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Synopsis
Timetric’s 'The Insurance Industry in Uganda, Key Trends and Opportunities to 2020' report provides a detailed analysis of the Ugandan insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Ugandan economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes analysis of the impact of natural hazards on the insurance industry.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Summary
Timetric’s 'The Insurance Industry in Uganda, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Ugandan insurance industry, including:

- An overview of the Ugandan insurance industry

- The Ugandan insurance industry's growth prospects by segment and category

- A comprehensive overview of the Ugandan economy and demographics

- Details of the competitive landscape in the Ugandan insurance industry

- Details of regulatory policy applicable to the Ugandan insurance industry

- Analysis of natural hazards in Uganda

Scope
This report provides a comprehensive analysis of the insurance industry in Uganda:

- It provides historical values for the Ugandan insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key segments in the Ugandan insurance industry, with market forecasts to 2020.

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

- It profiles the top insurance companies in Uganda, and highlights recent developments.

- It covers the economy and demographic structure of Uganda.

- It analyzes the impact of natural hazards in the Ugandan insurance industry.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Ugandan insurance industry and each segment and category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Ugandan insurance industry.

- Assess the competitive dynamics in the Ugandan insurance industry.

- Identify growth opportunities and market dynamics in key segments.

- Gain insights into key regulations governing the Ugandan insurance industry, and their impact on companies and the industry's future.

Key Highlights
- On July 10, 2016, the Insurance Regulatory Authority of Uganda (IRA) proposed an increase in the indemnity limit for third-party motor insurance.

- The IRA issued new draft Insurance (Bancassurance) Regulations 2016, which will allow commercial banks to sell insurance products.

- On February 2016, the Financial Institutions Act was introduced an amended to allow Takaful insurance in the country

- The non-life segment accounted for 58.6% of the industry's gross written premium in 2015.

Table Of Contents

The Insurance Industry in Uganda, Key Trends and Opportunities to 2020
Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHY
4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments
5 LIFE INSURANCE OUTLOOK
5.1 Individual Life Insurance
5.1.1 Gross written premium
5.1.2 Policies sold
5.2 Group Life Insurance
5.2.1 Gross written premium
5.2.2 Policies sold
6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Policies sold
6.1.3 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Policies sold
6.2.3 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Policies sold
6.3.3 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Policies sold
6.4.3 Profitability
7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK
7.1 Personal Accident and Health Insurance
7.1.1 Gross written premium
7.1.2 Policies sold
7.1.3 Profitability
8 REINSURANCE OUTLOOK
8.1 Premium Ceded
9 DISTRIBUTION CHANNEL OUTLOOK
10 NATURAL HAZARDS
10.1 Flooding
10.2 Droughts
10.3 Epidemics
10.4 Wildfires
10.5 Exposure
11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 Liberty Life Assurance Uganda Ltd - company overview
11.1.2 UAP Life Assurance Company Ltd - company overview
11.1.3 Jubilee Insurance Company of Uganda Ltd - company overview
11.1.4 UAP Insurance Company Ltd - company overview
11.1.5 AIG Uganda Insurance Company Ltd - company overview
12 GOVERNANCE, RISK AND COMPLIANCE
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life insurance
12.3.2 Property insurance
12.3.3 Motor insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Motor third party liability insurance
12.4.2 Workers' compensation insurance
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors (IAIS)
12.5.2 African Insurance Organization (AIO)
12.5.3 Insurance Regulatory Authority of Uganda (IRA)
12.5.4 Uganda Insurers Association (UIA)
12.6 Non-Admitted Insurance Regulation
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operations
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution (ADR)
13 DATABOOK
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.1.4 Individual life insurance
13.1.5 Individual life insurance by product
13.1.6 Group life insurance
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Liability insurance
13.2.8 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments
14 DEFINITIONS AND METHODOLOGY
14.1 Definitions
14.2 Methodology
15 ABOUT TIMETRIC
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric's Services
15.4 Disclaimer


