Insurance premiums hit sh1.094trillion in first half of 2026
The performance report indicates that of the sh1.094trillion in gross written premiums recorded in the first half of 2026, non-life insurance accounted for the largest share at sh552.93b, while life insurance accounted for sh524b.
Sande Protazio, Acting CEO of the Insurance Regulatory Authority (IRA), speaks during a recent engagement. (Courtesy)
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Uganda’s insurance companies have recorded Sh1.094trillion in gross written premiums in the first half of 2026, according to the latest performance report released by the Insurance Regulatory Authority (IRA) on Wednesday in Kampala.
Speaking during the release of the report, Acting IRA Chief Executive Officer Sande Protazio said Uganda’s insurance industry remained stable and resilient during the first half of 2026, with aggregate gross written premiums increasing by 7.68% to sh1.094trillion, compared to Shs1.016trillion recorded during the corresponding period in 2025.
“This is a big achievement for the sector and demonstrates that it is growing from strength to strength,” he said.
The performance report indicates that of the sh1.094trillion in gross written premiums recorded in the first half of 2026, non-life insurance accounted for the largest share at sh552.93b, while life insurance accounted for sh524b.
Life insurance remained the strongest driver of industry growth, rising by 30.04%, representing an increase of sh121.09b. In contrast, non-life premiums declined by 7.11%, representing a reduction of sh42.33b.
“The decline was due to the structural shift of Jubilee Health, previously under non-life, to Jubilee Life and the pending renewal of oil and gas covers,” Protazio said.
According to the IRA boss, the growth in life insurance is good news for the financial sector, the country and the wider economy.
“This is what is expected to be seen as industries grow. With growth in life insurance, we are seeing a maturing market where life insurance occupies a greater share,” he said.
The report also indicates that Health Membership Organisations (HMOs) contributed sh14.35b in gross written premiums, representing an 8.17% decline following the shift of AAR Health from an HMO to the non-life insurance segment.
Claims
The regulator said gross claims exceeded sh500b, representing more than 46% of total gross written premiums.
“This means that for almost every sh2 collected in premiums, sh1 is paid back in claims. This is because of the concerted efforts of the regulator and industry players,” Sande said.
Going forward, Protazio said Uganda’s insurance sector remains positive, supported by real GDP growth estimated at 6.4% for the 2025/26 financial year and headline inflation of 4.0% in July 2026.
“The expected commencement of commercial oil production presents significant opportunities for insurance across the energy, construction, engineering, marine, transport and liability sectors,” he said.
Protazio assured Ugandans that the country’s insurance sector remains stable and resilient.