Browsing: Micro Insurance

Uganda’s insurance posts slow growth in Q2 2020

Uganda’s insurance companies raised about $144.54 million in the second quarter of 2020 in gross written premiums, a 7 percent increase from about $133.9 million during the same period in 2019.

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According to data from the Insurance Regulatory Authority (IRA) showing performance of the insurance sector from April to June this year, indicates that across all sectors there was an increase in premiums despite the impacts of COVID-19 on economies.

General insurance is also known as non-life insurance registered a 3.4 percent increase in gross written premiums to about $93.9 million in 2020 from about $90.9 million in 2019.

Health membership organizations recorded $10 million in 2020 compared to $9.47 million in the same period in 2019.

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Life insurance, which has been growing exponentially, collected about $40.49 million in the second quarter of 2020, a 20 percent increase from 2019.

However, …