List of Tables
Table 1: Ugandan Insurance Industry - Key Facts, 2015
Table 2: Ugandan Insurance Industry - Segment Shares of the Top Insurers, 2014
Table 3: Ugandan Government Credit Ratings
Table 4: Ugandan Insurance Industry - Gross Written Premium by Segment (UGX Billion), 2011-2015
Table 5: Ugandan Insurance Industry - Gross Written Premium by Segment (UGX Billion), 2015-2020
Table 6: Ugandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (UGX), 2011-2015
Table 7: Ugandan Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (UGX), 2015-2020
Table 8: Ugandan Insurance Industry - Number of Policies Sold by Segment (Thousand), 2011-2015
Table 9: Ugandan Insurance Industry - Number of Policies Sold by Segment (Thousand), 2015-2020
Table 10: Ugandan Insurance Industry - Paid Claims by Segment (UGX Billion), 2011-2015
Table 11: Ugandan Insurance Industry - Paid Claims by Segment (UGX Billion), 2015-2020
Table 12: Ugandan Insurance Industry - Total Assets by Segment (UGX Billion), 2011-2015
Table 13: Ugandan Insurance Industry - Total Assets by Segment (UGX Billion), 2015-2020
Table 14: Ugandan Insurance Industry - Non-Life Insurance Investment Portfolio (UGX Billion), 2011-2015
Table 15: Ugandan Insurance Industry - Non-Life Insurance Investment Portfolio (UGX Billion), 2015-2020
Table 16: Ugandan Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (UGX Billion), 2011-2015
Table 17: Ugandan Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (UGX Billion), 2015-2020
Table 18: Ugandan Individual Life Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 19: Ugandan Individual Life Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 20: Ugandan Individual Life Insurance - Number of Active Policies (Thousand), 2011-2015
Table 21: Ugandan Individual Life Insurance - Number of Active Policies (Thousand), 2015-2020
Table 22: Ugandan Group Life Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 23: Ugandan Group Life Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 24: Ugandan Group Life Insurance - Number of Active Policies (Thousand), 2011-2015
Table 25: Ugandan Group Life Insurance - Number of Active Policies (Thousand), 2015-2020
Table 26: Ugandan Property Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 27: Ugandan Property Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 28: Ugandan Property Insurance - Number of Active Policies (Thousand), 2011-2015
Table 29: Ugandan Property Insurance - Number of Active Policies (Thousand), 2015-2020
Table 30: Ugandan Property Insurance - Loss Ratio (%), 2011-2015
Table 31: Ugandan Property Insurance - Loss Ratio (%), 2015-2020
Table 32: Ugandan Motor Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 33: Ugandan Motor Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 34: Ugandan Motor Insurance - Number of Active Policies (Thousand), 2011-2015
Table 35: Ugandan Motor Insurance - Number of Active Policies (Thousand), 2015-2020
Table 36: Ugandan Motor Insurance - Loss Ratio (%), 2011-2015
Table 37: Ugandan Motor Insurance - Loss Ratio (%), 2015-2020
Table 38: Ugandan Liability Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 39: Ugandan Liability Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 40: Ugandan Liability Insurance - Number of Active Policies (Thousand), 2011-2015
Table 41: Ugandan Liability Insurance - Number of Active Policies (Thousand), 2015-2020
Table 42: Ugandan Liability Insurance - Loss Ratio (%), 2011-2015
Table 43: Ugandan Liability Insurance - Loss Ratio (%), 2015-2020
Table 44: Ugandan Marine, Aviation and Transit Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 45: Ugandan Marine, Aviation and Transit Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 46: Ugandan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2011-2015
Table 47: Ugandan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2015-2020
Table 48: Ugandan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 49: Ugandan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 50: Ugandan Personal Accident and Health Insurance - Gross Written Premium (UGX Billion and US$ Million), 2011-2015
Table 51: Ugandan Personal Accident and Health Insurance - Gross Written Premium (UGX Billion and US$ Million), 2015-2020
Table 52: Ugandan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2011-2015
Table 53: Ugandan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2015-2020
Table 54: Ugandan Personal Accident and Health Insurance - Loss Ratio (%), 2011-2015
Table 55: Ugandan Personal Accident and Health Insurance - Loss Ratio (%), 2015-2020
Table 56: Ugandan Reinsurance - Premium Ceded by Insurance Segment (UGX Billion), 2011-2015
Table 57: Ugandan Reinsurance - Premium Ceded by Insurance Segment (UGX Billion), 2015-2020
Table 58: Ugandan Insurance Industry - Segment Shares (%) of Leading Life Insurers, 2015
Table 59: Ugandan Insurance Industry - Segment Shares (%) of Leading Non-Life Insurers, 2015
Table 60: Liberty Life Assurance Uganda Ltd - Key Facts
Table 61: UAP Life Assurance Company Ltd - Key Facts
Table 62: Jubilee Insurance Company of Uganda Ltd - Key Facts
Table 63: UAP Insurance Company Ltd - Key Facts
Table 64: AIG Uganda Insurance Company Ltd - Key Facts
Table 65: Uganda - Insurance Regulatory Framework Key Features
Table 66:Uganda - Life Insurance Regulatory Framework
Table 67: Uganda - Property Insurance Regulatory Framework
Table 68: Uganda - Motor Insurance Regulatory Framework
Table 69: Uganda - Liability Insurance Regulatory Framework
Table 70: Uganda - Corporate Tax Rates for the Financial Year 2016
Table 71: Ugandan Life Insurance - Policies and Premium, 2011-2015
Table 72: Ugandan Life Insurance - Policies and Premium, 2015-2020
Table 73: Ugandan Life Insurance - Claims and Expenses, 2011-2015
Table 74: Ugandan Life Insurance - Claims and Expenses, 2015-2020
Table 75: Ugandan Life Insurance - Assets and Investments, 2011-2015
Table 76: Ugandan Life Insurance - Assets and Investments, 2015-2020
Table 77: Ugandan Life Insurance - Individual Life Insurance, 2011-2015
Table 78: Ugandan Life Insurance - Individual Life Insurance, 2015-2020
Table 79: Ugandan Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 80: Ugandan Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 81: Ugandan Life Insurance - Group Life Insurance, 2011-2015
Table 82: Ugandan Life Insurance - Group Life Insurance, 2015-2020
Table 83: Ugandan Non-Life Insurance - Policies and Premium, 2011-2015
Table 84: Ugandan Non-Life Insurance - Policies and Premium, 2015-2020
Table 85: Ugandan Non-Life Insurance - Claims and Expenses, 2011-2015
Table 86: Ugandan Non-Life Insurance - Claims and Expenses, 2015-2020
Table 87: Ugandan Non-Life Insurance - Assets and Investments, 2011-2015
Table 88: Ugandan Non-Life Insurance - Assets and Investments, 2015-2020
Table 89: Ugandan Non-Life Insurance - Property Insurance, 2011-2015
Table 90: Ugandan Non-Life Insurance - Property Insurance, 2015-2020
Table 91: Ugandan Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 92: Ugandan Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 93: Ugandan Non-Life Insurance - Motor Insurance, 2011-2015
Table 94: Ugandan Non-Life Insurance - Motor Insurance, 2015-2020
Table 95: Ugandan Non-Life Insurance - Liability Insurance, 2011-2015
Table 96: Ugandan Non-Life Insurance - Liability Insurance, 2015-2020
Table 97: Ugandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 98: Ugandan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 99: Ugandan Personal Accident and Health Insurance - Policies and Premium, 2011-2015
Table 100: Ugandan Personal Accident and Health Insurance - Policies and Premium, 2015-2020
Table 101: Ugandan Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 102: Ugandan Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 103: Ugandan Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 104: Ugandan Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 105: Insurance Industry Definitions


