in the sector, driven by anticipated public sector investments in infrastructure projects, particularly in engineering and construction.

These developments are expected to boost demand for insurance coverage, particularly in sectors like construction and manufacturing.

Kaddunabbi also noted that innovations such as improved marine insurance compliance and greater public confidence in the sector will contribute to future expansion.

“We are confident that the sector will maintain a growth trajectory of over 10% as we continue to improve regulatory frameworks, expand access to insurance, and build trust among Ugandans,” he said.

With such positive outlooks and growing participation in the insurance market, the sector is well-positioned to play a crucial role in Uganda’s economic development, safeguarding businesses and individuals alike.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

Business

See #Paradise Island Resort: Sudhir’s Luxurious Eco-Retreat Island on Lake Victoria

6th July 2025 at 15:29
Business

CAN JOHN BOSCO MUWONGE CLAIM A SPOT AMONG AFRICA’S WEALTHIEST?

5th July 2025 at 18:09
Hon. Raphael Magyezi
Agriculture

Yara East Africa and Asili Agriculture Launch Agri-Hub in Kiryandongo to Advance Farmer Knowledge and Food Security in Uganda

4th July 2025 at 19:06
Next Post

How skilling got David Lene off the streets

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1117 shares
    Share 447 Tweet 279
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    44 shares
    Share 18 Tweet 11
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2287 shares
    Share 915 Tweet 572
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    28 shares
    Share 11 Tweet 7
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    46 shares
    Share 18 Tweet 12
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Youths back Museveni: Ivan Muluga leads Kaliro youth league to endorse President for 2026-2031

7th July 2025 at 23:01

President Museveni kicks off PDM tour in Wakiso,vows to extend more support 

7th July 2025 at 20:11

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is set to speak at business forum in United Kingdom

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

Youths back Museveni: Ivan Muluga leads Kaliro youth league to endorse President for 2026-2031

7th July 2025 at 23:01

President Museveni kicks off PDM tour in Wakiso,vows to extend more support 

7th July 2025 at 20:11

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda