The Insurance Industry In Uganda, Key Trends And Opportunities To 2018

PR Newswire

08/11/14 - 06:39 PM EDT

LONDON, Aug. 11, 2014 /PRNewswire/ -- Reportbuyer.com has added a new market research report: The Insurance Industry in Uganda, Key Trends and Opportunities to 2018

https://www.reportbuyer.com/product/1120579/The-Insurance-Industry-in-Uganda-Key-Trends-and-Opportunities-to-2018.html

SynopsisThe 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

SummaryThe 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.

ScopeThis 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.

Reasons 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 in surance 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.Table of Contents1 Executive Summary2 Introduction2.1 What is this Report About?2.2 Definitions2.3 Methodology3 Ugandan Insurance Industry Overview3.1 Ugandan Insurance Industry3.2 Key Industry Trends and Drivers3.3 Challenges4 Industry Segmentation4.1 Life Insurance4.1.1 Individual life insurance4.1.2 Group life insurance4.1.3 Other insurance4.2 Non-Life Insurance4.2.1 Property insurance4.2.2 Motor insurance4.2.3 Liability insurance4.2.4 Marine, aviation and transit insurance4.3 Personal Accident and Health Insurance4.4 Reinsurance5 Governance, Risk and Compliance5.1 Legislation Overview and Historical Evolution5.2 Legislation and Market Practice by Type of Insurance5.2.1 Property insurance5.2.2 Motor insurance5.2.3 Liability insurance5.2.4 Marine , aviation and transit insurance5.2.5 Personal accident and health insurance5.3 Compulsory Insurance5.3.1 Motor third-party liability5.3.2 Workmen's compensation insurance5.4 Supervision and Control5.4.1 International 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 Regulations5.5.1 Overview5.5.2 Intermediaries5.5.3 Market practices5.5.4 Fines and penalties5.6 Company Registration and Operations5.6.1 Types of insurance organization5.6.2 Establishing a local company5.6.3 Foreign ownership5.6.4 Types of license5.6.5 Capital requirements5.6.6 Solvency margins5.6.7 Reserve requirements5.6.8 Investment regulations5.6.9 Statutory return requirements 5.6.10 Fee structure5.7 Taxation5.7.1 Insurance premium or policy taxation5.7.2 Withholding taxes on premium paid overseas5.7.3 Corporate tax5.7.4 VAT5.7.5 Captives5.8 Legal System5.8.1 Introduction5.8.2 Access to court5.8.3 Alternative dispute resolution (ADR)6 Competitive Landscape6.1 Overview6.2 Leading Companies6.2.1 Jubilee Insurance – company overview6.2.2 AIG Uganda Insurance Co. Ltd (AIG) – company overview6.2.3 Goldstar Insurance Co. Ltd – company overview6.2.4 Liberty Life Assurance – company overview6.2.5 UAP Insurance – company overview7 Economic Indicators7.1 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 Appendix8.1 Methodology8.2 Contact Timetric8.3 About Timetric8.4 T imetric's Services8.5 Disclaimer

List of TablesTable 1: Insurance Industry DefinitionsTable 2: Ugandan Insurance – Overall Written Premium by Segment (UGX Billion), 2009–2013Table 3: Ugandan Insurance – Overall Written Premium by Segment (US$ Million), 2009–2013Table 4: Ugandan Insurance – Overall Written Premium by Segment (UGX Billion), 2013–2018Table 5: Ugandan Insurance – Overall Written Premium by Segment (US$ Million), 2013–2018Table 6: Ugandan Insurance – Segmentation (% Share), 2009–2018Table 7: Ugandan Life Insurance – Written Premium by Category (UGX Billion), 2009–2013Table 8: Ugandan Life Insurance – Written Premium by Category (US$ Million), 2009–2013Table 9: Ugandan Life Insurance – Written Premium by Category (UGX Billion), 2013–2018Table 10: Ugandan Life Insurance – Written Premium by Category (US$ Million), 2013–2018Table 11: Ugandan Life Insurance – Paid Claims (UGX Billion), 2009–2013Table 12: Ugandan Life Insurance – Paid Claims (UGX Billion), 2013–2 018Table 13: Ugandan Life Insurance – Incurred Loss (UGX Billion), 2009–2013Table 14: Ugandan Life Insurance – Incurred Loss (UGX Billion), 2013–2018Table 15: Ugandan Life Insurance – Loss Ratio (%), 2009–2013Table 16: Ugandan Life Insurance – Loss Ratio (%), 2013–2018Table 17: Ugandan Life Insurance – Combined Ratio (%), 2009–2013Table 18: Ugandan Life Insurance – Combined Ratio (%), 2013–2018Table 19: Ugandan Life Insurance – Total Assets (UGX Billion), 2009–2013Table 20: Ugandan Life Insurance – Total Assets (UGX Billion), 2013–2018Table 21: Ugandan Life Insurance – Retentions (UGX Billion), 2009–2013Table 22: Ugandan Life Insurance – Retentions (UGX Billion), 2013–2018Table 23: Ugandan Individual Life Insurance – Written Premium (UGX Billion), 2009–2013Table 24: Ugandan Individual Life Insurance – Written Premium (UGX Billion), 2013–2018Table 25: Ugandan Group Life Insurance – Written Premium (UGX Billion), 2009–2013Table 26: U gandan Group Life Insurance – Written Premium (UGX Billion), 2013–2018Table 27: Ugandan Other Insurance – Written Premium (UGX Billion), 2009–2013Table 28: Ugandan Other Insurance – Written Premium (UGX Billion), 2013–2018Table 29: Ugandan Non-Life Insurance – Written Premium by Category (UGX Billion), 2009–2013Table 30: Ugandan Non-Life Insurance – Written Premium by Category (US$ Million), 2009–2013Table 31: Ugandan Non-Life Insurance – Written Premium by Category (UGX Billion), 2013–2018Table 32: Ugandan Non-Life Insurance – Written Premium by Category (US$ Million), 2013–2018Table 33: Ugandan Non-Life Insurance – Paid Claims (UGX Billion), 2009–2013Table 34: Ugandan Non-Life Insurance – Paid Claims (UGX Billion), 2013–2018Table 35: Ugandan Non-Life Insurance – Incurred Loss (UGX Billion), 2009–2013Table 36: Ugandan Non-Life Insurance – Incurred Loss (UGX Billion), 2013–2018Table 37: Ugandan Non-Life Insurance – Loss Ratio (%), 2009� �2013Table 38: Ugandan Non-Life Insurance – Loss Ratio (%), 2013–2018Table 39: Ugandan Non-Life Insurance – Combined Ratio (%), 2009–2013Table 40: Ugandan Non-Life Insurance – Combined Ratio (%), 2013–2018Table 41: Ugandan Non-Life Insurance – Total Assets (UGX Billion), 2009–2013Table 42: Ugandan Non-Life Insurance – Total Assets (UGX Billion), 2013–2018Table 43: Ugandan Non-Life Insurance – Retentions (UGX Billion), 2009–2013Table 44: Ugandan Non-Life Insurance – Retentions (UGX Billion), 2013–2018Table 45: Ugandan Property Insurance – Written Premium (UGX Billion), 2009–2013Table 46: Ugandan Property Insurance – Written Premium (UGX Billion), 2013–2018Table 47: Ugandan Motor Insurance – Written Premium (UGX Billion), 2009–2013Table 48: Ugandan Motor Insurance – Written Premium (UGX Billion), 2013–2018Table 49: Ugandan Liability Insurance – Written Premium (UGX Billion), 2009–2013Table 50: Ugandan Liability Insurance – Written Prem ium (UGX Billion), 2013–2018Table 51: Ugandan Marine, Aviation and Transit Insurance – Written Premium (UGX Billion), 2009–2013Table 52: Ugandan Marine, Aviation and Transit Insurance – Written Premium (UGX Billion), 2013–2018Table 53: Ugandan Personal Accident and Health Insurance – Written Premium (UGX Billion), 2009–2013Table 54: Ugandan Personal Accident and Health Insurance – Paid Claim (UGX Billion), 2009–2013Table 55: Ugandan Personal Accident and Health Insurance – Paid Claim (UGX Billion), 2013–2018Table 56: Ugandan Personal Accident and Health Insurance – Incurred Loss (UGX Billion), 2009–2013Table 57: Ugandan Personal Accident and Health Insurance – Incurred Loss (UGX Billion), 2013–2018Table 58: Ugandan Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013Table 59: Ugandan Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018Table 60: Ugandan Personal Accident and Health Insurance – Combined Ratio (%), 200 9–2013Table 61: Ugandan Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018Table 62: Ugandan Personal Accident and Health Insurance – Total Assets (UGX Billion), 2009–2013Table 63: Ugandan Personal Accident and Health Insurance – Total Assets (UGX Billion), 2013–2018Table 64: Ugandan Personal Accident and Health Insurance – Retentions (UGX Billion), 2009–2013Table 65: Ugandan Personal Accident and Health Insurance – Retentions (UGX Billion), 2013–2018Table 66: Ugandan Reinsurance Ceded by Insurance Industry (UGX Billion), 2009–2013Table 67: Ugandan Reinsurance Ceded by Insurance Industry (US$ Million), 2009–2013Table 68: Ugandan Reinsurance Ceded by Insurance Industry (UGX Billion), 2013–2018Table 69: Ugandan Reinsurance Ceded by Insurance Industry (US$ Million), 2013–2018Table 70: Ugandan Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013Table 71: Ugandan Life Insurance – Percentage of Reinsurance Ceded (%),2013– 2018Table 72: Ugandan Non-life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013Table 73: Ugandan Non-life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018Table 74: Ugandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013Table 75: Ugandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018Table 76: Uganda – Life Insurance Regulatory FrameworkTable 77: Uganda – Property Insurance Regulatory FrameworkTable 78: Uganda – Motor Insurance Regulatory FrameworkTable 79: Uganda – Liability Insurance Regulatory FrameworkTable 80: Uganda – Corporate Tax Rates for the Financial Year 2013Table 81: Ugandan Life Insurance – Segment Shares 2011 and 2012Table 82: Ugandan Non-Life and Personal Accident and Health Insurance – Segment Shares, 2011 and 2012Table 83: Jubilee Insurance – Main ProductsTable 84: Jubilee Insurance – Key EmployeesTable 85: AIG – Main ProductsTable 86: AIG – Key EmployeesTable 87: Goldstar Insurance Co. Ltd – Main ProductsTable 88: Goldstar Insurance Co. Ltd – Key EmployeesTable 89: Liberty Life Assurance – Main ProductsTable 90: UAP Insurance – Main ProductsTable 91: UAP Insurance – Key Employees

