IRA urges reforms as insurance sector growth slows despite rising premiums
As Uganda closes the 2025/26 financial year, it is becoming clear that the insurance sector continues to grow — but not fast enough, according to the industry regulator. While the sector posted sustained premium growth across both life and non-life segments in 2024, with total premiums rising from Shs1.60 trillion in 2023 to Shs1.76 trillion in 2024, the Insurance Regulatory Authority is raising concerns over the low market contribution by the majority of players. Speaking at the release of the industry performance report, IRA CEO Ibrahim Kaddunabbi Lubega revealed that just 15 companies account for only 40% of written premiums in the non-life segment — a figure he says is too low for meaningful sector transformation. As a result, he is now calling for mergers, capital injection, and product innovation to drive stronger and more inclusive growth across the board. Ronah Nahabwe has more.
