2018 ANNUAL INSURANCE MARKET REPORT 2018 ANNUAL INSURANCE MARKET REPORT
2 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Strategic Overview of IRA
Our Business
Who we Are We are the Insurance Regulatory Authority of Uganda whose establishment was a consequence of Government’s adoption of the Liberalization policy which ended its role of directly engaging in the provision of goods and services and taking on the role of Supervision and Regulation. The Authority is the Supervisor and Regulator of the insurance industry in Uganda. It was established under the Insurance Act, (Cap 213) Laws of Uganda, 2000 (as amended) with the main objective of “ensuring Effective Administration, Supervision, Regulation and Control of the business of insurance in Uganda”.
In addition to maintaining the safety and sound operation of insurance players, protecting the interests of insureds and insurance beneficiaries and ensuring the supply of high quality and transparent insurance services and products, the Authority commits significant efforts and resources to facilitating the development of the insurance market.
Our Mission To create an enabling regulatory environment for sustainable growth of the insurance industry while upholding best practices.
Our Vision A Model Regulator of a Developed and secure insurance industry
Our Values The Insurance Regulatory Authority has five core values, namely: I) Professionalism - We are qualified, skilled and act with the highest standards of excellence. II) Integrity - We model ethical behaviour by conducting all matters of business with integrity. III) Accountability - We accept responsibility for our actions. IV) Transparency – We are open and honest in communication V) Team Work – We are better together.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 i Board Members
Our Board is comprised of a team of passionate experts leading the corporate strategy by inspiring example. They include:
Dr. Isaac Nkote Nabeta Hajjat. Aphwa K. Ssebyala Board Chairman Deputy Board Chairperson
Mr. Ssegawa Ronald Mr. James Muwawu Hon. Nusura Tiperu Board Member Board Member Board Member
Dr. Charles A Abuka Mr. Keith Kalyegira Mr. Martin Nsubuga Board Member Board Member Board Member
Mr. Moses Kaggwa Alhaj Kaddunabbi Ibrahim Lubega Board Member Chief Executive Officer
ii Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Top Management
Our Management team is true to our vision, mission and values whilst putting policyholders’ safety at the centre of our regulatory mandate. The team includes:
Alhaj Kaddunabbi Ibrahim Lubega Chief Executive Officer
Mrs.Evelyn Nkalubo Mr.Benard Obel Mrs.Florence Nviri K Mr. Protazio Sande Muwemba Director Supervision Director Finance Director Planning. Research Director Legal / & Market Development Secretary to the Authority
Muganyizi Harunah Mpala Robert Asiimwe David Ms. Mariam Head Human Capital & Head Procurement Head Internal Audit Nalunkuuma Administration Head Communications
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 iii Board Chairman’s Statement
The year 2018/19 was a great year in aggregate terms but keeping an eye on the details as well as the big picture is what will propel the insurance industry to the future that we desire – a future where insurance occupies a high position on the priority list and where insurance is the preferred choice of risk management.
With the above food-for-thought to all stakeholders especially those in the supply-side space, I take delight in making my third statement as Chairman of the Board.
n the year 2018/19, the Board remained on course indicates the need for insurers to tread judiciously to Iof its mandate and indeed significant progress remain afloat without jeopardizing the interests of the was registered. The Gross Written premiums for the policy holders. Industry increased from Ugx. 728.4 in 2017 to Ugx. 856billion in 2018 (17.51% growth) out of which The fundamentals show that the economy is poised Non-Life Gross Written Premium (GWP) contributed to remain on a steady path of growth supported Ugx. 570bn in 2018 (67%); Life Ugx. 216.9bn by robust domestic demand, public infrastructure (25%) and HMOs Ugx. 69.1bn (8%). This growth is investments, improving agricultural productivity and commendable compared to the growth of 14.75% a recovery in Foreign Direct Investments. According to which was registered in the corresponding period the National Budget Framework Paper 2019/20 which of 2017. The Insurance companies’ (including HMOs) was published in December 2018 by the Ministry financial strength measured in terms of Net Assets of Finance, Planning and Economic Development, increased by 11% from Ugx. 458bn to Ugx. 508bn the economy is projected to grow by 6.2% in the in 2018. This reflects the improved ability/capacity of FY2018/19 and to remain stable in 2019/20 with core the industry to absorb more risks locally which is a inflation remaining close to the Central Bank’s policy good indicator of a growing sector. It is even more target of 5%. The Ugx. 40-plus trillion Government impressive to note that the industry continued to budget for 2019/20 is also such a great potential for demonstrate more value to the insuring public the sector. through claims payment. In the reporting period, Gross Claims paid increased by 12% from Ugx. The signals are right and Insurance players ought 291.7bn to Ugx. 326.7bn in 2018. These figures to position themselves to benefit from these waves should sound a loud reaffirmation to the insuring of opportunities. There is need to tackle the “white public and indeed the prospects that insurers are in elephant in the house” - public trust deficit- in order to business to pay claims provided they are genuine. I maximize the dividends from the said opportunities. say genuine because the trend of fraudulent claims As reported in the Chartered Insurance Institute is also on the raise. A total of 17 cases of Insurance Survey on Public Trust in Insurance (January 2018), fraud were reported to the Authority’s Anti-Fraud Insurers need to be brave and turn the customer Unit involving amounts in excess of Ugx. 2.5bn. This relationship into one of protection and meeting
iv Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 needs, rather than sales and product lines. That will On behalf of the Authority Board, and indeed on my take a change of mindset and bravery. It will also take own behalf, I appreciate the confidence and trust much better engagement. the Minister of Finance, Planning and Economic Development put in us to provide strategic oversight Like I have said before, in a dynamic business to the Insurance Regulatory Authority of Uganda landscape like the one facing Insurance players, (IRA). I further extend my sincere gratitude to my averages can no longer work. As Martin Luther King fellow directors for their concerted effort and insights Jr. once opined “Our very survival depends on through the past years. Together, we have written our ability to stay awake, to adjust to new ideas, down a resounding story of consistency in regulation to remain vigilant and to face the challenge of for stable growth across different lines of Insurance change”. Indeed, in today’s business, the only variable Business. I am glad that we have been able to make our that is not changing is change itself. Thus, it is only humble contribution. The story would certainly have with each one of us re-orienting our strategies to been different without the efforts of the Authority’s keep in tandem with change and doing our best that Management and the unwavering commitment of all we shall be able to surpass the challenges on the path staff. of insurance industry in Uganda. I congratulate the Industry Leadership and The challenges ahead call for among others, rethinking Management on their impressive performance the role of insurance in society. In the information in 2018/19. We express our recognition of their age, consumers are looking out for solutions not dedication and hard work. We fully appreciate mere policies. This raises the need for collaboration the continuing commitment and support of their and engagements with non-traditional players so as shareholders and indeed their clients. to deliver to the expectations. When analysing the current trends, particularly in the digital space, it is not To this end, the board pledges its untiring support speculative to observe that the greatest competition in the coming years and looks forward to working to the insurance industry will not come from within together to deliver better in 2019/20 and beyond. but rather from those non-traditional players. This calls for Insurance Players to be open to change. “It isn’t the mountains ahead to climb that wear As Board, we remain steadfast in delivering on our you out; it’s the pebble in your shoe.” Muhammad mandate of governing the Authority to provide an Ali. Growth of the insurance industry is possible if we enabling regulatory environment for sustainable deal with the “pebbles” in the shoes. The results will business growth through effective supervision of the truly be amazing! Insurance Industry.
Dr. Isaac Nkote Nabeta Chairman
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 v Chief Executive Officer’s Statement
It is with great pleasure that we present the financial statements for the year 2018/19. At the onset, I would like to pride in the fact that the year 2018/19 was yet another great year with most industry players maintaining a firm grip on a positive growth trajectory and an overall improvement in profitability.
ggregate GWP increased by 17.51% from Ugx. Prudent underwriting should ensure that premium A728.4 billion in 2017 to Ugx. 856 billion in income grows with both underwriting profit and 2018. Non-Life GWP grew by 12.36% from Ugx. investment income. Indeed, in 2018, there was a 507.2 billion in 2017 to Ugx. 570 billion in 2018; Life rebound in profitability as Non-life underwriting GWP increased by 28.69% from Ugx. 168 billion in profits increased from Ugx. 3.1 billion in 2017 to 2017 to Ugx. 216.9 billion in 2018, while HMOs GWP Ugx. 19.87bn in 2018 compared to 2017 where increased by 31.25% from Ugx. 52.7 billion in 2017 profitability reduced from Ugx. 12.4 billion in 2016 to Ugx. 69.1 billion in 2018. In terms of concentration, to Ugx. 3.1bn in 2017. Gross Claims paid for both life Non-life business continued to dominate the and Non-life insurance (including HMOs) increased insurance industry, though its relative share declined by 11.97% from Ugx. 291.7 billion in 2017 to Ugx. by almost 4 per cent points from 70.01% in 2017 to 326.7 billion in 2018 representing 38.2% of the 66.6% in 2018. The share of Life premiums in total Gross premiums underwritten. premiums on the other hand increased from 22.86% in 2017 to 25.34% in 2018. The share of HMOs also The Authority remained true to its mandate of increased, albeit marginally, from 7.13% in 2017 to ensuring effective administration, supervision, 8.07% in 2018. regulation and control of the business of insurance in Uganda over the period. Since the coming into I would like to make special mention of the fact force of the Insurance Act, 2017, the Authority with that in 2018/19, we licensed the first ever dedicated the guidance of the Ministry, embarked on the Microinsurance Organisation – Grand Microinsurance development of the pertinent regulations and 12 key Company. This is a good development given the regulations are in advanced development stages. We potential market for Microinsurance that exists. expect that these will be issued by the Minister in the Bancassurance and their maiden performance year 2019/20. also requires special mention. In the year 2018, a total of Ugx. 26 billion was underwritten through In line with the new supervisory regime of Risk Based Bancassurance Agents. I am eager to see how Supervision (RBS), we trained all Board Members Microinsurance and Bancassurance perform in and Senior Management of the respective insurance 2019/20. players in the fundamentals and requirements of
vi Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 RBS. The draft Risk Based Capital framework is also enhance their product offerings as well as distribution in place. In 2019, the focus will, among others, be initiatives that appeal to wider consumer bases. on developing regulations for valuation of Technical Leveraging on technology, Investment in innovations provisions for both Non-life and Life Companies. and research into insurance solutions will improve We shall also focus on players complying with the competitiveness both in the short and medium respective Capital Adequacy Ratios (CARs). It suffices term. On our part, I would like to echo our resolve to note that once fully adopted, IRA will better allocate to provide an enabling regulatory environment for its regulatory resources to areas that are relatively the sustainable growth of insurance business whilst more critical. The continued support of our Partners upholding policy holders’ protection and other Such as World Bank, GIZ and IMF East AFRITAC on this international best practices. journey is greatly appreciated. I wish to record my appreciation to the Honorable As we move steadfast into 2019/20, I am optimistic Minister of Finance, Planning and Economic that with the resilience and momentum already Development on behalf of the Government of acquired, the industry will remain on course. We Uganda, for the policy guidance that has enabled anticipate the Industry to hit a one-trillion mark in me to effectively lead management to deliver on the Gross written premiums and our optimism is hinged mandate bestowed upon the Insurance Regulatory on the projected growth and strong and stable Authority of Uganda. The support received from macroeconomic fundamentals contained in the 2019 the Authority Board as well as the Cooperation Fitch Rating Agency released rating where Uganda of the various (Re)Insurers, Health Membership maintained a rate of B+ Sovereign Credit Rating Organisations, Brokers, Loss Assessors/Adjustors, with a Stable Outlook with growth expected to pick Agents, the Insurance Training College of Uganda, up to about 6.3%. Sustained investment in public and the various Membership Associations is highly infrastructure, strengthening private sector, favorable appreciated. All this would not have been possible weather conditions, accelerated Foreign Direct without the commitment of my colleagues in Investment (FDI) are all critical variables in the growth Management, and the entire IRA Team to whom I function for the Insurance Industry. To benefit from pay tribute. Together, we shall achieve even more in these fundamentals however, companies will have to 2019/20.
