Insurers in Uganda have recorded an 18.5% growth in gross written premiums for the six-month period ending June.30 to Shs 711.6bn.
Results released in Kampala on Aug.18 indicate that the non-life insurance business generated Shs406.37bn as the life insurance business generated Shs242.7billion.
The Health Membership Organisation and a dedicated health insurer generated Shs21.97bn and Shs40.24bn during the same period under review.
“This growth is a statement of resilience in a contracting economy as a result of a challenging environment,” said Ibrahim Kaddunabbi, the Chief Executive Officer of the Insurance Regulatory Authority of Uganda.
Like most developing countries, Uganda’s economy has been battered by a difficult economic environment, characterized by increased inflationary and currency pressures.
This has been largely influenced by higher fuel prices, rising domestic food prices due to dry weather conditions across the country, as well as persistent global production and supply chain challenges.
Gross claims paid on account of both life and non-life insurance business including HMOs stood at Shs242.5billion, signaling increased commitment of players to honor obligations.