List of FiguresFigure 1: Ugandan Insurance – Overall Written Premium by Segment (UGX Billion), 2009–2018Figure 2: Ugandan Insurance – Dynamics by Segment, 2009–2018Figure 3: Ugandan Life Insurance – Written Premium by Category (UGX Billion), 2009–2018Figure 4: Ugandan Life Insurance – Written Premium by Category (% Share), 2013 and 2018Figure 5: Ugandan Life Insurance – Dynamics by Category, 2009–2018Figure 6: Ugandan Life Insurance – Paid Claims (UGX Billion), 2009–2013Figure 7: Ugandan Life Insurance – Paid Claims (UGX Billion), 2013–2018Figure 8: Ugandan Life Insurance – Incurred Loss (UGX Billion), 2009–2013Figure 9: Ugandan Life Insurance – Incurred Loss (UGX Billion), 2013–2018Figure 10: Ugandan Life Insurance – Loss Ratio (%), 2009–2013Figure 11: Ugandan Life Insurance – Loss Ratio (%), 2013–2018Figure 12: Ugandan Life Insurance – Combined Ratio (%), 2009–2013Figure 13: Ugandan Life Insurance – Combined Ratio (%), 2013–2018F igure 14: Ugandan Life Insurance – Total Assets (UGX Billion), 2009–2013Figure 15: Ugandan Life Insurance – Total Assets (UGX Billion), 2013–2018Figure 16: Ugandan Life Insurance – Retentions (UGX Billion), 2009–2013Figure 17: Ugandan Life Insurance – Retentions (UGX Billion), 2013–2018Figure 18: Ugandan Life Insurance – Investment (UGX Billion), 2009–2013Figure 19: Ugandan Life Insurance – Penetration (%), 2009–2013Figure 20: Ugandan Life Insurance – Premium Per-Capita (UGX), 2009–2013Figure 21: Ugandan Individual Life Insurance – Written Premium (UGX Billion), 2009–2013Figure 22: Ugandan Individual Life Insurance – Written Premium (UGX Billion), 2013–2018Figure 23: Ugandan Group Life Insurance – Written Premium (UGX Billion), 2009–2013Figure 24: Ugandan Group Life Insurance – Written Premium (UGX Billion), 2013–2018Figure 25: Ugandan Other Insurance – Written Premium (UGX Billion), 2009–2013Figure 26: Ugandan Other Insurance – Writ ten Premium (UGX Billion), 2013–2018Figure 27: Ugandan Non-Life Insurance – Written Premium by Category (UGX Billion), 2009–2018Figure 28: Ugandan Non-Life Insurance – Written Premium by Category (%), 2013 and 2018Figure 29: Ugandan Non-Life Insurance – Dynamics by Category, 2009–2018Figure 30: Ugandan Non-Life Insurance – Paid Claims (UGX Billion), 2009–2013Figure 31: Ugandan Non-Life Insurance – Paid Claims (UGX Billion), 2013–2018Figure 32: Ugandan Non-Life Insurance – Incurred Loss (UGX Billion), 2009–2013Figure 33: Ugandan Non-Life Insurance – Incurred Loss (UGX Billion), 2013–2018Figure 34: Ugandan Non-Life Insurance – Loss Ratio (%), 2009–2013Figure 35: Ugandan Non-Life Insurance – Loss Ratio (%), 2013–2018Figure 36: Ugandan Non-Life Insurance – Combined Ratio (%), 2009–2013Figure 37: Ugandan Non-Life Insurance – Combined Ratio (%), 2013–2018Figure 38: Ugandan Non-Life Insurance – Total Assets (UGX Billion), 2009–2013Figure 39: Ugandan Non-Life Insurance – Total Assets (UGX Billion), 2013–2018Figure 40: Ugandan Non-Life Insurance – Retentions (UGX Billion), 2009–2013Figure 41: Ugandan Non-Life Insurance – Retentions (US$ Billion), 2013–2018Figure 42: Ugandan Non-Life Insurance – Investment (UGX Billion), 2009–2013Figure 43: Ugandan Non-Life Insurance – Penetration (%), 2009–2013Figure 44: Ugandan Non-Life Insurance – Premium Per Capita (UGX), 2009–2013Figure 45: Ugandan Property Insurance – Written Premium (UGX Billion), 2009–2013Figure 46: Ugandan Property Insurance – Written Premium (UGX Billion), 2013–2018Figure 47: Ugandan Motor Insurance – Written Premium (UGX Billion), 2009–2013Figure 48: Ugandan Motor Insurance – Written Premium (UGX Billion), 2013–2018Figure 49: Ugandan Liability Insurance – Written Premium (UGX Billion), 2009–2013Figure 50: Ugandan Liability Insurance – Written Premium (UGX Billion), 2013–2018Figure 51: Ugandan Marine, Aviation and T ransit Insurance – Written Premium (UGX Billion), 2009–2013Figure 52: Ugandan Marine, Aviation and Transit Insurance – Written Premium (UGX Billion), 2013–2018Figure 53: Ugandan Personal Accident and Health Insurance – Written Premium (UGX Billion), 2009–2013Figure 54: Ugandan Personal Accident and Health Insurance – Paid Claims by Category (UGX Billion), 2009–2013Figure 55: Ugandan Personal Accident and Health Insurance – Paid Claims (UGX Billion), 2013–2018Figure 56: Ugandan Personal Accident and Health Insurance – Incurred Loss (UGX Billion), 2009–2013Figure 57: Ugandan Personal Accident and Health Insurance – Incurred Loss (UGX Billion), 2013–2018Figure 58: Ugandan Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013Figure 59: Ugandan Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018Figure 60: Ugandan Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013Figure 61: Ugandan Personal Accident an d Health Insurance – Combined Ratio (%), 2013–2018Figure 62: Ugandan Personal Accident and Health Insurance – Total Assets (UGX Billion), 2009–2013Figure 63: Ugandan Personal Accident and Health Insurance – Total Assets (UGX Billion), 2013–2018Figure 64: Ugandan Personal Accident and Health Insurance – Retentions (UGX Billion), 2009–2013Figure 65: Ugandan Personal Accident and Health Insurance – Retentions (UGX Billion), 2013–2018Figure 66: Ugandan Personal Accident and Health Insurance – Investment (UGX Billion), 2009–2013Figure 67: Ugandan Personal Accident and Health Insurance – Penetration (%), 2009–2013Figure 68: Ugandan Personal Accident and Health Insurance – Premium Per Capita (UGX), 2009–2013Figure 69: Ugandan Reinsurance Ceded by Insurance Segment (UGX Billion), 2009–2018Figure 70: Ugandan Reinsurance – Dynamics by Insurance Segment, 2009–2018Figure 71: Ugandan Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013Figure 7 2: Ugandan Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018Figure 73: Ugandan Non-life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013Figure 74: Ugandan Non-life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018Figure 75: Ugandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013Figure 76: Ugandan Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018Figure 77: Uganda – Insurance Regulatory FrameworkFigure 78: Uganda – Insurance Supervision and Control at Various LevelsFigure 79: Uganda – Insurance Regulatory Frameworks for Company Regi stration and OperationFigure 80: Ugandan Life Insurance – Segment Shares, 2011 and 2012Figure 81: Ugandan Non-Life and Personal Accident and Health Insurance – Segment Shares, 2011Figure 82: Ugandan GDP at Constant Prices (US$ Billion), 2009–2013Figure 83: Ugandan GDP at Current Prices (US$ Billion), 2009–2013Figure 84: Ugandan GDP Per Capita at Constant Prices (US$), 2009–2013Figure 85: Ugandan Inflation Rate (%), 2009–2013Figure 86: Ugandan Life Expectancy (Number of Years), 2009–2013Figure 87: Ugandan Total Number of Households (Million), 2009–2013Figure 88: Ugandan Total Number of Internet Users (Thousand), 2008–2012Figure 89: Ugandan Total Population (Million), 2009–2013Figure 90: Ugandan Rural and Urban Populations (%), 2009–2013

Read the full report: The Insurance Industry in Uganda, Key Trends and Opportunities to 2018

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