The Insurance Industry in Uganda, Key Trends and Opportunities to 2020

Products Id :- IS1340MR
|
Pages: 125
|
December 2016
|
Region: Africa
|

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Executive Summary

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.

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Ankur Gupta, Head Marketing & Communications
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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

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

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

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Liberty Life Assurance Uganda Ltd, UAP Life Assurance Company Ltd, Jubilee Insurance Company of Uganda Ltd, UAP Insurance Company Ltd, AIG Uganda Insurance Company Ltd, , , , , ,

Ugandan insurance industry, Life insurance, Non-life insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Personal accident insurance, Health insurance, Reinsurance

The Insurance Industry in Uganda, Key Trends and Opportunities to 2020

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