{"id":35857,"date":"2022-08-21T17:25:02","date_gmt":"2022-08-21T17:25:02","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth"},"modified":"2022-08-21T17:42:01","modified_gmt":"2022-08-21T17:42:01","slug":"insurance-defies-economic-slowdown-to-record-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth","title":{"rendered":"Insurance defies economic slowdown to record growth"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Insurance premiums grew to Shs711.7b in the first half of 2022 shored up by improved performance in non-life premiums.<\/p>\n

During the period ended June, insurance premiums grew by 18.6 percent with non-life cover contributing 58 percent or Shs406.37b of gross written premiums, which was a 4 percent growth from Shs391b registered in the same period in 2021.<\/p>\n

While releasing the results, Mr Ibrahim Lubega Kaddunabbi, the Insurance Regulatory Authority (IRA) chief executive, noted that the growth is a statement of the sector\u2019s resilience in an economy that continues to contract as a result of challenging macroeconomic fundamentals, characterised by heightened inflationary pressures.<\/p>\n

However, he indicated that non-life insurance continued to dominate, noting that this was a sign sustained growth in middle class citizens who use insurance to protect their assets.<\/p>\n

Gross claims paid out for both life and non-life as well as health membership organisations grew to 34.1 percent or Shs242.5b from 27.2 percent paid out in the same period in 2021.<\/p>\n

The growth, Mr Kaddunabbi said, was evidence of commitment by players to honour their obligations once sufficient evidence has been provided.<\/p>\n

During the period, life insurance generated Shs243b, representing a 33 percent growth from the Shs184b posted in the same period in 2021.<\/p>\n

However, premiums from health membership organisations recorded a 13 percent decline, dropping to Shs22b as a result of a recurrent effect of acquisition of IAA Healthcare by Prudential Life Assurance.<\/p>\n

Dedicated health insurer, which was licensed in the third quarter of 2021 generated Shs40.3b, growing from Shs31b posted as of December 2021.<\/p>\n

Micro insurance premiums contracted to Shs317.4m from Shs335.4m, representing a 5.4 percent drop blamed on a volatile economic environment that has impact both micro and personal incomes.<\/p>\n

Premiums written through brokers grew to Shs186.4b, accounting for 26.2 percent of gross written premium.<\/p>\n

The brokerage business continue to be critical in insurance underwriting, amid increased use in technology and product portfolio.<\/p>\n

The insurance sector has in the last five years seen heightened product innovations with major breakthroughs such as Bancassurance, which has been a key factor in improving both penetration and gross written premiums.<\/p>\n

During the period, gross written premium collected through the Bancassurance grew to Shs62.3b from Shs49.1b, which signifies its impact of the industry.<\/p>\n

Outlook<\/b><\/p>\n

According to IRA, the sector is projected to grow further, amid a hardening economic outlook, characterised heightened costs of living and reducing disposable income.<\/p>\n

However, IRA noted that this will inevitably impact demand for among other things, insurance but the regulator remains optimistic due to the resilience demonstrated during a prolonged period of crises in addition to expected government releases for public infrastructure.<\/p>\n

This, IRA says, will sustain the sector\u2019s growth to above 15 percent in the next quarter but with a 12 percent decline by the end of the year.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Insurance premiums grew to Shs711.7b in the first half of 2022 shored up by improved performance in non-life premiums. During the period ended June, insurance premiums grew by 18.6 percent with non-life cover contributing 58 percent or Shs406.37b of gross written premiums, which was a 4 percent growth from Shs391b registered in […]<\/p>\n","protected":false},"author":84,"featured_media":35856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-35857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nInsurance defies economic slowdown to record growth - Uganda<\/title>\n<meta name=\"description\" content=\"Insurance premiums grew to Shs711.7b in the first half of 2022 shored up by improved performance in non-life premiums. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance defies economic slowdown to record growth\" \/>\n<meta property=\"og:description\" content=\"Insurance premiums grew to Shs711.7b in the first half of 2022 shored up by improved performance in non-life premiums. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-21T17:25:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-21T17:42:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/08\/postQueueImg_13-63026e33c695b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Insurance defies economic slowdown to record growth\",\"datePublished\":\"2022-08-21T17:25:02+00:00\",\"dateModified\":\"2022-08-21T17:42:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth\"},\"wordCount\":482,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/08\/postQueueImg_13-63026e33c695b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/insurance-defies-economic-slowdown-to-record-growth\",\"name\":\"Insurance defies economic slowdown to record growth - 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