The Insurance Regulatory Authority of Uganda (IRA) has granted licences to 95 players to transact insurance business in 2018. According to a statement issued by the IRA chief executive officer Ibrahim Lubega Kaddunabbi, under section 28 (1) and 72 (1) of the Insurance Act (Cap 213) all licences have to reviewed and new applications considered.
“The authority has licensed 28 insurance companies (19 non-life firms and 9 firms for life assurance business), one re-insurer, five health membership organizations, 32 insurance brokers, one re-insurance broker and 22 loss assessors/adjusters,” he said in a statement issued Wednesday.
IRA has also licensed six banks namely: Bank of Africa, Barclays Bank, Diamond Trust Bank, Finance Trust Bank, NC Bank and Stanbic Bank to start selling insurance products and provide insurance services to clients.
Mr Kaddunabbi further explained that the authority renews licences of all insurers annually as a way of scrutinising their viability.