Alhaj Kaddunabbi Ibrahim Lubega CHIEF EXECUTIVE OFFICER
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 vii The Year 2018 at a Glance
NON-LIFE GWP LIFE GWP
569.97bn 12.36% 217.12bn 28.83% Total NonLife GWP in 2018 was Total Life GWP in 2018 was UGX. UGX. 569.97bn (2017: 507bn) 217.12bn ( 2017: 168.53bn)
HMOS GWP INDUSTRY NET ASSETS
69.11bn 30.99% 508bn 10.9% Total HMO GWP in 2018 was Industry Net Assets in 2018 was UGX. 69.11bn (2017: 52.7bn) UGX.508bn (2017: 458bn)
GROSS CLAIMS PAID TOTAL INDUSTRY GWP
326.67bn 12.36% 856.22bn 17.53% Gross claims paid in 2018 was Total GWP in 2018 was UGX. UGX. 326.67bn (2017: 291.75bn) 856.22bn ( 2017: 728.53bn)
BROKERS COMMISSION INCOME
45.9bn 12% Brokers commission income in 2018 was UGX. 45.9 bn ( 2017: 40.96bn)
viii Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Industry Statistical Perspective - Highlights
Overall, the Insurance Industry experienced growth of 17.53% from 2017 to 2018 as shown in the table below:
2013 2014 2015 2016 2017 2018 Agregated Industry Gross Written Premiums 463 504.8 612.1 634.8 728.53 856.22 (UGX. Billions) Industry Premium Growth rates (%) 31.53 9.03 21.26 3.71 14.75 17.53 Non-life Gross Premium (UGX. Billions) 351.4 384 464.4 450.1 507.25 569.97 Non-life Growth rates (%) 12.27 9.28 20.94 -3.08 12.68 12.36 Life Gross Premium (UGX. Billions) 55.4 74 99.8 132.5 168.53 217.12 Life growth rates (%) 42.05 33.57 34.86 32.77 27.19 28.83 HMOs Gross Premium (UGX Billions) 56 46.8 46.9 52.1 52.76 69.11 HMO growth rates (%) - -16.43 0.21 11.09 1.05 30.99 Microinsurers Gross Premium (UGX Millions) - - - - - 24.32 Microinsurers growth rate (%) ------
GDP at market prices (UGX Billions) 66,764 72,660 81,688 86,555 101,829 90,450 GDP growth rates (%) 4.7 4.6 5.7 2.3 4.5 5.8 (est) INSURANCE PENETRATION (%) 0.85 0.86 0.76 0.73 0.81 0.84 The UGX/US$ Exchange Rate (annual) 2,532.93 2,600.33 3,245.54 3,420.45 3,611.36 3710.25 INSURANCE DENSITY ($) 5.2 5.3 5.4 5.1 5.34 5.72 INSURANCE DENSITY (UGX) 13,171 13,781 17,525 17,444 19,284 21,236
INDUSTRY SUMMARY GROSS WRITTEN PREMIUM INCOME FOR THE YEAR 2018
Market Percentage 2018 2017 composition 2018 change(%) (%) Non-Life Gross written premium 569,964,791,018 507,246,065,321 12.36 66.57 Life Gross written premium 217,119,961,880 168,530,305,000 28.83 25.36 HMO Gross written premium 69,108,084,090 52,760,163,720 30.99 8.07 Micro-Insurance Gross written 24,315,675 - - 0.00 premium Grand Industry total 856,217,152,663 728,536,534,041 17.53 100.00 GDP at market prices 101,829,000,000,000 90,450,000,000,000 Insurance penetration 0.841% 0.805% ( based on re-based GDP)
NB: The GDP figure is an estimate based on summary Statistics obtained from Uganda Bureau of Statistics
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 ix DISTRIBUTION OF GROSS PREMIUM
0.003%
8.071%
25.358%
66.568%
Non-Life Gross written premium Life Gross written premium HMO Gross written premium MicroInsurer
MARKET CONCENTRATION
PARAMETER 2014 2015 2016 2017 2018
Ratio of Non-life Gross Premium in Total Premium 76.06 75.87 70.92 69.62 66.57 (%) Ratio of Life Gross Premium in Total Premium (%) 14.67 16.37 20.87 23.13 25.36 Ratio of HMOs Premium in Total Premium (%) 9.27 7.66 8.21 7.25 8.07
CR11 (Life) % - - 29.67 26.19 22.06
CR42 (Life) % - - 85.85 79.57 70
CR13 (Non-Life) % - - 25.51 26.31 25.72 67.87 CR44 (Non-Life) % - - 56.93 67.84
CR15 (Industry) % 18.09 18.32 17.12
CR46 (Industry) % 41.98 47.26 45.20
HHI7 - - 737.95 775.00 741.00
______1 Market share of the Largest life insurance Company in total life premiums 2 Market Share of the 4 largest life insurance companies in total life premiums 3 Market share of the Largest non-life insurance Company in total non-life premiums 4 Market Share of the 4 largest non-life insurance companies in total non-life premiums 5 Market share of the largest Company in the aggregate Industry premiums 6 Market share of the 4 largest companies in the aggregate Industry premiums 7 Herfindahl-Hirschman Index
x Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 NON-LIFE BUSINESS GROSS WRITTEN PREMIUM INCOME - 2018 Market 2018 Gross 2017 Gross Percentage No Name of the Company Share written premium written premium Change(%) 2018(%) 1 Jubilee Insurance Company 146,605,020,000 133,474,237,000 9.84 25.72 UAP General Insurance 2 111,971,368,000 103,403,042,000 8.29 19.65 Company 3 Sanlam General Insurance Ltd 71,489,962,000 63,247,063,000 13.03 12.54 4 Britam Insurance Company 56,804,359,000 44,024,746,000 29.03 9.97 5 Goldstar Insurance Company 24,541,477,000 20,808,684,000 17.94 4.31 ICEA General Insurance 6 21,918,590,000 19,831,765,000 10.52 3.85 Company 7 MUA 18,544,068,000 16,342,148,000 13.47 3.25 8 Statewide Insurance Company 16,470,362,542 13,513,286,471 21.88 2.89 9 NIC General 15,992,658,000 15,781,023,000 1.34 2.81 10 APA Insurance (U) Ltd 15,493,734,000 15,073,190,000 2.79 2.72 Liberty General Insurance 11 13,673,144,000 12,771,102,000 7.06 2.40 Company Ltd 12 CIC General 13,443,497,000 10,820,080,000 24.25 2.36 13 Alliance Africa General Ins Ltd 12,529,388,246 10,184,409,000 23.03 2.20 14 Excel Insurance Company 9,088,545,000 8,089,543,000 12.35 1.59 15 Transafica Assurance Co Ltd 7,668,939,000 7,322,910,000 4.73 1.35 16 Pax Insurance Company 5,809,185,000 5,311,604,000 9.37 1.02 17 First Insurance Company Ltd 4,050,934,000 3,836,562,000 5.59 0.71 18 Nova Insurance Company 2,654,451,029 1,770,204,000 49.95 0.47 19 Rio Insurance Company 1,178,017,178 1,157,794,850 1.75 0.21 20 Mayfair Insurance Company 37,400,459 - 0.01 21 AIG Uganda Ltd - 482,672,000 -100.00 0.00 Total 569,965,099,454 507,246,065,321 12.36 100.00 Note: AIG only secured a licence towards the end of 2018 having been operating on a run off in the previous year.
