The Insurance Industry in Uganda, Key Trends and Opportunities to 2018

Published: Aug, 2014 | Pages: 141 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Uganda, including:
The Ugandan insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Ugandan insurance industry
The current trends and drivers of the Ugandan insurance industry
Challenges facing the Ugandan insurance industry
Detailed regulatory framework of the Ugandan insurance industry

Summary
The Ugandan insurance industry recorded a CAGR of 18.8% during 2009-2013. The healthy growth in the industry was due to the strong performance of the personal accident and health insurance segment, which registered a review-period CAGR of 22.1%. This was followed by the life and non-life segments, with respective CAGRs of 21.8% and 17.2%. A strengthening economy and rising exports are expected to support the growth of the insurance industry.
Scope
This report provides a comprehensive analysis of the insurance industry in Uganda:
It provides historical values for the Ugandan insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Ugandan insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Uganda, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Ugandan insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Ugandan insurance industry.
Assess the competitive dynamics in the Ugandan insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Ugandan insurance industry and its impact on companies and the industry's future.
Key Highlights
Non-life insurance accounted for 64.2% of the total insurance industry's written premium in 2013. This is followed by the personal accident and health with a share of 24.6% and life with a share of 11.2% in 2013.
The strengths of the Ugandan insurance sector lie in its vibrant regulatory framework. The government has updated insurance regulations several times in order to make them more consistent with emerging trends and changing market dynamics.
The increase in the minimum paid-up capital required for insurance business operations restricts the entrance of new insurers to the country.
Around 90% of the population in Uganda is poor, with 86.1% living in rural areas as of 2013.
The Ugandan insurance industry is small and underpenetrated; there were 22 insurance companies, 29 insurance brokers, 17 loss assessors and 828 agents involved in insurance business at the end of 2012.
Insurance penetration increased from 0.601% in 2009 to 0.675% in 2013, and is expected to reach 0.731% in 2018.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Ugandan Insurance Industry Overview
3.1 Ugandan Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Group life insurance
4.1.3 Other insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Property insurance
5.2.2 Motor insurance
5.2.3 Liability insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability
5.3.2 Workmen's compensation insurance
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors (IAIS)
5.4.2 African Insurance Organization (AIO)
5.4.3 Insurance Regulatory Authority of Uganda (IRA)
5.4.4 Uganda Insurers Association (UIA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Jubilee Insurance - company overview
6.2.2 AIG Uganda Insurance Co. Ltd (AIG) - company overview
6.2.3 Goldstar Insurance Co. Ltd - company overview
6.2.4 Liberty Life Assurance - company overview
6.2.5 UAP Insurance - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Total Number of Households (Million)
7.7 Total Number of Internet Users (Thousand)
7.8 Total Population (Million)
7.9 Rural and Urban Populations (Percentage)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Ugandan Insurance - Overall Written Premium by Segment (UGX Billion), 2009-2013
Table 3: Ugandan Insurance - Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Ugandan Insurance - Overall Written Premium by Segment (UGX Billion), 2013-2018
Table 5: Ugandan Insurance - Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Ugandan Insurance - Segmentation (% Share), 2009-2018
Table 7: Ugandan Life Insurance - Written Premium by Category (UGX Billion), 2009-2013
Table 8: Ugandan Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 9: Ugandan Life Insurance - Written Premium by Category (UGX Billion), 2013-2018
Table 10: Ugandan Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 11: Ugandan Life Insurance - Paid Claims (UGX Billion), 2009-2013
Table 12: Ugandan Life Insurance - Paid Claims (UGX Billion), 2013-2018
Table 13: Ugandan Life Insurance - Incurred Loss (UGX Billion), 2009-2013
Table 14: Ugandan Life Insurance - Incurred Loss (UGX Billion), 2013-2018
Table 15: Ugandan Life Insurance - Loss Ratio (%), 2009-2013
Table 16: Ugandan Life Insurance - Loss Ratio (%), 2013-2018
Table 17: Ugandan Life Insurance - Combined Ratio (%), 2009-2013
Table 18: Ugandan Life Insurance - Combined Ratio (%), 2013-2018
Table 19: Ugandan Life Insurance - Total Assets (UGX Billion), 2009-2013
Table 20: Ugandan Life Insurance - Total Assets (UGX Billion), 2013-2018
Table 21: Ugandan Life Insurance - Retentions (UGX Billion), 2009-2013
