Uganda’s insurance industry posted healthy growth in gross written premiums (GWP) in 2024 according to statistics released by the Insurance Regulatory Authority of Uganda (IRA).
The figures show that the GWP grew by 10% from Ugx.1.6 trillion posted in 2023 to Ugx. 1.76 trillion as at the end of December 2024.
The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega who released the figures to industry captains at the CEO’s breakfast meeting at Hotel Africana on June 12, 2025, attributed the performance to positive growth in the microinsurance segment.
Microinsurance grew at 131.42% during the period under review, raking in Ugx.1.64 billion in 2024 from Ugx. 700 million in 2023. This was majorly due to an increase in innovative products under this category which has upped the uptake.
“Microinsurance companies are increasingly innovating products that speak to the needs of people especially in the medical space.
“Microinsurance is for the for the ordinary person; for you and me and I encourage all Ugandans to buy at least a policy because it will help safeguard their future,” Alhaj Kaddunabbi said.
He projected continued growth in this space, saying that first quarter of 2025 already shows great performance.
Health Membership Organisations (HMOs) contributed Ugx.70 billion to the industry’s GWP, posting a 23.8% growth from the Ugx.56 billion in 2023.
Market share
The figures show that the non-life insurance segment which raked in Ugx.987 billion of the total GWP in 2024, up from Ugx.923 billion in 2023, continues to dominate the market with a share of 55.95%. This is, however, lower than the 58.14% market share in 2023.
The life insurance business which contributed Ugx.702 billion in 2024, up from Ugx.612 billion in 2023 controls 39.79% of the market. This is an increase from the 38.14% share in 2023.
According to Alhaj Kaddunabbi, this shows that life is steadily growing and claiming its rightful position in the market.
He also expressed dismay about the individual performance of most companies, saying that five (5) non-life companies contribute 60% of the premiums in this category while the three (3) life companies generate over 60% of the premiums.
He urged those that cannot inject in more capital to consider merging to create stronger and competitive companies.
“It does not make sense for you to own a small company and cannot afford to do things like investing in research, technology and recruiting the right people,” he said.
Claim payout
During the year under review, the industry continued to pay genuine claims amounting to Ugx.887.4 billion, representing a 50.3% of the collected gross written premiums.
“This is good because we exist to pay claims. It is crucial to ensure that policyholders receive timely financial support when they need it most, fostering trust and a reliable safety net against unexpected events,” Alhaj Kaddunabbi said.