MICRO-INSURANCE ORGANISATIONS No. Name of the Company 2018 Net Assets 2017 Net Assets Percentage Change(%) 1 Grand Micro Insurance(GMI) 38,971,109 - Total 38,971,109 -
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xi LIFE BUSINESS GROSS WRITTEN PREMIUM INCOME - 2018 No Name of the Company 2018 Gross 2017 Gross Percentage Market written premium written Change(%) Share premium 2018(%) 1 UAP Life Assurance Co 47,892,469,000 44,133,097,000 8.06 22.03 2 Liberty Life Assurance Ltd 35,609,656,000 37,568,103,000 -5.21 16.36 3 Sanlam Life Insurance (U) Ltd 35,185,474,000 24,803,785,000 41.86 16.22 4 ICEA Life Assurance Company 33,389,764,000 27,595,189,000 21.00 15.40 5 Jubilee life Insurance 27,669,819,000 21,662,905,000 27.73 12.76 6 Prudential Assurance Uganda Ltd 20,242,525,000 6,968,482,000 190.49 9.33 7 CIC Life 9,909,184,000 3,347,473,000 196.02 4.57 8 Metropolitan Life Uganda Limited 5,178,404,000 818,590,000 532.60 2.39 9 NIC Life 2,042,666,000 1,632,681,000 25.11 0.94 Total 217,119,961,000 168,530,305,000 28.83 100.00
HMO BUSINESS GROSS WRITTEN PREMIUM INCOME - 2018 No Name of the Company 2018 Gross 2017 Gross Percentage Market written written Change(%) Share premium premium 2018(%) 1 International Air Ambulance 30,355,454,000 26,664,616,000 13.84 43.92 2 AAR Health Services 29,036,234,000 19,310,312,000 50.37 42.02 3 International Medical Link 5,293,105,979 2,207,688,820 139.76 7.66 4 Case Medical care 3,274,914,111 3,502,494,800 -6.50 4.74 5 St Catherine Clinic 1,148,376,000 969,492,100 18.45 1.66 6 Kampala International Medical - 105,560,000 - - Centre (KIMC) Total 69,108,084,090 52,760,163,720 30.99 100.00 NB: KIMC was not licensed for the year 2018
INSURANCE INDUSTRY FINANCIAL POSITION FOR THE YEAR ENDED 31ST DECEMBER 2018
NON-LIFE INSURANCE COMPANIES No Name of the Company 2018 Net Assets 2017 Net Assets Percentage Change(%) 1 Jubilee Insurance Company 94,927,263,000 79,519,676,000 19.38 2 UAP General Insurance Company 59,967,394,000 52,693,716,000 13.80 3 Sanlam General Insurance Ltd 44,632,688,000 34,117,204,000 30.82 4 NIC General 30,362,974,000 30,419,861,000 -0.19 5 Goldstar Insurance Company 24,873,366,000 23,321,891,000 6.65 6 AIG Uganda Ltd 19,220,901,000 20,433,992,000 -5.94 7 Britam Insurance Company 17,737,159,000 16,412,746,000 8.07 8 Liberty General Insurance Company Ltd 14,063,063,000 13,997,501,000 0.47 9 MUA 12,366,440,000 11,704,332,000 5.66 10 Statewide Insurance Company 12,094,153,377 11,454,093,732 5.59
xii Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 No Name of the Company 2018 Net Assets 2017 Net Assets Percentage Change(%) 11 Transafica Assurance Co Ltd 9,188,705,000 9,010,902,000 1.97 12 APA Insurance (U) Ltd 8,795,886,000 6,988,395,000 25.86 13 ICEA General Insurance Company 8,401,618,000 10,776,906,000 -22.04 14 Excel Insurance Company 7,559,026,000 6,998,664,000 8.01 15 Mayfair Insurance Company 6,789,956,143 - - 16 Alliance Africa General Ins Ltd 5,572,840,000 4,911,521,000 13.46 17 Rio Insurance Company 5,370,629,882 5,382,626,331 -0.22 18 Nova Insurance Company 5,184,536,000 5,273,410,000 -1.69 19 Pax Insurance Company 4,975,732,000 5,384,747,000 -7.60 20 First Insurance Company Ltd 4,595,315,000 4,261,739,000 7.83 21 CIC General 1,425,991,000 4,487,588,000 -68.22 Total 398,105,636,402 357,551,511,063 11.34
MICRO-INSURANCE ORGANISATIONS No Name of the Company 2018 Net Assets 2017 Net Assets Percentage Change(%) 1 GMI 38,971,109 - Total 38,971,109 -
LIFE INSURANCE COMPANIES FINANCIAL POSITION FOR THE YEAR ENDED 31ST DECEMBER 2018 No Name of the Company 2018 Net Assets 2017 Net Assets Percentage Change(%) 1 Prudential Assurance Uganda Ltd 32,828,003,000 22,304,070,000 47.18 2 Jubilee life Insurance 22,147,538,000 19,832,837,000 11.67 3 Liberty Life Assurance Ltd 12,959,602,000 18,173,898,000 -28.69 4 ICEA Life Assurance Company 11,413,813,000 11,239,793,000 1.55 5 Sanlam Life Insurance (U) Ltd 10,171,334,000 6,481,779,000 56.92 6 NIC Life 5,204,248,000 8,259,836,000 -36.99 7 Metropolitan Life Uganda Limited 4,021,534,000 3,925,059,000 2.46 8 UAP Life Assurance Co 3,023,948,000 4,129,366,000 -26.77 9 CIC Life 1,867,770,000 3,219,752,000 -41.99 Total 103,637,790,000 97,566,390,000 6.22
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xiii HEALTH MEMBERSHIP ORGANISATIONS FINANCIAL POSITION FOR THE YEAR ENDED 31ST DECEMBER 2018
No Name of the Company 2018 Net Assets 2017 Net Assets Percentage Change(%) 1 AAR Health Services 2,949,211,000 954,363,000 209.02 2 International Air Ambulance 1,532,860,000 811,360,000 88.92 3 International Medical Link 768,609,782 457,082,993 68.16 4 St Catherine Clinic 750,412,932 223,395,137 235.91 5 Case Medical care 372,308,975 434,193,954 -14.25 Total 6,373,402,689 2,880,395,084 121.27
INDUSTRY SUMMARY
NET ASSETS FOR THE YEAR 2018 2018 2017 Percentage change(%) Non-Life Net Assets 398,105,636,402 357,551,511,063 11.34 Life Net Assets 103,637,790,000 97,566,390,000 6.22 HMO Net Assets 6,373,402,689 2,880,395,084 121.27 Micro-insurance Net Assets 38,971,109 0 Grand Industry total 508,155,800,200 457,998,296,147 10.95
INSURANCE INDUSTRY GROSS CLAIMS PAID FOR THE YEAR ENDED 31ST DECEMBER 2018:
NON-LIFE INSURANCE COMPANIES No Name of the Company 2018 Gross 2017 Gross Percentage claims paid claims paid Change(%) 1 Jubilee Insurance Company 72,548,418,000 59,739,588,000 21.44 2 UAP General Insurance Company 51,862,696,000 40,975,945,000 26.57 3 Britam Insurance Company 21,883,994,000 11,418,000,000 91.66 4 Sanlam General Insurance Ltd 14,798,415,000 18,783,506,000 -21.22 5 MUA 10,710,756,000 5,732,350,000 86.85 6 Goldstar Insurance Company 6,582,911,000 4,501,230,000 46.25 7 APA Insurance (U) Ltd 6,495,718,000 6,179,733,000 5.11 8 ICEA General Insurance Company 5,644,094,000 6,169,794,000 -8.52 9 Liberty General Insurance Company Ltd 4,478,597,000 2,124,347,000 110.82 10 CIC General 3,407,536,000 3,432,832,000 -0.74 11 Alliance Africa General Ins Ltd 3,243,908,000 3,171,318,000 2.29 12 NIC General 2,620,324,000 1,541,574,000 69.98 13 Statewide Insurance Company 2,340,278,350 2,671,925,399 -12.41 14 Transafica Assurance Co Ltd 1,944,069,000 3,020,988,000 -35.65 15 Excel Insurance Company 1,549,015,000 1,819,169,000 -14.85
xiv Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 16 AIG Uganda Ltd 1,220,803,000 12,148,356,000 -89.95 17 Pax Insurance Company 1,133,152,000 1,042,215,000 8.73 18 First Insurance Company Ltd 379,672,000 1,301,712,000 -70.83 19 Nova Insurance Company 214,545,000 121,260,000 76.93 20 Rio Insurance Company 29,153,200 109,098,455 -73.28 21 Mayfair Insurance Company 2,604,055 - 0.00 Total 213,090,658,605 186,004,940,854 14.56
MICRO-INSURANCE ORGANISATIONS No Name of the Company 2018 Gross claims paid 2017 Gross claims paid Percentage Change(%) 1 GMI - - 0.00 Total - - 0.00
LIFE INSURANCE GROSS CLAIMS PAID FOR THE YEAR 2018 No Name of the Company 2018 Gross claims paid 2017 Gross claims paid Percentage Change(%) 1 Liberty Life Assurance Ltd 14,168,758,000 16,504,199,000 -14.15 2 ICEA Life Assurance Company 13,435,935,000 9,084,338,000 47.90 3 UAP Life Assurance Co 13,152,311,000 8,558,147,000 53.68 4 Sanlam Life Insurance (U) Ltd 10,322,931,000 10,654,750,000 -3.11 5 Jubilee life Insurance 5,079,226,000 6,794,783,000 -25.25 6 CIC Life 1,522,528,000 335,575,000 353.71 7 NIC Life 1,417,379,000 397,102,000 256.93 8 Prudential Assurance Uganda Ltd 1,290,222,000 149,072,000 765.50 9 Metropolitan Life Uganda Limited 864,140,000 63,596,000 1258.80 Total 61,253,430,000 52,541,562,000 16.58
HEALTH MEMBERSHIP ORGANISATIONS GROSS CLAIMS PAID FOR THE YEAR 2018 No Name of the Company 2018 Gross claims 2017 Gross claims Percentage paid paid Change(%) 1 International Air Ambulance 26,100,134,000 27,620,260,000 -5.50 2 AAR Health Services 19,854,205,000 21,124,422,000 -6.01 3 Case Medical care 2,712,815,671 3,149,606,212 -13.87 4 International Medical Link 2,580,485,472 688,086,226 275.02 5 St Catherine Clinic 1,084,430,303 619,710,044 74.99 Total 52,332,070,446 53,202,084,482 -1.64
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xv INDUSTRY SUMMARY
GROSS CLAIMS PAID FOR THE YEAR 2018 2018 2017 Percentage change(%) Non-Life Gross claims paid 213,090,658,605 186,004,940,854 14.56 Life Gross claims paid 61,253,430,000 52,541,562,000 16.58 HMO Gross claims paid 52,332,070,446 53,202,084,482 -1.64 Micro-Insurers Gross claims paid - - - Grand Industry total 326,676,159,051 291,748,587,336 11.97
UNDERWRITING PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018:
NON-LIFE INSURANCE COMPANIES No Name of the Company 2018 Underwriting 2017 Underwriting Percentage performance performance Change(%) 1 Jubilee Insurance Company 17,815,259,000 10,526,145,000 69.25% 2 UAP General Insurance Company 10,825,121,000 4,867,383,000 122.40% 3 Sanlam General Insurance Ltd 5,561,713,000 (1,586,886,000) -450.48% 4 Britam Insurance Company 2,989,090,000 1,390,401,000 114.98% 5 Goldstar Insurance Company 1,466,648,460 2,020,355,000 -27.41% 6 Alliance Africa General Ins Ltd 680,397,550 (475,788,000) -243.00% 7 Statewide Insurance Company 176,436,900 474,195,008 -62.79% 8 Excel Insurance Company 705,736,000 313,913,000 124.82% 9 Rio Insurance Company (65,631,970) (130,043,423) -49.53% 10 Transafica Assurance Co Ltd (1,043,267,000) 845,905,000 -223.33% 11 APA Insurance (U) Ltd (632,631,000) 1,110,193,000 -156.98% 12 Mayfair (723,276,000) - 0.00% 13 Pax Insurance Company (866,316,000) 1,891,766,000 -145.79% 14 MUA (1,126,339,000) (919,041,000) 22.56% 15 NIC General (1,089,800,000) (2,499,280,000) -56.40% 16 Liberty General Insurance Company Ltd (1,214,564,000) (2,249,752,000) -46.01% 17 Nova Insurance Company (789,993,884) (1,116,087,000) -29.22% 18 First Insurance Company Ltd (1,508,995,000) (567,554,000) 165.88% 19 ICEA General Insurance Company (2,476,277,808) (1,595,693,000) 55.19% 20 CIC General (3,561,087,400) (623,701,000) 470.96% 21 AIG Uganda Ltd (5,760,726,000) (8,570,848,000) -32.79% Total 19,361,496,848 3,105,582,585 523.44%
