According to Uganda Insurers Association, Uganda’s insurance industry has experienced significant growth over the past decade, with an average annual premium increase of 17.7%. This expansion has led to a competitive market with numerous companies offering diverse insurance products. Here is a list of the top 10 insurance companies in Uganda, based on their 2023 turnover:
- UAP General Insurance: With a turnover of UGX 191.3 billion (approximately USD 49.75 million), UAP General Insurance leads the non-life insurance sector in Uganda.
- Sanlam General Insurance: This company reported a turnover of UGX 108.4 billion (USD 28.19 million) in 2023, securing its position as a major player in the market.
- Jubilee Health Insurance: Specializing in health insurance, Jubilee Health achieved a turnover of UGX 89.8 billion (USD 23.35 million) in 2023.
- Jubilee Insurance: Offering a range of insurance products, Jubilee Insurance reported a turnover of UGX 88.06 billion (USD 22.89 million) in 2023.
- Britam Insurance Uganda Limited: Britam’s turnover reached UGX 80.18 billion (USD 20.84 million) in 2023, reflecting its strong market presence.
- Goldstar Life Assurance Company Limited: This company reported a turnover of UGX 39.63 billion (USD 10.30 million) in 2023, indicating steady growth in the life assurance sector.
- Liberty General Insurance: With a turnover of UGX 39.44 billion (USD 10.25 million) in 2023, Liberty General continues to be a key player in the non-life insurance market.
- CIC General Insurance Uganda Limited: CIC General reported a turnover of UGX 36.38 billion (USD 9.45 million) in 2023, showcasing its competitive edge.
- ICEA General Insurance: With a turnover of UGX 36.03 billion (USD 9.37 million) in 2023, ICEA General maintains a strong market position.
- Alliance Africa General Insurance Limited: This company achieved a turnover of UGX 33.10 billion (USD 8.60 million) in 2023, reflecting its solid performance in the industry.
These companies have established themselves as leaders in Uganda’s insurance sector, offering a wide range of products and services to meet the diverse needs of their clients.
