What is Insurance?
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.
It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Best Insurance Companies In Uganda
Non-life insurance companies in Uganda :
AIG Uganda Limited.
Basani insurance limited.
Alliance Africa General Insurance Limited.
Britam Insurance Uganda Limited.
CIC General Insurance Uganda Limited.
East African Underwriters Limited.
NIC General Insurance Company Limited.
Statewide Insurance Company Limited.
The Jubilee Insurance Company of Uganda.
TransAfrica Assurance Limited. And finally,
UAP Insurance Uganda Limited.
Life Insurance Companies in Uganda :
GoldStar Life Assurance Company Limited.
The Jubilee Life Insurance Company of Uganda.
Liberty Life Assurance Company Limited.
NIC Life Assurance Company Limited.
Sanlam Life Insurance Company Limited. And finally,
UAP Life Assurance Uganda Limited.
How big is the insurance industry in Uganda?
| Market Size (2021) | UGX1,133.9 billion ($316.1 million) |
| CAGR (2021-2026) | >12% |
| Key Segments | Life Insurance and General Insurance |
| Key Companies | UAP Old Mutual Insurance Uganda Ltd, The Jubilee Insurance Company of Uganda Ltd, Prudential Assurance Uganda Ltd, Metropolitan Life Uganda Ltd, and Sanlam General Insurance Uganda Ltd |
Who regulates insurance companies in Uganda?
The Insurance Regulatory Authority of Uganda (IRAU) is a government agency mandated to “ensure the effective administration,
supervision, regulation, and control of the business of Insurance in Uganda”.
What is the history of the Insurance Regulatory Authority of Uganda?
The Insurance Regulatory Authority of Uganda (IRA) was established under section 14 of the Insurance Statute 1996 now The Insurance Act,(Chap213)
Laws of Uganda, 2000(Insurance Act)which came into effect on 4th April 1996 and commenced operations in April 1997.