xvi Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 HEALTH MEMBERSHIP ORGANISATIONS (Amount Ushs. ‘000) No Company Medical 2018 Total 1 International Air Ambulance 1,038,735 1,038,735 2 AAR Health Services (U) Limited 759,444 759,444 3 Case Med Care Limited (73,829) (73,829) 4 International Medical Link (U)Ltd 306,596 306,596 5 St. Catherine’s Hospital 2,526 2,526 Total 2,033,473 2,033,473
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xvii Acronyms
DAP Deposit Administration Plan
EAC East African Community
GDP Gross Domestic Product
HMO Health Membership Organisations
HHI Herfindahl-Hirschman Index
IAIS International Association of Insurance Supervisors
ICPs Insurance Core Principles
IFRS International Financial Reporting Standards
IAS International Accounting Standards
IBNR Incurred But Not Reported
LIFE INDIV Life Individual
MARINE/AV Marine/Aviation
MCR Minimum Capital Requirement
MISC. ACCIDENT Miscellaneous Accident
MNO Mobile Network Operator
MTPL Motor Third Party Liability
RBC Risk Based Capital
RBS Risk Based Supervision
UAIB Uganda Association of Insurance Brokers
UIA Uganda Insurers Association
UGX Uganda Shillings
USD United States Dollar
IIU Insurance Institute of Uganda
DAP Deposit Administration Plan
xviii Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Glossary of Terms Used
Term Meaning
Cession Rate Proportion of premium ceded (to reinsurers) to the total gross premium.
Claim Demand by the insured for an indemnity or benefit under the policy.
Loss/Claims Ratio Claims (losses) incurred as a percentage of the premium earned.
Person licensed under the insurance act to undertake the business of Claims Settling Agent settling or negotiating settlement of insurance claims under policies issued by insurers whether within or outside uganda.
Insurance provided by the insurer for the insured or reinsurer for the Cover reinsured.
Portion of the gross premium relating to the period of insurance that has Earned Premium already run.
Proportion of the amount of expenses to the amount of premiums incurred Expense Ratio in connection with a particular class of business.
Reinsurance of an individual risk on terms and conditions agreed with the Facultative Reinsurance reinsurer specifically for that risk.
Company registered or incorporated under the companies act in which Foreign Company the majority of shares and actual controlling interest are held by non citizens of uganda.
Gross Premium Income Total premium before deducting outgoing reinsurance premium.
The squared sum of the market shares of all the insurance companies operating in the industry, times 10,000, in order to avoid the decimal Herfindahl-Hirschman Index numbers. It is an indicator (ranging between 0 for perfect competition to 10,000 for monopoly) of the degree of competition in the industry.
Incurred Claims/Losses Total of paid and outstanding claims arising in a given period.
Mechanism whereby the risk of financial loss is transferred from an Insurance individual, company, organization or other entity to an insurance company.
Insurance act, (cap 213) laws of uganda, 2000, as amended by the insurance Insurance Act amendment act, 13, of 2012.
Insurance Density Gross premium per capita.
Insurance Penetration Gross premium as a percentage of the gdp.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xix Party who has acquired the insurance and will be entitled to enforce a Insured claim under the policy as a party to the contract.
Licence issued under the insurance act and prescribed in the insurance Licence regulations, 2002.
Net Premium Income Gross premium income less reinsurance premiums.
Policy Document evidencing the contract between the insurer and the insured.
Policyholder Person in whose name the policy is issued.
Consideration paid/payable by the insured in return for the insurance Premium cover provided by the insurer.
Transfer of whole or part of a risk from one insurer to another, usually larger Reinsurance insurer known as a reinsurer.
Reinsurance Premium Amount paid by an insurer in consideration of reinsurance.
Proportion of the amount of the risk that an insurer retains on his own Retention account.
Retention Ratio Proportion of net premiums to gross premiums.
Person who does the business with regard to minimising losses arising through unforeseen events and of minimising the cost of such losses by Risk Manager arranging physical or financial measures through insurance or any other means.
Anyone else who is involved in a loss event, which may or may not result in a claim. For example, in motor insurance a third party may be Third Party another vehicle owner, property owner, or persons such as passengers or pedestrians.
xx Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Key Insurance Industry Facts
Insurance companies in Uganda are licensed, currently on an annual basis, as either life or non-life but not composite. However, perpetual licensing will commence from January 2020 for reinsurers, insurers and HMOs while intermediaries will be licensed on a two year basis.
All local risks and persons, including imports, shall be insured by insurance companies licensed to carryout business in Uganda (Section 9(3) of the Insurance Act, 2017 refers).
Motor Third Party Liability and Workers Compensation are compulsory insurance covers in Uganda.
Motor Third Party Liability Limits • 1 million shillings per person per accident • 10 million aggregate liability per accident
The maximum compensation under Workers Compensation insurance is 60 times an employee’s monthly earnings.
Minimum paid-up capital requirements. • Reinsurance company-UGX10 billion. • Non-life insurance company- UGX 4 billion • Life insurance company – UGX 3 billion • Insurance/reinsurance broker - UGX 75 million
Training Levy to be remitted to the Insurance Institute of Uganda (referred to as the Insurance Training College in the Insurance Act, 2017) is 0.5% of every insurance premium and is charged on the Insuring client.
Mandatory minimum Reinsurance Cessions. • Africa Re - 5% • Zep-Re (PTA Re) - 10% • Uganda Re – 15%
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xxi Useful Resources
A. Reports • Swiss Re, Sigma Report No 3/2019 • IAIS Global Market Report 2018 • Uganda Annual Insurance Market Report 2017 • Uganda Bureau of Statistics: 2018 Statistical Abstract • Insurance players audited accounts and regulatory returns as at December 31st , 2018
B. Laws and Regulations • The Insurance Act, (Cap213) Laws of Uganda, 2000. • The Insurance Act, 2017 • The Insurance Regulations, 2002. • The Insurance (Amendment) Act, 13, 2011 • The Insurance (Investment of Paid Up Capital and Insurance Funds) Regulations, 2008. • The Insurance (Amendment of Brokers Minimum Paid-up Capital and Security Deposit) Instrument, 2013 • The Motor Vehicle Insurance (Third Party Risks) Act (Cap 214) • The Marine Insurance Act, 2002 • Workers Compensation Act (Cap 225) Laws of Uganda, 2000
C. Websites • Insurance Regulatory Authority of Uganda (IRA): www.ira.go.ug • Insurance Institute of Uganda: www.iiu.ac.ug • Ministry of Finance, Planning and Economic Development (MoFPED): www.finance.go.ug • Uganda Bureau of Statistics (UBOS): www.ubos.org • International Association of Insurance Supervisors (IAIS): www.iaisweb.org • Uganda Insurers Association (UIA): www.uia.co.ug • Uganda Retirements Benefits Regulatory Authority (URBRA): www.urbra.go.ug • Insurance Brokers Association of Uganda: www.ibau.ug • Capital Markets Authority: www.cmauganda.co.ug
xxii Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Table of Contents
Strategic Overview of IRA i Board chairman’s Statement iv Chief Executive Officer’s Statement vi The year 2018 at a glance viii Industry Statistical Perspective - Highlights ix Acronyms xviii Glossary of terms used xix Key Insurance Industry Facts xxi Useful Resources xxii 1. Regulatory Reforms and new Developments to Strengthen the Insurance Sector 1 2. Prudential Supervision of the Industry 7 2.1 On-Site Supervision 7 2.2 Off-Site Supervision 8 2.3 Licensing 8 3. Market Conduct 10 3.1 Complaints Handling 10 3.2 Product Approval 12 4. Consumer Education and other Market Development Initiatives 16 5. Developments at the Local, Regional and International Levels 20 6. Guidance to the Industry 26 7. FinancialPerformance of the Industry 28 7.1 Overall Performance 28 7.2 Non Life Performance 29 7.3 Life Insurance Performance 32 7.4 Health Membership Organisations Performance 34 7.5 Uganda Reinsurance Company Performance in 2018 34 8. Financial position of the industry 36 8.1 Non-Life Financial Position 36 8.2 Life Financial Position 37 8.3 HMO Financial Position 39 9. Insurance Intermediaries 45 9.1 Insurance Brokers 45 9.2 Loss Assessors/Adjusters 45 10. Global and African Insurance Perspective 47 11. Detailed Statistical Tables 49 12. Licensed Players 96
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 xxiii 01 REGULATORY REFORMS AND NEW DEVELOPMENTS TO STRENGTHEN THE INSURANCE SECTOR
26 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 REGULATORY REFORMS AND NEW DEVELOPMENTS TO STRENGTHEN THE INSURANCE SECTOR
1.1 THE INSURANCE ACT, 2017 AND DRAFT REGULATIONS
The Insurance Act 2017 came into force on 30th March minimum paid-up capital and solvency requirements, 2018. The Authority, with the support from the World technical provisions, security deposit and investment Bank developed a set of twelve (12) draft Insurance of paid-up capital and insurance funds requirements, Regulations that would enable the operationalization permissible and non-permissible investments for life of the Insurance Act 2017. and non-life insurers.
