By Favour Nnabugwu
Insurance market in Uganda despite all challenges increase by 25 percent in Life and 25% in Non- Life insurance in 2021
Life GWP was UGX392bn in 2021 from UGX313bn in 2020 reflecting a growth of 25 percent
Non-Life gross written premium (GWP) in 2021 was UGX734bn ($191m) from UGX662bn in 2020 reflecting a growth of 11percent
Overall combined, premiums grew from UGX973bn in 2020 to UGX1,126bn, reflecting an industry growth of 15.7 percent
Non-life business still dominates at approximately 65 percent of gross written premium though this was a drop from 68 percent in 2020.
Life business, however, continued to grow at a higher rate and the market share improved slightly to 35 percent, up from 32 percent in 2020.
