INSURANCE PREMIUMS CROSS UGX 2 TRILLION AS LIFE BUSINESS SPARKS HISTORIC GROWTH

A historic milestone was registered in 2025, with Gross Written Premiums (GWP) exceeding Ugx2 trillion for the first time. This signals a maturing market driven by surging demand for life insurance and stronger consumer confidence.

While releasing the sector performance year ending 2025 at a press briefing on June 26, 2026 at the Insurance Tower, the Acting Chief Executive Officer of the Insurance Regulatory Authority (IRA) Dr. Sande Protazio said, “total premiums grew by 14.72% to Ugx2.024 trillion, up from Ugx1.764 trillion in 2024.”

“Uganda’s insurance sector grew stronger and more resilient in 2025,” Dr. Sande said, citing robust premium growth, rising assets, improved capital adequacy and increasing claims payments as evidence of the industry’s expanding role in the country’s economic transformation.

The strongest growth came from life insurance, where premiums rose from Ugx702.2 billion in 2024 to Ugx977.6 billion in 2025 representing a 39.21%. This increased the segment’s market share of total industry premiums to 48.31% nearly matching the non-life segment standing at 49.49%.

Dr. Sande noted that this represents a significant transformation in Uganda’s insurance market as it reflects growing appreciation of insurance as a tool for long-term financial security, wealth creation, retirement planning and family protection.”

“The faster growth rate in life indicates a positive trend towards individuals prioritizing long-term financial security protection. This shift suggests that people are increasingly recognizing the importance of safeguarding their futures and that of their loved ones, reflecting a growing awareness and readiness to invest in comprehensive financial planning and security measures,” he said

The sector also remained strong and resilient, with total assets rising to Ugx3.459 trillion and capital adequacy ratios remaining comfortably above regulatory requirements.