Table 22: Ugandan Life Insurance - Retentions (UGX Billion), 2013-2018
Table 23: Ugandan Individual Life Insurance - Written Premium (UGX Billion), 2009-2013
Table 24: Ugandan Individual Life Insurance - Written Premium (UGX Billion), 2013-2018
Table 25: Ugandan Group Life Insurance - Written Premium (UGX Billion), 2009-2013
Table 26: Ugandan Group Life Insurance - Written Premium (UGX Billion), 2013-2018
Table 27: Ugandan Other Insurance - Written Premium (UGX Billion), 2009-2013
Table 28: Ugandan Other Insurance - Written Premium (UGX Billion), 2013-2018
Table 29: Ugandan Non-Life Insurance - Written Premium by Category (UGX Billion), 2009-2013
Table 30: Ugandan Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 31: Ugandan Non-Life Insurance - Written Premium by Category (UGX Billion), 2013-2018
Table 32: Ugandan Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 33: Ugandan Non-Life Insurance - Paid Claims (UGX Billion), 2009-2013
Table 34: Ugandan Non-Life Insurance - Paid Claims (UGX Billion), 2013-2018
Table 35: Ugandan Non-Life Insurance - Incurred Loss (UGX Billion), 2009-2013
Table 36: Ugandan Non-Life Insurance - Incurred Loss (UGX Billion), 2013-2018
Table 37: Ugandan Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 38: Ugandan Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 39: Ugandan Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 40: Ugandan Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 41: Ugandan Non-Life Insurance - Total Assets (UGX Billion), 2009-2013
Table 42: Ugandan Non-Life Insurance - Total Assets (UGX Billion), 2013-2018
Table 43: Ugandan Non-Life Insurance - Retentions (UGX Billion), 2009-2013
Table 44: Ugandan Non-Life Insurance - Retentions (UGX Billion), 2013-2018
Table 45: Ugandan Property Insurance - Written Premium (UGX Billion), 2009-2013
Table 46: Ugandan Property Insurance - Written Premium (UGX Billion), 2013-2018
Table 47: Ugandan Motor Insurance - Written Premium (UGX Billion), 2009-2013
Table 48: Ugandan Motor Insurance - Written Premium (UGX Billion), 2013-2018
Table 49: Ugandan Liability Insurance - Written Premium (UGX Billion), 2009-2013
Table 50: Ugandan Liability Insurance - Written Premium (UGX Billion), 2013-2018
Table 51: Ugandan Marine, Aviation and Transit Insurance - Written Premium (UGX Billion), 2009-2013
Table 52: Ugandan Marine, Aviation and Transit Insurance - Written Premium (UGX Billion), 2013-2018
Table 53: Ugandan Persol Accident and Health Insurance - Written Premium (UGX Billion), 2009-2013
Table 54: Ugandan Persol Accident and Health Insurance - Paid Claim (UGX Billion), 2009-2013
Table 55: Ugandan Persol Accident and Health Insurance - Paid Claim (UGX Billion), 2013-2018
Table 56: Ugandan Persol Accident and Health Insurance - Incurred Loss (UGX Billion), 2009-2013
Table 57: Ugandan Persol Accident and Health Insurance - Incurred Loss (UGX Billion), 2013-2018
Table 58: Ugandan Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 59: Ugandan Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 60: Ugandan Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 61: Ugandan Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 62: Ugandan Persol Accident and Health Insurance - Total Assets (UGX Billion), 2009-2013
Table 63: Ugandan Persol Accident and Health Insurance - Total Assets (UGX Billion), 2013-2018
Table 64: Ugandan Persol Accident and Health Insurance - Retentions (UGX Billion), 2009-2013
Table 65: Ugandan Persol Accident and Health Insurance - Retentions (UGX Billion), 2013-2018
Table 66: Ugandan Reinsurance Ceded by Insurance Industry (UGX Billion), 2009-2013
Table 67: Ugandan Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 68: Ugandan Reinsurance Ceded by Insurance Industry (UGX Billion), 2013-2018
Table 69: Ugandan Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 70: Ugandan Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 71: Ugandan Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 72: Ugandan Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 73: Ugandan Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 74: Ugandan Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 75: Ugandan Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 76: Uganda - Life Insurance Regulatory Framework
Table 77: Uganda - Property Insurance Regulatory Framework
Table 78: Uganda - Motor Insurance Regulatory Framework
Table 79: Uganda - Liability  Insurance Regulatory Framework
Table 80: Uganda - Corporate Tax Rates for the Fincial Year 2013
Table 81: Ugandan Life Insurance - Segment Shares 2011 and 2012
Table 82: Ugandan Non-Life and Persol Accident and Health Insurance - Segment Shares, 2011 and 2012
Table 83: Jubilee Insurance - Main Products
Table 84: Jubilee Insurance - Key Employees
Table 85: AIG - Main Products
Table 86: AIG - Key Employees
Table 87: Goldstar Insurance Co. Ltd - Main Products
Table 88: Goldstar Insurance Co. Ltd - Key Employees
Table 89: Liberty Life Assurance - Main Products
Table 90: UAP Insurance - Main Products
Table 91: UAP Insurance - Key Employees