Country Dashboards

41 mn
US$26 bn
Inflation rate

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 11 mn
Non-life premium volume (USD) 99 mn
Total premium volume 110 mn
Total premium volume (UGX) 240 bn
Insurance penetration: Premiums in % of GDP 0.55%
Insurance density: Premium / capita USD 3.24
Local currency UGX
Market Composition
Domestic life insurers
Domestic non-life insurers 8
Domestic composite insurers 1
Foreign life insurers
Foreign non-life insurers
Foreign composite insurers 13
Domestic reinsurers 1
Foreign reinsurers
State-owned insurers
State-owned reinsurers
Insurance intermediaries
Reinsurance intermediaries
Insurance Regulatory Authority
Insurance Regulatory Authority Uganda, Plot 5 Kyadondo Rd., 2nd Floor Block B Legacy Towers P O Box 22855, Kampala

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed International lines only
Bancassurance is allowed No
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement UGX 3bn - UGX 10bn
Minimum paid-up share capital UGX 3bn - UGX 10bn
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed Yes
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, WC
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
The Africa Re office that supports this location is: