Uganda’s Insurance Sector Shows Growth, but Regulator Pushes for Faster, Inclusive Progress

(3 Minutes Read)

As Uganda concludes the 2025/26 financial year, the insurance industry continues to expand steadily—but the pace of growth is not meeting expectations, according to the Insurance Regulatory Authority (IRA). Despite a positive trend in premium collections, with total gross written premiums increasing from Shs1.60 trillion in 2023 to Shs1.76 trillion in 2024, the regulator is sounding the alarm over uneven market participation.

In the latest industry performance briefing, IRA Chief Executive Officer Ibrahim Kaddunabbi Lubega expressed concern over the limited contribution from most insurance firms. He noted that in the non-life insurance segment, just 15 companies are responsible for only 40% of the premiums written. He described this level of participation as insufficient for the kind of transformation the industry needs to become more robust and competitive.

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To address the challenges, Kaddunabbi is urging sector players to consider strategic mergers, inject more capital into their operations, and develop innovative insurance products that can attract a broader customer base. These steps, he emphasised, are necessary for achieving stronger, more inclusive, and sustainable growth in Uganda’s insurance market.