Insurance industry to grow by 8.2% - report

L-R: EY country leader for Uganda Muhammed Ssempijja, director insurance and actuarial advisory Sujay Shah and East and Central Africa Financial Services advisory leader Steve Osei-Mensah address journalists during the launch of the ‘Waves of change’ insurance report early this month. PHOTO BY JONATHAN ADENGO

What you need to know:

Coverage. Penetration is currently below one per cent.

Kampala. Uganda’s insurance industry is expected to grow by 8.2 per cent in the next two years according to a report by financial services firm Ernst and Young (EY).
This is mainly due to a favourable investment climate that has encouraged several foreign players to join the market mainly through mergers and acquisitions.
Last year, a number of foreign insurance companies entered Uganda mainly through mergers and acquisitions. Liberty Insurance, a South African-based company, bought 51 shares from East African Underwriters; Old Mutual and UAP merged while Prudential bought Goldstar Life Insurance.

Welcome!

You're all set to enjoy unlimited Prime content.