Uganda Insurance Industry Performance for 2010

Uganda Insurance Industry Performance 2010

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.