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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. Read More Contact Us:
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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