Largest Contributions To Insurance Premiums Registered From Non-Life

Posted by: Kyeyune Andrew Jonathan in Uganda news September 19, 2023

For the half year that ended in June, non-life insurance generated the biggest amount of written insurance premiums. This information is in accordance with the Insurance Regulatory Authority (IRA).

Last week, the IRA released results highlighting the performances of different segments of the insurance sector.

The authority indicated that non-life insurance grew to Shs510.1b, a 56.8% increase from Shs309.8b in 2023’s first quarter. This growth is higher than the Shs446.6b recorded in the same period in 2022.

On the other hand, life insurance generated Shs291b, indicating a growth from Shs242.7b in 2022. This represented a 19.9% growth. As for health maintenance organization and micro insurance, they generated Shs27.3b and Shs462.63m, respectively.

Therefore, non-life accounted for 61.6% of industry written premiums during the period while life accounted for 35.1%.

The rest accounted for just 3.3%. All in all, insurance premiums went up from Shs711.6b in 2022 to Shs828.9b in the same period in 2023, representing a 16.5% growth.

The IRA chief executive officer said they had recorded a growth in life insurance. This is especially individual policies, motor insurance among others.

He said this is a result of increased risk awareness, innovation as well as digitization. He then said the IRA would focus on digitization in supervisory activities and also claims processes.

This will ensure that all payable claims are cleared on time.

The authority will also provide technical support to potential innovators to ensure cost-effective solutions to distribution and access challenges are addressed.

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