Country Dashboards

42 mn
US$42 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 0.45%
Insurance density: Premium / capita USD 3.61
Local currency UGX
Market Composition
Domestic life insurers 8
Domestic non-life insurers 23
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 2
Foreign reinsurers 2
State-owned insurers 0
State-owned reinsurers 0
Insurance intermediaries 48
Reinsurance intermediaries 3
Insurance Regulatory Authority
Insurance Towers  Plot 6, Lumumba Avenue, P.O. Box 22855, Kampala, Uganda.

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Material supervision
Requirement for minimum insurance rates Yes
Cross-border insurance allowed No
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies
Foreign ownership restrictions No
Minimum capital requirement Life: $810000; General $1,080,000; Reinsurers $2,700,000
Minimum paid-up share capital Life: UGX3,000,000,000; General UGX4,000,000,000; Reinsurers UGX10,000,000,000
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 Yes
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TP, Workers Compensation and Marine/GIT (Imports)
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund No
The Africa Re office that supports this location is: