The industry insurance sector remained on a positive growth trajectory in the year 2022, with agriculture insurance uptake growing to a total of 316,496 farmers.

This was revealed by Alhaj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer of the Insurance Regulatory Authority of Uganda (IRA), who was announcing the 2022 insurance industry performance results today, June 14, at the Insurance Tower in Kampala.

Kaddunabbi said the 316,496 farmers who were covered generated sh11.4b in Gross Written Premiums (GWPs) to the industry for the insured sum of sh372.2b.

“This brings the cumulative number of farmers to 665,240, and cumulative sum insured of sh2.3trillion,” he said.

“A total of sh8.75b was paid in claims on the account of losses suffered. Cumulatively, a total of sh32.6b has been paid in claims over the scheme period,” he added.

According to Kaddunabbi, the impressive growth is evidence of the recovery of business activity from the effects of Covid -19 pandemic.

Industry performance

The industry remained on a positive growth trajectory in the year 2022, with GWP growing from sh1.183tn in 2021 to shs1.425tn in 2022.

The sector scored a 9.34% in 2020, which grew to 10.61% growth rates registered in 2021 and 20.4% in 2022.