Uganda’s insurance sector continues to demonstrate resilience and dynamism, registering a notable year-on-year growth. According to the Insurance Regulatory Authority (IRA), the industry’s total gross written premiums rose from sh1.60 trn in 2023 to sh1.76 trn in 2024, representing a commendable 10% increase.
This growth reflects the sector’s robustness amid macroeconomic challenges and underscores its critical role in driving Uganda’s economic development. IRA Chief Executive Officer, Ibrahim Kaddunabbi Lubega, attributes the progress to sustained business activity, increased adoption of digital technologies, and a deeper focus on customer-centric solutions.
“In 2024, we saw sustained premium growth across both life and non-life insurance, a gradual recovery in claims ratios, and an accelerated shift toward technology-enabled distribution and risk management,” Kaddunabbi said.
Looking ahead, he emphasized the need to leverage this momentum by deepening financial inclusion through micro insurance, strengthening capital and governance frameworks, and harnessing data analytics for improved underwriting accuracy.
Industry Performance in 2024
Non-Life Insurance: Gross written premiums increased from sh 932.1b in 2023 to sh 986.5b in 2024, representing a 5.83% growth.
Life Insurance: Premiums rose from sh611.5b to UGX 701.6b, marking a 14.74% growth.
Health Membership Organizations (HMOs): These mono-line, facility-based providers registered a 23.76% increase in premiums, growing from sh56.4 billion to sh 69.8b.
The top three insurers accounted for 41.1% of the total market share, while the top five controlled 59.7%, indicating a highly concentrated market where 25% of players dominate over half of the industry’s gross written premiums. The remaining 15 companies share just 40.3% of the market.
“If your company is not participating in the top tier, you may need to consider a merger. Mergers are happening globally, and they create stronger, more competitive institutions,” Kaddunabbi advised.
Claims and Distribution Channels
In 2024, total claims paid across life, non-life, HMOs, and micro insurance reached sh 887.4b, up from sh727.55b in 2023 accounting for 50.3% of the total premiums.
The bancassurance distribution channel also showed strong performance, collecting sh225.01 b in premiums compared to UGX 179.49 billion in 2023 a 25.36% growth.
Oil and Gas Insurance Uptake
Uganda’s emerging oil and gas sector continues to drive insurance uptake. In 2025, the IRA underwrote premiums worth sh6.5 billion in this sector.
“Since the inception of the Insurance Consortium on Oil and Gas, the sector has significantly contributed to premium generation and risk retention, with a total of sh82b recorded by 2022,” said Kaddunabbi.
“We must continue to build the technical capacity to ensure sustained risk coverage and protection of investments.”
