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29 Nov 2020

IRA RELEASES 2020 QUARTER 3 PERFORMANCE RESULTS

The Insurance Regulatory Authority of Uganda (IRA) has released the 3rd quarter of the 2020 performance results indicating a slight decline in the Gross Written Premium compared to the same period last year.

Explaining the reasons for the decline, IRA Uganda CEO Alhaj Kaddunabbi Ibrahim Lubega noted that the outbreak of the Covid-19 pandemic disrupted the business community in the country which resulted in the slow growth of the economy occasioned by low disposable income.

“Consumer awareness deficit, increased cases of insurance fraud, market conduct issues characterized by undercutting and claims settlement, and the slow pace of oil and gas exploration greatly affected our projected revenue”, he said.

A broader look at the statistics however shows that overall, the insurance sector remained very resilient despite the challenges. This saw a growth of 9.35% over quarter 3 of 2019.

Here is the detailed report.