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Finaccord’s report titled Bancassurance in Uganda: Current State and Future Perspectives to 2020, plus the PartnerBASE™ and market data file that accompany it, provides comprehensive and detailed insights into the prospects for bancassurance in Uganda.

In addition to offering a review of key macro-economic metrics in Uganda, the research also provides a background to the banking sector through the following information: identification of the ten largest banks by number of retail banking customers; data to illustrate the development of the banking market including number of fully-licensed banks, deposit accounts, branches and ATMs and how each of these have developed since 2005; and review of the value and growth of the consumer mortgage and non-mortgage lending market.

The research then focuses specifically on bancassurance with commentary in several areas: the regulatory environment and general importance of banks as an insurance distribution channel; the insurance product range, operating models and bancassurance partnerships of the ten leading banks; and future outlook for the value of the life and non-life insurance market of Uganda through to 2020.

Table Of Contents

Bancassurance in Uganda: Current State and Future Perspectives to 2020
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION 3
What is this report about? .. 3
The development of the bancassurance channel in Uganda is the focus of this report . 3
Rationale . 3
Sub-Saharan Africa hosts a number of fast-growing financial services markets… 3
… with bancassurance poised to grow in several of these .. 4
Methodology ... 4
Macro-economics, banking and insurance sectors .. 4
Survey of banks .. 4
Market data . 5
Definitions ... 5
Investment-related life insurance ... 5
Retirement savings . 6
Risk life insurance ... 6
Accident insurance . 6
Health / hospital cash plans ... 6
Medical expenses insurance .. 7
Personal motor insurance .. 7
Household insurance .. 7
Creditor insurance ... 7
Travel insurance . 7
Agricultural insurance . 8
Commercial insurance 8
Mortgages and consumer finance . 8
Weighted provider share of partnerships .. 8
Operating models ... 9
Abbreviations and exchange rates 9
PartnerBASE .. 9
Finaccord .. 10
2.0 MARKET ANALYSIS ... 11
Macro-economic background .. 11
Gross domestic product and purchasing power parity (PPP) 11
Like other countries in sub-Saharan Africa, Uganda's recent economic performance has been favourable .. 11
Total population, age structure and level of urbanisation ... 12
Most of the country's population live in rural areas although urbanisation is increasing gradually ... 12
Political risk 14
The relevant indices indicate that political stability has improved while regulatory quality has diminished .. 14
Other key indicators .. 15
Life expectancy at birth has improved substantially in Uganda, especially for women 15
Mobile phone subscriptions lag behind other peer countries in sub-Saharan Africa 16
Introduction to the banking sector ... 18
Structure of the banking sector 18
More than 50% of Ugandans now have access to formal financial institutions 18
Stanbic Bank and Centenary Bank are the two largest banks when measured by number of customers .. 18
Six of the top ten banks are owned by overseas parents .. 18
Development of the banking sector . 20
The number of fully-licensed banks rose from 15 in 2005 to 25 in 2013 ... 20
Consumer lending . 22
Mortgage lending expanded at a compound annual rate of 11.4% between 2009 and 2013… .. 22
…albeit mortgages remain out of reach for the vast majority of the population 22
Progress in the non-mortgage consumer lending market has been slower and less even .. 23
Introduction to the insurance sector 24
Insurance penetration remains well below that of peer countries in sub-Saharan Africa . 24
Premiums for non-life insurance make up the vast majority of the market total… 24
… with accident and health cover worth almost as much as motor insurance . 24
The bancassurance market . 28
Regulatory environment ... 28
Banks are currently not permitted to sell any form of stand-alone insurance… 28
…although it is very likely that this ban will be lifted before the end of 2014 . 28
Importance of bancassurance as a distribution channel 28
Banks constitute a minor distribution channel in the context of the overall market… ... 28
Product range, operating models and partnerships of the ten leading banks ... 28
… as a consequence of the fact that they have been limited to offering bundled products… .. 28
… which itself determines the narrow variety of policies on offer from Ugandan banks ... 29
Captive underwriters play a fairly important role in the Ugandan bancassurance market 30
Jubilee is ranked first by weighted share of partnerships… ... 30
…followed by Liberty Life and Goldstar, both of which are bank-owned underwriters . 30
Future outlook ... 33
By 2020, the total insurance market may have increased in value to more than USD 450 million… .. 33
…and bancassurance is likely to develop further assuming liberalisation of the channel 33

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ... 1
Bancassurance in Uganda: key data points . 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS ... 11
GDP in current prices and PPP (purchasing power parity) per capita in Uganda, 2008 to 2020 (forecast)12
Total population and level of urbanisation in Uganda, 2008 to 2020 (forecast) ... 13
Population age structure in Uganda, 2014 . 13
Key economic indicators for Uganda, 2008, 2014 and 2020 (forecast) (table) 14
Index of political stability, regulatory quality and rule of law in Uganda, 1996 to 2012 . 15
Life expectancy at birth in Uganda, 2005 to 2013 .. 16
Mobile phone subscriptions, fixed broadband subscriptions and fixed phone lines per 100 people in Uganda, 2005 to 2013 . 17
Other key indicators for Uganda, 2005 to 2013 (table) .. 17
Ultimate holding companies and credit ratings of the ten largest retail banking organisations in Uganda, 2014 .. 19
Total assets, number of customers and number of branches of the ten largest retail banking organisations in Uganda, 2014 ... 19
Number of fully-licensed banks and deposit accounts in Uganda, 2005 to 2013 . 20
Number of branches and ATMs per 100,000 adults in Uganda, 2005 to 2013 21
Key banking sector indicators for Uganda, 2005 to 2013 (table) .. 21
Residential mortgage lending balances outstanding in Uganda (absolute and per capita), 2009 to 2013 . 22
Consumer non-mortgage lending balances outstanding in Uganda (absolute and per capita), 2009 to 2013 .. 23
Key data points for the consumer lending market in Uganda, 2009 to 2013 (table) 24
Gross written premiums for life and non-life insurance in Uganda, 2009 to 2013 25
Gross written premiums per capita and as percentage of GDP in Uganda, 2009 to 2013 .. 26
Gross written premiums for life and non-life insurance in Uganda, 2009 to 2013 (table) 26
(table) 26
Segmentation of non-life insurance gross written premiums in Uganda, 2013 27
Involvement in bancassurance of the ten largest retail banking organisations in Uganda: provision of bundled and stand-alone products, 2014 ... 29
Overview of provision rates for different types of insurance offered by the ten largest retail banking organisations in Uganda, 2014 30
Bancassurance in Uganda: provision rates, weighted operating models and weighted provider share of partnerships, 2014 ... 31
Summary of use of captive and joint venture bancassurance partners by the ten largest retail banking organisations in Uganda, 2014 32
Summary of use of external bancassurance partners by the ten largest retail banking organisations in Uganda, 2014 ... 32
Forecast for gross written premiums for life and non-life insurance in Uganda to 2020 .. 33

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