List of Figures
Figure 1: Ugandan Real GDP (UGX Trillion), 2011-2020
Figure 2: Ugandan Consumer Price Inflation (%), 2011-2020
Figure 3: Ugandan Current Account Balance as Percentage of GDP (%), 2011-2020
Figure 4: Ugandan (UGX-US$) Exchange Rate, 2011-2020
Figure 5: Ugandan Unemployment Rate, 2011-2020
Figure 6: Ugandan Population by Age Group, 1990-2025
Figure 7: Ugandan Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Ugandan Non-Life Insurance Penetration - Regional Comparison (%), 2015
Figure 9: Ugandan Personal Accident and Health Insurance Penetration - Regional Comparison (%), 2015
Figure 10: Ugandan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 11: Ugandan Insurance Industry - Gross Written Premium by Segment, 2011-2020
Figure 12: Ugandan Insurance Industry - Density by Segment (UGX), 2011-2020
Figure 13: Ugandan Insurance Industry - Number of Policies Sold by Segment (Thousand), 2011-2020
Figure 14: Ugandan Insurance Industry - Paid Claims by Segment (UGX Billion), 2011-2020
Figure 15: Ugandan Insurance Industry - Total Assets by Segment (UGX Billion), 2011-2020
Figure 16: Ugandan Insurance Industry - Non-Life Insurance Investment Portfolio (UGX Billion), 2011-2020
Figure 17: Ugandan Insurance Industry - Non-Life Insurance Investment Portfolio Dynamics by Category (UGX Billion), 2011-2020
Figure 18: Ugandan Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (UGX Billion), 2011-2020
Figure 19: Ugandan Insurance Industry - Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (UGX Billion), 2011-2020
Figure 20: Ugandan Individual Life Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 21: Ugandan Individual Life Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 22: Ugandan Group Life Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 23: Ugandan Group Life Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 24: Ugandan Property Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 25: Ugandan Property Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 26: Ugandan Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (UGX Billion and %), 2011-2020
Figure 27: Ugandan Motor Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 28: Ugandan Motor Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 29: Ugandan Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (UGX Billion and %), 2011-2020
Figure 30: Ugandan Liability Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 31: Ugandan Liability Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 32: Ugandan Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (UGX Billion and %), 2011-2020
Figure 33: Ugandan Marine, Aviation and Transit Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 34: Ugandan Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 35: Ugandan Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (UGX Billion and %), 2011-2020
Figure 36: Ugandan Personal Accident and Health Insurance - Gross Written Premium (UGX Billion), 2011-2020
Figure 37: Ugandan Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2011-2020
Figure 38: Ugandan Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (UGX Billion and %), 2011-2020
Figure 39: Ugandan Reinsurance - Premium Ceded by Insurance Segment (UGX Billion), 2011-2020
Figure 40: Ugandan Life Insurance - Percentage of Reinsurance Ceded (%), 2011-2020
Figure 41: Ugandan Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2011-2020
Figure 42: Ugandan Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2011-2020
Figure 43: Ugandan - Frequency of Hazards by Type, 1990-2014
Figure 44: Ugandan Mortality by Hazards Type, 1990-2014
Figure 45: Ugandan Economic Loss by Hazards Type, 1990-2014
Figure 46: Ugandan Insurance Industry - Segment Shares (%) of Leading Life Insurers, 2015
Figure 47: Ugandan Insurance Industry - Segment Shares (%) of Leading Non-Life Insurers, 2015
Figure 48: Uganda - Insurance Supervision and Control at Various Levels
Figure 49: Uganda - Insurance Regulatory Frameworks for Company Registration and Operation

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