CEO-IRA Alhaj Kaddunabbi Ibrahim Lubega
The Insurance Regulatory Authority of Uganda (IRA) has authorized a new batch of 143 players to conduct insurance business, effective January 2, 2025. The move brings the total number of authorized players to a new high, marking a significant increase from the previous year.
The newly authorized players include two Reinsurance companies, 20 non-life insurance companies, nine life insurance companies, and four micro insurance companies, one Health Membership Organisation (HMO), six Reinsurance Brokers and 49 insurance Brokers.
The others are 20 Bancassurance agents, 11 Loss Assessors, three Loss Adjustors, three Loss Assessor and Loss Adjustors, six Loss Assessors and Risk Advisors, five Loss Adjustors and Risk Advisors, three Risk Advisors, Loss Adjustor and Loss Assessors and one Risk Advisor.
This growth is attributed to the conducive and supportive regulatory environment created by the IRA. The regulator’s efforts have encouraged new entrants into Uganda’s insurance market space, including Kenbright Insurance Brokers, which has transitioned to Kenbright Reinsurance Brokers.
The IRA has consistently urged insurance players to innovate and adapt to the changing dynamics of the insurance sector. Despite progress made, formal insurance uptake in Uganda remains low, highlighting the need for continued innovation and growth in the industry.
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