Some of the proposed draft Insurance Regulations Under these draft regulations, the current minimum which were forwarded to the Ministry of Finance, paid-up capital requirements were maintained as Planning and Economic Development and are follows: pending approval include: (a) In the case of a life insurer, 3 billion shillings; i) The Draft Insurance (Prudential) Regulations,2018 (b) In the case of a non-life insurer, 4 billion shillings; and ii) The Draft Insurer (Governance) Regulations, 2018 (c) In the case of a licensed reinsurer, 10 billion iii) The Draft Insurer (conduct of business) shillings. Regulations, 2018 iv) The Draft Reinsurance Regulations, 2018 The minimum solvency margin for a non-life insurer was maintained so that the difference between the v) The Draft Insurance Intermediaries Regulation, 2018 admitted assests and admitted liabilities should be at least equal to 15% of the net written premium income vi) The Draft Insurance (Licensing, Suitability and while the new solvency requirement for life was set Control) Regulations, 2018 such that the difference between the admitted assets vii) The Draft Microinsurance Regulations and admitted liabilities shall be at least equal to the viii) The Draft Microinsurance Organizations contingency reserve. Regulations, 2018 ix) The Draft Mobile Insurance Regulations, 2018 These regulations largely reflect the requirements under the repealed Act and Insurance Regulations, x) The Draft Insurance Training College Regulations, 2002. The draft Insurance (Prudential) Regulations, 2018 2018 are interim in nature and are meant to be used xi) The Draft Index Insurance Regulations, 2018 during the transition period before the Authority fully xii) The Draft Insurance (Miscellaneous and General) implements Risk Based Supervision. Regulations, 2018 The Draft Insurance (Insurer Governance) The draft Mandatory Motor Vehicle Insurance Bill and Regulations, 2018 regulations are still before the Ministry of Finance, The draft Insurer (Insurer Governance) Regulations Planning and Economic Development while the have been developed for purposes of operationalising Insurance (Appeals) Tribunal Regulations are before Section 58 of the Insurance Act 2017 which requires the First Parliamentary Council. an insurer to put in place a governance framework. These draft Regulations provide guidance to the Here below are the key higlights from the above draft players while undertaking the apportionment of roles regulations. between shareholders, directors, senior management and key persons in control functions. The Draft Insurance (Prudential) Regulations,2018 The draft Insurance (Prudential) Regulations were These draft regulations also provide guidance developed and cover key aspects such as the interms of the proposed new requirements for the
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 1 composition of the board of directors of insurers, arrangements, fronting arrangements and alternative responsibility of the board of directors and its risk transfer arrangements. committees, control functions such as actuarial, compliance, risk management and internal audit The Draft Insurance Intermediaries Regulation, as well as their responsibilities, risk management, 2018 outsourcing and business continuity plans. The draft Insurance Intermediaries Regulations provides for the requirements in terms of the These regulations require insurers to establish and licensing, governance framework, board composition, implement a governance framework which provides fit and proper requirements, control functions such for sound and prudent management and oversight as compliance, conduct of business etc of insurance of the insurer’s business and adequately recognise intermediaries. and protect the interests of policyholders. Such a framework will be beneficial as it would, amongst These regulations require insurance intermediaries others: to establish and implement a governance framework which provides for sound and prudent management promote the development, implementation and ■ and oversight of the intermediaries business and effective oversight of policies that clearly define adequately recognise risks to which they are exposed. and support the objectives of the insurer; ■ Define the roles and responsibilities of persons Other key requirements such as the minimum paid-up accountable for the management and oversight capital, security deposit and professional indemnity of an insurer by clarifying who possesses legal insurance contract requirements are stipulated in the duties and powers to act on behalf of the insurer draft regulations. and under which circumstances; ■ Set forth requirements relating to how decisions The Draft Insurance (Licensing, Suitability and and actions are taken including documentation Control) Regulations, 2018 of significant or material decisions, along with These regulations provide for key requirements in their rationale; terms of eligibility for licensing, licence application requirements, suitability based on the fit and proper ■ Provide for communicating, as appropriate, requirements and the control requirements for matters relating to the management, conduct insurers and reinsurers. and oversight of the insurer to stakeholders; and ■ Provide for corrective actions to be taken for Under these regulations, it is proposed that the non-compliance or weak oversight, controls or following shall be required to satisfy the fit and proper management. requirements on an ongoing basis: a) the significant owners of the insurer/reinsurer; The Draft Insurer (conduct of business) Regulations, 2018 b) the directors; The draft Insurer (Conduct of business) Regulations, c) the senior managers with day-to-day 2018 have been developed to guide the industry in administrative functions terms of the market conduct aspects they have to d) the key persons in a control function; and adhere to. The main purpose of these draft regulations is to enhance the protection of policyholders and e) the auditor policy beneficiaries. The Draft Microinsurance Regulations, 2018 These draft regulations provide guidance on the These regulations are applicable to: development of insurance products, the product a) Microinsurance organisations and licensed approval process, distribution, maketing and sale of insurers in relation to the development, approval, insurance products, claims handling (which should marketing, sale and servicing of microinsurance be timely, fair and transparent), complaints handling, contracts. among others. b) Microinsurance agents; and The Draft Reinsurance Regulations, 2018 c) A licensed insurance agent acting as an insurance The draft Reinsurance Regulations, 2018 have been agent in relation to microinsurance contracts. developed to guide the insurance industry whilst developing reinsurance strategies, putting in place Under these regulations, bundled microinsurance reinsurance programs, putting in place industry pool products can be sold covering separate non-life or life
2 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 classes as well as non-life and life classes of business (c) Register, develop, and conduct insurance training; together. (d) Approve Continuing Professional Development
The Draft Microinsurance Organizations and Training programs or activities that it deems Regulations, 2018 relevant to the practice of Insurance; The draft Microinsurance Organisations Regulations (e) Undertake Insurance related research; are applicable to organisations that intend to transact (f) Promote Insurance professionalism. business as specialist microinsurance organisations. It has been proposed that the minimum paid-up capital These Regulations were also forwarded to the Ministry requirements for a microinsurance organisation of Finance for review and approval. is Ushs. 1 billion. This provides for another tier of licensing which would promote the growth of the The Draft Index Insurance Regulations, 2018 insurance industry. The draft Index Insurance Regulations 2018 set forth the requirements for insurers offering index insurance The regulation also provides for the governance contracts. An index insurance contract is an insurance framework and prudential requirements such as contract— the security deposit, solvency and other pertinent requirements for microinsurance organisations. (a) Under which the liability of the insurer to make a payment in respect of a stated insured risk is The Draft Mobile Insurance Regulations, 2018 triggered by, and the amount of that payment The draft Mobile Insurance Regulations set forth is determined in accordance with, one or more the requirements for operating mobile insurance. indexes, rather than on an assessment of the Mobile insurance or m-insurance is any arrangement policyholder’s actual loss; and between a licensed insurer and a mobile network (B) Where the payment is designed to provide a level operator (MNO) under which the mobile network is of compensation, although not necessarily an used as a means of distributing an insurance contract indemnity, to the policyholder in respect of either of the licensed insurer to policyholders and potential or both of the following— policyholders. Mobile insurance includes, but is not (I) Losses, including consequential losses, that limited to, an arrangement under which— the policyholder is expected to suffer, or (a) The MNO acts as an insurance agent for the (Ii) Costs, including mitigation costs, that the licensed insurer; policyholder is expected to incur, as a result (b) The MNO enters into a group insurance contract, of the occurrence of the insured risk. as master policyholder, with the intention of All index insurance contracts shall be approved by the providing insurance coverage to its customers, in Authority before being sold by insurance players. their capacity as members; (c) The MNO acts as a platform-only provider. The Draft Insurance (Miscellaneous and General) Regulations, 2018 These regulations also aim at providing adequate The Authority developed the Insurance (Miscellaneous protection to policyholders who take up insurance and General) Regulations for purposes of providing through a MNO by say specifying the acceptable guidance on cross-cutting issues that were applicable claim settlement methods. to most of the players and needed not to have been repeated in each regulation. Some of these key issues The Draft Insurance Training College Regulations, include: 2018 • Classification of insurance business. During the period under review, the Authority developed draft Insurance Training College • Recognition of actuaries. Regulations for purposes of regulating the activities • Payment of premiums through instalments. of the Training College. The main Functions of the • Minimum premium rates and maximum College shall be to: commission rates applicable to insurers etc. (a) Design Curricula for Insurance Training; These regulations were forwarded to the Ministry of (b) Train, examine and award Insurance qualifications Finance for review and approval. and other insurance accolades;
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 3 1.2 OTHER REGULATIONS IN THE PIPELINE
1. Mandatory Vehicle Insurance Bill And 2. Draft Policyholders Compensation Fund Regulations Regulations As at the end of the year 2018, the Mandatory The Policyholders Compesation Fund would provide Vehicle Insurance Bill and proposed Regulations last-resort protection for policyholders and other thereunder were being reviewed by the Ministry beneficiaries in case an insurance company becomes of Finance, Planning and Economic Development insolvent and is unable to meet its claims. Therefore, before approval. The proposals under the new Bill and the purpose of the Policyholders Compensation Fund Regulations include the following: Regulations is to make provision for the compensation of claimants of an insurer that has been declared ■ Increase in the liability limits: The maximum insolvent. These draft Regulations prescribe the liability limit under the existing MTPL Law is one manner for contribution to the fund, entitlement million shillings per person per accident and in to payments from the Fund and all other matters aggregate, the amount is ten million shillings per concerning the governance and management of accident. The liability limits are too low to provide the Policyholders’ Compensation Fund for purpose adequate compensation. Therefore the new Bill of increasing the general public’s confidence in the and Regulations propose an increase in liability/ insurance sector. compensation limits to UGX. 10 million under bodily injury, death and property damage and 100 The Policyholders Compensation Fund would have million shillings in aggregate. to set aside a reserve fund which would be used to provide a level of compensation, which may not ■ The shift from fault to no-fault insurance: The necessarily be full compensation, to eligible unpaid existing MTPL law is based on the “fault” principle, claimants under policies issued by licensees that do meaning that the insurance of the driver at fault not meet the Minimum capital and other financial shall pay compensation to all persons injured requirements under the Insurance Act and has been or the estates of persons killed by an accident liquidated under the Insolvency Act, 2011. at which the driver was at fault. Insurance based on the “fault”principle allows a driver to take out As at the end of the reporting period, the draft liability coverage to pay for claims from anyone Policyholders Compensation Fund Regulations had injured in an accident in which the driver has been submitted to the Authority’s Board of Directors been deemed at fault. Under the “fault” principle, for review. it is difficult to establish or prove who is at fault in an accident. This in turn leads to uncertainty and 3. Insurance Appeals Tribunal (Proceedure) lengthy conflicts between a driver, the insurance Regulations, 2016 company and the injured parties. With the “No- The main objective of these Regulations is to guide fault” insurance, this dilemma is solved, because on the procedure for the operation of the Insurance there is no need to establish the driver’s fault under Appeals Tribunal once set up. The Insurance Appeals this type of insurance. The insurance company shall Tribunal would review the decisions of the Authority be required to make a compensation regardless of based on an appeal by an aggrieved person. fault. As at the end of the reporting period, the Insurance ■ Extension to cover property damage: The Appeals Tribunal (Proceedure) Regulations were new Bill introduces cover for third party property under review by the First Parliamentary Counsel. damage which was not provided for in the existing MTPL Law. The limit under property damage is 4. The Insurance (Risk Based Capital) proposed at 10 million shillings. Regulations During the period under review, the Authority ■ Mandatory vehicle insurance for Government developed the Insurance (Risk Based Capital) Vehicles: To ensure that all injured parties Regulations in line with Section 11 (1)(d) of the receive coverage, the Bill requires that all vehicles Insurance Act, 2017 which requires the Authority to in Uganda have insurance coverage including regulate and supervise licensees on a risk-sensitive Government owned vehicles. The existing law basis. includes an exemption for vehicles owned by the Government of Uganda. The main purpose of Risk Based Capital (RBC) is to
4 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 be able to determine the capital requirements of Companies can also raise additional capital through insurers, reinsurers and HMOs based on the key risks (preference shares, subordinated debt instruments) they are exposed to. which form part of tier II capital under the framework.
