5 Players exit Uganda’s Insurance Business

The Insurance Regulatory Authority (IRA) has authorised a total of 131 industry players to conduct insurance business effective January 1, 2022.

Last year, at least five players in the sector exited Uganda’s insurance market.

Metropolitan Life and Catherine’s Medicare will not conduct insurance business in 2022 after they choose to wind up operations. International Air Ambulance (IAA) transferred its Portfolio to Prudential Assurance Uganda Limited last year.

The regulator revoked the license of Uganda Global Survey Limited, which operated as a loss assessor, adjuster and risk advisor while Futures Properties Consultant’s license expired and was not renewed. 

Currently, the sector has two Reinsurance companies, 21 non-life companies, eight life companies, two Micro Insurance Companies, three Health Membership Organisations (HMOs), three Reinsurance Brokers and 47 Insurance Brokers and 19 Bancassurance agents.

Other players operating in the insurance sector include; eight Loss Assessors, four Loss Adjusters, four Loss Assessors and Loss Adjusters, four Loss Assessors and Risk Advisors, three Loss Adjusters and Risk Advisors, two Risk Advisors, Loss Adjusters and Loss Assessors and one Risk Advisor.

IRA chief executive officer Kaddunabbi Ibrahim Lubega say the public should deal with only licensed insurance players by the authority.

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