Uganda: Insurance Industry Records Marginal Decline in Growth

Jun 21, 2017 | The Monitor; All Africa

Uganda's insurance industry has registered a decline in performance, growing by just 3.6 per cent in 2016, down from 22 per cent in 2015.

According to the Insurance Regulatory Authority (IRA) report for 2016 released last week, the industry registered Shs634 billion gross premium underwritten in 2016 which represents a 3.6 per cent growth from Shs612 billion registered in 2015. The report says non-life insurance business premiums underwritten declined from 75.9 per cent in 2015 to 70.9 per cent in 2016. Life insurance business, on the other hand, grew by 20.87 per cent up from 16.34 per cent in 2015. Health Membership Organisations (HMOs) also registered a growth of 8.22 per cent up from 7.67 per cent in 2015. Mr Ibrahim Kaddunabbi Lubega, the chief executive officer of IRA, said the decline in performance is inextricably linked to the performance of the economy as a whole. "The decelerated growth of 3.6 per cent posted in 2016 is largely attributed to the difficult economic conditions that our economy has undergone," he said. He said the slow growth was as a result of the impact of uncertainties, resulting from the elections, on the economy in the first half of 2016. Read more on All Africa. Source: All Africa