The RBC model uses both factor and stress based More still, the RBC framework aims at: ensuring approach in determining the capital requirements. improvements in the quality of assets that insurers/ The RBC model would enable companies become HMOs hold, improving liquidity through: introducing adequately capitalised as new capital requirements significant capital charges for property investments; have been proposed as follows: disallowing premium receivables (only receivables from Gov’t business that are less than 30 days a) in the case of a non-life insurer, 6 billion shillings; allowed), ensuring players deal with highly rated b) in the case of a life insurer, 4.5 billion shillings; insurers and reinsurers (with the exception of those c) in the case of a non-life reinsurer, 9 billion shillings; locally registered) in order to reduce credit risk, ensuring asset-liability matching, amongst others. d) in the case of a life reinsurer, 6 billion shillings; and e) in the case of an HMO, 1 billion shillings.
The maximum liability limit under the existing MTPL Law is one million shillings per person per accident and in aggregate, the amount is ten million shillings per accident. . . The new Bill and Regulations propose an increase in liability/compensation limits to UGX. 10 million under bodily injury, death and property damage and 100 million shillings in aggregate.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 5 02 PRUDENTIAL SUPERVISION OF THE INDUSTRY
32 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 PRUDENTIAL SUPERVISION OF THE INDUSTRY
2.1 On-site Supervision
During the period under review, the Authority conducted a number of on-site inspections of insurance players. The main purpose of the conducting on-site inspection was to ensure that the insurance industry remains financially stable and for purposes of protection of insurance policyholders.
Through on-site supervision, the Authority was able to examine the conduct of business by insurance players, the current and prospective solvency of the companies inspected, compliance with the Insurance Act and Regulations and the level of exposure of insurance players to risks. This enabled the Authority to identify gaps/ deficiencies early, act promptly and apply effective intervention so as to maintain an efficient, fair, safe, and stable insurance market for purposes of policyholder protection.
The table below shows the number of inspections carried out during the year 2018 for the respective categories.
Bond Branch/ General Office Targeted Row Labels Grand Total Verification Agency Offices Inspection Premises Inspection Bancassurance Agent 8 8 Broker 4 2 6 General Insurer 15 2 12 11 8 48 HMO 3 3 Life insurer 1 1 Loss Assessor 2 1 3 Microinsurance 1 1 Organisation Training College 1 1 Upcountry/Central 2 2 Agencies (all insurers) Grand Total 15 4 16 24 14 73
The inspections focused on a number of prudential aspects while evaluating the insurance players. The assessments focused on the financial position, capital adequacy, the quality of assets and operations so as to ensure that companies do not operate in a manner detrimental to the interest of the policyholders.
Assessment and appraisal of the competence and capability of the insurer’s management and staff, the quality of the management and determination of whether the insurerance players were complying with the provisions of the Insurance Act and Regulations, guidelines issued by the Authority, as well as other applicable laws and regulations were undertaken.
Focus was also placed on evaluation of the adequacy of companies’ records, systems, and internal controls; evaluation of the adequacy of technical provisions and reinsurance management; analysis of the level of liquidity and the extent of exposure to subsidiaries and related parties through transactions ; and testing of the accuracy and validity of data submitted through returns to the Authority.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 7 During inspections of the Branch/agency offices, specific focus was placed on the suitability of office premises so as to uphold the image of the industry; licensing status of the agents selling insurance so as to ensure that qualified people sell insurance; Premium rating and vices such as undercutting; and assessment of the qualification status of branch/agency management.
2.2 Off-site Supervision
During the year 2018, the Authority undertook a review and analysis of audited accounts, regulatory returns, actuarial valuation reports for 2018, quarterly unaudited returns, reconciliation statements, investment statements, among others. In the process, a number of gaps were identified and neccessary corrective measures taken.
2.3 Licensing
Currently Insurance players are licensed on an annual basis and only those that meet the specified requirements are licensed. In the year 2018, the Authority licensed various insurance players categories as summarised in the table below.
Licensed players 2014 2015 2016 2017 2018 Reinsurers 1 1 1 1 1 Non Life Insurers 20 21 20 19 21 Life Insurers 8 8 9 9 9 HMOs 13 10 6 6 5 Microinsurers - - - - 1 Insurance Brokers 26 30 35 34 35 Reinsurance Brokers 1 1 1 1 2 Loss Assessors/Adjusters/Surveyors 17 21 21 22 24 Insurance agents 1110 1335 1,296 2,006 2,384 Bancassurance Agents - - - 2 16
8 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 03 MARKET CONDUCT
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 35 MARKET CONDUCT
In order to build trust and confidence in the insurance sector of Uganda, the Authority has put alot of emphasis on market conduct. Appropriate oversight is placed on the ways in which insurance companies distribute their products in the marketplace as well as how they treat their customers. Through effective monitoring of the market conduct of players, the interests of policyholders and beneficiaries are protected. Some of the major market conduct activities undertaken during the reporting period include:
3.1 Complaints Handling
The handling of complaints in a timely, effective and fair way is an important aspect in maintaining trust in the insurance sector and therefore, a key part of the consumer protection framework. During the period under review, the Authority continued to play its cardinal role of protecting the policyholders.
During 2018, out of 153 complaints registered in the year 2018; 101 complaints were closed/settled and 52 complaints were still pending as at 31st December 2018.
The highest number of complaints received in 2018 was in the category of delayed settlement of claims or decline to settle claims while the lowest number of complaints were related to COMESA yellow card and fidelity guarantee.
No complaints were registered in the categories of group personal accident, outstanding premium, professional indemnity, pensions/retirement benefits, reinsurance claim, group credit policy, wrongful termination of agents, fire and unhonoured discharge during the year. The table below gives a breakdown of the various complaints received.
Comparison of number of complaints received in 2017 and 2018 Subject matter Total number of complaints Total number of complaints received in 2017 received in 2018 Group Personal accident 0 0 Agency commission 4 2 Motor third party 13 10 Comprehensive motor vehicle 5 6 Theft/ burglary 1 8 Professional indemnity 0 0 Workers compensation 4 7 Performance Bond/guarantees 2 9 Fraud of premium/ Refund 4 9 Delayed compensation/ Settlement/ 57 39 dishonor of claim
10 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Subject matter Total number of complaints Total number of complaints received in 2017 received in 2018 Accident 7 6 Medical 4 4 Pension/ Retirement 1 0 Salary arrears/employment 1 2 Unprofessional conduct 3 4 Surrender benefits 12 5 Group credit policy 0 0 COMESA Yellow Card 3 1 Wrongful Termination of agents 1 0 Fire 1 0 Insurance policy 0 10 Life Policies benefits 13 27 Unhonoured discharge 3 0 Fidelity guarantee 0 1 Travel Insurance 0 3 TOTAL 139 153
Observations
1) The highest number of complaints received in 2018 was in the category for delayed settlement of claims or decline to settle claims and these were 39 complaints. However, there was a significant reduction from the 57 which were received in 2017.
2) 27 complaints were received concerning payment of life insurance policies benefits, for example; computation of maturity benefits, surrender values and benefits accruing upon termination of a policy. There has been an increase in these complaints compared to those received in 2017 which were 13. This points to the need for Life Insurers to improve on information disclosure during sale of insurance.
