Insurance brokers’ premiums increased by over Shs80b in 2023

The Insurance Regulatory Authority (IRA) is optimistic that premiums from insurance brokers will continue to rise, following notable growth in Uganda’s brokerage business.

According to Ms Mariam Nalunkuuma, the Manager of Corporate Affairs at the IRA, premiums collected through brokerage increased by Shs88 billion in 2023, rising from Shs453 billion in 2022 to Shs541 billion in 2023. She said the figures reflect steady growth in the brokerage sector, which the Authority continues to monitor closely.

“In terms of statistics, where we sit at the Insurance Regulatory Authority, we see that the brokerage business is actually growing very steadily,” she said. “When you compare the premiums collected through brokerage in 2023 to those in 2022, the figures rose from Shs453 billion to Shs541 billion. That’s a clear indication of growth,” she added.

While final statistics for 2024 are not yet available, Nalunkuuma expressed optimism that the upward trend would likely continue. She made the remarks while addressing the media ahead of the 7th Annual Insurance Brokers Association of Uganda (IBAU) Conference 2025, scheduled to take place from April 23 to 25 in Mbarara.

The event will explore transformative global trends that are reshaping economies, while highlighting the critical role of insurance in de-risking development and promoting resilience. It will also feature expert panelists from Uganda, Rwanda, and the broader region, who will engage on topics such as modern distribution models, strategic partnerships, regulatory progress, regional integration, insurtech innovations, and policy development. Networking opportunities will also be a major component of the gathering.

Mr Paul Muhame, Chairperson of the Insurance Brokers Association of Uganda (IBAU), noted that the sector still faces a significant challenge in low public awareness. He emphasized the need for continued efforts to educate the public about available insurance products and services.

“One of our biggest challenges in Uganda has been the low level of awareness among the public,” he said. “There are products and services—both in life and non-life insurance—that are designed to provide a safety net in times of crisis, but many people simply aren’t aware of them.”

This year’s conference is being held under the theme, “A Whole New World: Major Trends Shaping the Globe,” and is expected to attract more than 300 delegates from the insurance industry, financial sector, government, and regional partners.