Insurance sector making positive economic impact despite low penetration rates
Insurance uptake for the year 2022, grew by 20% and according to stakeholders, among the sectors of the economy that have benefited the most in manufacturing. This is despite low levels of penetration recorded at 0.9% to date with an insurance density of 5 dollars, despite low penetration levels however, the insurance industry in Uganda has been growing steadily in recent years, with an annual growth rate of around 15%. IRA figures show the total premiums collected by companies in 2020 were 948bn shillings. Joyce Aheebwa reports. #
