The state of Insurance in Uganda.
Insurance plays a crucial role in promoting financial stability and economic growth in Uganda. Despite being a relatively young industry in the country, it has witnessed significant development over the past two decades. This article explores the current landscape of insurance in Uganda, key challenges, opportunities, and the future outlook for the industry. Uganda's insurance sector is regulated by the Insurance Regulatory Authority (IRA), established in 1996. The industry consists of various players, including life insurers, general insurers, and health insurers. As of recent reports, the sector has shown steady growth, with an increasing number of Ugandans recognizing the importance of insurance coverage. Challenges Facing the Insurance Sector Low Penetration Rates: Despite growth, insurance penetration in Uganda remains low, with only a small percentage of the population having insurance coverage.…