3) Only five (5) complaints were received in relation to surrender benefits unlike in 2017 wherein 12 complaints were received.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 11 4) There was an increased number of complaints arising from performance bonds (9), selling of insurance products and interpretation of insurance policies (10) and travel insurance claims (3). Players need to pay more attention to these classes of business and ensure clarity so as to minimize the potential impact of complaints on trust.
The graph below illustrates the nature and number of complaints received in the period of 2018:
A chart showing the nature and number of complaints
travel insurance
Fidelity guarantee
Life Policies Benefits
Insurance Policy
COMESA Yellow Card
surrender benefits
unprofessional conduct
salary arrears/employment
medical
accident
delayed compensation/settlement/payment of bills
fraud of premium/refund
performance bond/guarantee
workers compensation
theft/burglary
comprehensive motor vehicle
motor third party
Agency commission
0 5 10 15 20 25 30 35 40 45
number of complaints
3.2 Product Approval
The Authority is mandated to, amongst others: promote the fair treatment of policyholders; maintain an orderly insurance market; Reduce the risk of insurance company failures by ensuring that players do not take on risks without capacity; and ensure compliance, by insurance players, with the provisions of the Act and Regulations as well as other applicable laws.
Therefore, the Authority reviews and approves all insurance products that are to be sold by industry players so as to ensure that the policy terms and conditions are fair to policyholders. During the year under review, the Authority reviewed and approved the following new insurance products:
12 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Insurance Product name Risks covered/benefits company CIC General SACCO prestige • Designed to provide cover for;- estimated annual transits,safe up, Insurance ltd product group personal accident for upto 5years earnings for staff, all risks for the sacco assets. • Money insurance and fidelity insurance cover. Scholar prestige • Cover for personal accidents for the students and staff, all risks on product electronic equipment for computers and mobile, students assets destroyed by fire, public liability, fire for the buildings. SME prestige • Designed to provide cover for;- fires and buglary on stock, goods in transit, all risks for the business assets, estimated annual transits, WCA cover for up to 5 staff. • Money insurance and fidelity insurance are covered under the policy Liberty Life Soma plan This plan is designed to enable saving for future education costs for Assurance policyholders’ children. • Its a Saving product which pays policy holder benefits on maturity, surrender or withdrawal based on the policyholders accumulated premiums less charges plus any returns made on the investment portfolio • It includes a retrenchment premium waiver on a compulsory basis but no other risk cover. • On an optional basis, it can be packaged together with education protector product which gives risk benefits on death or impairment. Grand Micro Life and savings • Its a family plan cover which provides a life cover with savings to Insurance Ltd plan the main member up to the limit chosen. As the main member, one is covered in case of disability and critical illness like cancer, heart disease, stroke, liver failure, kidney failure and major organ transplant. • This plan also covers funeral expenses up-to the limit chosen for the spouse, children and parents of the main member.
Medical • It provides inpatient hospitalisation cover for the main member, saving and spouse, 2parents aged less than 65 years and a maximum of 4 hospitalisation children up to the limit bought as long as the beneficiary has Plan been hospitalised for more than 48hours. • It also provides for outpatient cover to any person(s) provided they are authorised by the main member. The money available for outpatient will be accumulated from the Insured’s savings. • This plan also provides for funeral expenses for the spouse, children and parents upto a chosen limit. Funeral and • This product pays funeral expenses including all policyholders’ savings plan accumulated savings and accrued interest at maturity of the policy. • It also provides cover for the policyholders’ family members, that is, spouse, children and parents.
Loan/credit • This product provides cover to group credit and mortgage protection plan customers of banks and loan providers as protection against inability of the customers to repay their loans as a result of death or disability. • This product also provides a retrenchment cover extension in which cover is provided to group credit and mortgage customers of banks and loan providers in the event that customers are unable to repay their loans as a result of retrenchment.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 13 Insurance Product name Risks covered/benefits company Liberty General Revamped travel The product covers Insurance Uganda insurance product • medical expenses Limited • hospitalisation abroad • personal accidents in public means of transport • personal assistance services(Includes 24 hours assistance services e.g delivery of medicines and distress compensation in case the common carier the policyholder is traveling in is hijacked) • loss of baggage • personal liability • journey cancellation, journey curtailment and delayed departure( missed departure/ missed travel connection) • These Benefits are provided if the insured is travelling outside their usual country of residence up to a maximum of 92 consecutive days.
Britam Insurance Wind screen and Covers against damage of motor vehicle glass that is to say Front Company Ltd glass cover Windscreen, door glass and rear view and damage to windscreen where the damage is sufficient to cause your vehicle to fail the test under the traffic act.
UAP Life Assurance Sure deal plan Provides guaranteed lumpsum to the policyholder at maturity. It also provides Benefits on death of policy holder including; Waiver of premium, guaranteed death benefit, life cover benefit and accidental death rider. • The policy also provides benefits on disability of policy owner including Waiver of premium and disability rider. • The policy also provides Cash values (incase the policy is surrendered) and policy loans at the company’s discretion.
SOMESA plus Provides guaranteed periodic payments to the policyholder at education plan maturity. It also provides Benefits on death of policy holder revamped including; Waiver of premium, guaranteed death benefit, life cover benefit and child income benefit. • The policy also provides benefits on disability of policy owner including Waiver of premium and benefit on death of beneficiary (child). • The policy also provides Cash values (incase the policy is surrendered) and policy loans at the company’s discretion.
Group life Provides cover to the policyholder (uber motorbike B.V.) in case of policy for Uber death, total permanent disability, medical expenses incurred due motorbike B.V. to accidents and a last expense rider for unnamed passengers.
Jubilee life assurance Wedding savings This policy enables the policy holder to build up a fund to finance (jubilee kwanjula) kwanjula, the main wedding and honey moon. plan • This plan provides benefits to the policy holder on death during term of the policy due to natural or accidental cause and on survival to the end of the term. • The product also provides optional riders which include; Accidental death benefit, Total and permanent disability, waiver of premium on disability and other features and benefits.
13 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 04 CONSUMER EDUCATION AND OTHER MARKET DEVELOPMENT INITIATIVES
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 41 CONSUMER EDUCATION AND OTHER MARKET DEVELOPMENT INITIATIVES
Public Awareness and Consumer Education The growing need for financial education for the companies, entrepreneurs, families and individuals to take better financial decision and to increase their economic security has been widely recognized. It is felt that well informed and well educated customers enhance economic growth.
Financial education and awareness therefore have a such risks; vital role to play in ensuring that citizens are equipped III. Helping consumers fully understand all of with the Knowledge, Skills and Confidence necessary the related information through a range of to improve their understanding of financial products initiatives targeted at specific groups moreso and concepts. Improving the level of financial as insurance products become increasingly literacy in Uganda is an important societal challenge complex; which requires contributions from a wide range of stakeholders, public and private inclusive. IV. Educating the public about their rights and obligations in respect to insurance transactions, A typical Insurance Awareness/Education strategy and raising awareness on the existence of the should seek to: Authority’s Complaints Bureau; and, V. Developing skills and abilities of different I. Increase consumer awareness by equipping categories through financial literacy them with a basic orientation in insurance programmes to enable them improve their matters; livelihoods and overcome vulnerability. II. Help the insuring and prospecting consumers Moreover, having the right kind of insurance get relevant information for making important knowledge is an essential part of building a decisions for themselves and their families; solid financial future. III. Develop consumers’ skills and enhance In line with the above broad aspirations, the following their confidence vis-à-vis financial risks and programs were implemented during the year: opportunities; IV. Provide consumers with a better understanding I. Regional Awareness programmes of the major features of insurance products; and, IRA and other key stakeholders such as the V. Ensure that Consumers make informed Agriculture Insurance Consortium undertook decisions in their choice of insurance services awareness programmes at regional level to help that suit their particular needs and expectations. spread insurance knowledge in areas not covered by insurance service providers. This was aimed at Indeed, the Authority’s strategy is driven by the desire improving access to insurance services in the country. to create a financially aware and empowered As a response to this initiative, some industry players population. In our strategy, we have rolled out have introduced micro-insurance products tailored to several programmes and activities whose main focus these communities’ needs. has been on: In the period under review, the Authority carried I. Provision of neutral information regarding out awareness programmes in districts of West Nile insurance products; (Arua), Soroti, Kabale and Luweero in which over II. Raising awareness of new or emerging risks 20,000 people were sensitized on selected aspects and the possibility of being covered against of insurance as well as the need for insurance in
16 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 general. The role of the Authority especially in Kampala. respect to ensuring that players are financially The Authority’s open-door approach as well as cordial sound and transparent in their operations as well as media relationships have created demand from complaints resolution was echoed throughout these journalists to always seek Authority’s comments and programmes. this has enhanced the Authority’s participation on different Radio and Television stations. II. Corporate Social Responsibility initiatives IV. Online initiatives and activities Corporate Social Responsibility (CSR) is one of the standard modern business practices and a powerful The Authority has leveraged on technological statement of what the Authority stands for in its platforms to improve on access to information by operations. the public. The website is continuously updated with content to ensure appropriate and up-to-date In its effort to create good relationships with local information is provided to the existing and potential communities and make doing business easier and consumers of insurance services. reduce the regulatory burden, the Authority focused its CSR activities in supporting healthcare initiatives. The website www.ira.go.ug also provides an online The Authority distributed mattresses to referral registration portal where HMOs, Brokers, Agents, hospitals in Fort Portal, Masaka, Kiryandongo and Bancassurance Agents and Loss Assessors/Adjustors Gombe. submit their applications for licensing. The website also has a window where complaints can be filled The Authority’s approach to CSR resonates with and lodged to the Authority’s Complaints Bureau for its core values of commitment, transparency and appropriate redress. accountability. The Authority is accountable to the public and therefore has an obligation to contribute To date the Authority has an active Facebook page to positive changes in communities and the country with 9,168 followers and 357 followers on the Twitter at large. Such initiatives are aimed at addressing the handles which have facilitated real time information low insurance appreciation and attitude among the exchange and helped in the creation of awareness general public. and improving the Authority’s visibility and image.
