During the year 2010, insurance premium income written rose to Ushs. 239.99 billion from Ushs 202.05 billion during 2009 i.e. indicating a 18.77% growth in the industry.
Non-life insurance business registered a growth of 19.12% from Ushs. 181.6 billion in 2009 to Ushs. 216.34 billion in 2010 while life insurance business registered a growth of 15.63% in premium income from Ushs. 20.44 billion during the year 2009 to Ushs. 23.63 billion in 2010.
Some of the factors that were attributable to the growth included:
Uganda’s GDP increased by 5.8% from 2010/11. This growth in the Economy implies that there was an increase in insurable assets;
Consumer awareness campaigns were undertaken by the insurance industry; There was a remarkable growth in group life business;
There was a marked increase in microinsurance business;
There was a considerable increase in loans protection business;
Non-life engineering class of business increased tremendously; and
Motor class of business also increased tremendously due to the increased number of vehicles on the roads.