What you need to know:
- Non-life insurance grew to Shs510.1b in the period ended June from Shs446.6b in the same period in 2022.
Non-life insurance generated the largest amount of written premiums for the half year ended June, according to Insurance Regulatory Authority (IRA).
In results released last week, which highlight performance of different segments of the insurance sector, IRA indicated that non-life insurance grew to Shs510.1b, a 56.8 percent increase from Shs309.8b in the first quarter of 2023. The growth was higher than the Shs446.6b recorded in the same period in 2022.
Life insurance, on the other hand, generated Shs291b, growing from Shs242.7b in 2022, which represented a growth of 19.9 percent, while health maintenance organisation and micro insurance generated Shs27.3b and Shs462.63m, respectively.
During the period, non-life accounted for 61.6 percent of industry written premiums, while life accounted for 35.1 percent. The rest accounted for 3.3 percent.
Overall, insurance premiums increased from Shs711.6b in the same period in 2022 to Shs828.9b, representing a 16.5 percent growth.
During the period, gross claims paid on account of life and non-life, including health maintenance organisation accounted for 37.6 percent of total premiums, which was equivalent to Shs311.3b.
At least 31.1 percent, which represents Shs257.8b was written through brokerage services, while Shs83.6b was written through bacassurance.
While releasing the results, Mr Ibrahim Kadunnabi Lubega, the IRA chief executive officer, said they had recorded growth in life insurance, especially individual policies, motor insurance, public sector investments, and agriculture insurance, resulting from increased risk awareness, innovation and digitisation.
Therefore, he said, IRA would focus on digitisation in supervisory activities, claims processes to ensure that all payable claims are paid in time and provide technical support to potential innovators to ensure that cost-effective solutions that address distribution and access challenges are addressed.