III. Media relations and publicity V. Participation in trade shows and exhibitions
The Authority recognises the role the media plays IRA participated in interactive consumer education in educating the public about issues pertaining to and awareness outreach programmes. In the their wellbeing. If well informed, they can provide period under review, the Authority took part in the an effective education channel but without Uganda Revenue Authority Taxpayer’s Appreciation information, the risk of misinformation can have dire Week to show case the programme and activities consequences. To avoid the latter, the Authority set implemented by Taxpayer’s money. The Taxpayer’s out to enhance the media’s insurance knowledge week is a platform providing an opportunity to all through a one-day media-engagement to sensitize, government agencies to engage with and receive educate and equip journalists with relevant insurance feedback from the public on the services offered by knowledge. The engagement aimed at enhancing government agencies. their understanding and appreciation of insurance dynamics so as to ably relay appropriate messages to In addition, the Authority participated in the Uganda respective audiences with utmost clarity. Manufacturers Association (UMA) Trade Lugogo, UMA Regional Trade Fair in Mbarara, the CBS PEWOSA The engagement, among others, provided journalists Trade fair in Wankulukuku, and the Source of the Nile with updates in the insurance sector, issues and Agriculture Trade Show in Jinja. perspectives about insurance, simplification of the commonly used insurance terminologies as well as The Authority’s participation in the trade show and sharing the achievements and developments in the exhibition is mainly to improve its visibility but most sector. importantly, the platforms create an opportunity for the Authority to sensitize the public on the need for Additionally, the Authority made approximately 20 insurance, the rights and obligations of policyholders Radio and 15 television unsolicited appearances both as well as bridge the existing information gap on upcountry and within the Central Business District of insurance related matters.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 17 Profile of lessons learnt from the various programs The 39th meeting focused on the theme, “the year implemented 2017 and Q1 2018 industry performance at a glance – analysis and perspectives”, wherein Over the reporting period, a number of lessons were players were challenged to always focus on giving learnt and will help inform future programs. Some of their best effort, playing at their highest level and the lessons are listed below: managing better than they have ever done if they I. Awareness creation is a highly capital-intensive must remain relevant. project if impact is to be registered. Continuity and consistency are key. The 40th CEOs Breakfast meeting focused on “Fraud in the Insurance Industry” and was facilitated by II. An effective education programme needs Uganda Police. The Stakeholders were taken through to start with what listeners know, and may the status of the Insurance Fraud in Uganda, detection therefore need to encompass a broad financial and control measures. An anti-Fraud unit has been literacy approach. established at IRA with the support of the Insurance III. Messages are more powerful when listeners Industry Association. can relate to the experiences, feelings, language and expressions used in the programme. Our Strategic Focus moving forward IV. Programmes that are entertaining and dynamic Our focus in the coming period will seek to answer are more successful. the following areas: V. Measurements of Impact should target I. Working towards developing the idea, and levels of knowledge and understanding of institutionalisation, of an annual Customer Insurance processes proxied by the number Engagement Day. of complaints made due to lack of information II. Developing and moving forward the approach or lack of understanding of the policies; and of “Training of Trainers” in different locations. the percentage of rejected claims because of misunderstandings and miscomprehensions III. Implementing targeted insurance programmes of the process. A decrease in both of these for population segments deemed to have measures implies that clients have higher levels effective demand whilst not losing sight of of knowledge and understanding of insurance strategies that are aimed at creating long-term products and processes. In addition, increased relationships and goodwill. uptake of insurance services can also be used IV. Develop specialised content of the risk as a proxy of impact. and insurance literacy programme that is appropriate and sufficient to particular VI. CEOs breakfast meetings groupings. V. Develop more visual aids and enter-education Three (3 ) CEOs Breakfast meetings (the 38th, 39th & 40th) were successfully held in the reporting period. pieces that tend to appeal more to the public. VI. Develop partnerships with other stakeholders The 38th meeting focused on the theme, “the with a stake in financial literacy. potential of inclusive insurance to transform the insurance Landscape in Uganda”. Mr. Joseph VII. Develop funding proposals and rigorously Lutwama, the Policy, Legal and Regulatory specialist pursue potential funders for awareness challenged the Chief Executive Officers to be programs. innovative and develop solutions for the mass market.
The Authority has leveraged on technological platforms to improve on access to information by the public. The website is continuously updated with content to ensure appropriate and up-to-date information is provided to the existing and potential consumers of insurance services.
18 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 05 DEVELOPMENTS AT THE LOCAL, REGIONAL AND INTERNATIONAL LEVELS
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 45 DEVELOPMENTS AT THE LOCAL, REGIONAL AND INTERNATIONAL LEVELS
LOCAL DEVELOPMENTS
Local Marine Insurance DPP’s office for perusal and 7 cases are pending arrest A number of stakeholders meetings regarding the of known and unknown accused subjects. implementation and localization of marine cargo insurance were held and all stakeholders agreed that Fake claims as a result of fake policies (credit bond) all importers should insure their marine cargo with involved the highest amount of money in fraudulent locally licensed insurance companies in Uganda. claims reported, followed by Fidelity claims and Motor related claims. We noted during investigations, A select committee was formed. The select committee cooperation between the fraudsters and some developed a draft implementation strategy which Insurance agents to defraud the system, including is under review and is yet to be approved by all forging company documents. Motor insurance stakeholders. claims were second vulnerable to insurance fraud in frequency of reports received during the period with The implementing agencies for the compulsory a total of 32 suspicious claims reported in categories marine cargo insurance shall be the Insurance Motor theft, Motor accidents and material damages. Regulatory Authority of Uganda and Uganda Revenue Authority. Insurance Fraud Investigation Unit(IFIU) during the year registered cases worth UGX 2,490,032,733= (Two billion four hundred ninety million three hundred twenty thousand seven hundred thirty-three shillings) Anti-Insurance Fraud Unit only. These were from suspicious claims received and On the 2nd May 2018, the Authority, in partnership Investigated from different Insurance companies, with the Uganda Insurers Association set-up an Intermediaries and members of the public. Insurance Anti-Fraud Unit meant to primarily investigate suspected and detected insurance fraud 65% of the amount of money involved in reported related cases. suspicious claims during the period have been saved after investigations prove the claims fraudulent and The establishment of this unit presents opportunities the Insurer advised to repudiate the claims basing to recognise both opportunistic and professional/ on evidence from the investigation completed and organised fraud and stop it before it occurs, using reports were issued to the complainants or Insurance multiple approaches. The Insurance sector need to Players who reported the cases at the Unit in time. embrace technology based tools in detection and However, some claims have been reported at the unit prevention of fraudulent activities at different stages after the Insurance company has paid the claim, the of claim processing and underwriting. Because of its investigations are done to prove otherwise once the impact on the stability and integrity of the insurance unit receives information from reliable sources and business, countering Insurance fraud remained our intelligence. strategic objective in the review period and will remain in close focus in the coming years.
A total of 102 cases were reported across all segments AML during the year 2018, with 34 involving forgery and Anti-Money Laundering (AML) and Counter-Terrorism issuing of fake policies; 32 Motor related; 12 were Financing (CTF) activities – we participated in the third-party claims and 24 cases in respect to non- AML National Risk Assessment (NRA) that was aimed remittance of cash premiums by Insurance agents. at identifying and evaluating the money laundering 58 cases have been investigated and concluded and terrorist financing risks in a particular jurisdiction during the period, 20 are pending investigations, 5 are and analyzing the main sources and drivers of the risks pending before courts of law, 12 cases are before the in order to develop effective AML and CTF policies.
20 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 One action out of the AML-NRA was the review of the the results will greatly inform supply side revisions to Insurance Act to ensure that it adequately provides improve on value proposition to the insuring public. for the same. Additionally, working with Financial Sector Deepening Uganda (FSDU) and the Center for Financial We also continued to implement AML requirements Regulation and Inclusion (CENFRI), we undertook an amongst the Insurance Players in the reporting period. innovation gap analysis to assess the opportunities and challenges to innovation over the review period.
Risk Based Capital The study on the assessment of potential insurance During the period under review, the Authority distribution options was launhed during the year and undertook trainings for Senior Management of 19 Non- will be concluded later in 2019. life insurers, 9 Life insurers, 5 HMOs and 1 Reinsurer. The trainings focused on the draft Risk Based Capital A research paper on “Rethinking insurance uptake: Regulation, company specific implications based on Why legacy models aren’t enough” was co-authored the results from the first Quantitative Impact Study. with FSDU.
Subsequently trainings were also conducted for the We Published articles in the last two quarterly bulletins Board of Directors of insurance players on the risk of the Accountability sector Secretariat magazine. based supervision framework and impact of the first quantitative impact study. The FINSCOPE IV Survey was concluded during the year and IRA chaired the steering Committee. This A presentation was also made to the Uganda Insurers involved providing leadership to the Committee Association Life and Pensions committee on the 7th as well as Technical backstopping to the consulting of December, 2018. The presentation focused on the team. The Report was broken down into three overview of Risk Based Supervision, Risk Based Capital thematic reports – Gender and informal financial and its implications to the Insurance Industry. inclusion; Insurance and Banking.
For insurance, the FinScope survey crucial particularly because it establishes credible benchmarks and Financial Reporting Templates indicators of financial inclusion and capability. The The Authority, with the Support of the World Bank survey provides insights into obstacles to insurance and IMF-EastAfritac embarked on the process of sector growth. FinScope also provides pointers to developing new Financial Reporting templates for innovation in product development and delivery. The Non-life Insurers, HMO’s, Life Insurers and Reinsurers. survey challenges stakeholders to explore options of The new templates once finalised would replace tapping into the informal sector by drawing lessons the old reporting templates and would be utilised from the revealing levels of informal insurance for annual, quarterly and monthly reporting to the protection. The Regulator is equally challenged to Authority. create an enabling environment within which these services can be delivered. Thus, our Focus should be on the traits of those who are excluded (WIDENING) Mortality Tables and innovations should seek to broaden the scope of The first set of mortality tables for Assured lives for financial services, as well as array of financial services Uganda was developed through the support of the which can be aligned to the traits of the excluded. Macro-Economic and Financial Management Institute (MEFMI) during the period under review. Such tables Working with FSDU, we launched a Microinsurance would be key in pricing life insurance products and Challenge Fund involving a total grant support undertaking statutory valuations. across all winners of GBP 300,000. The process of identification of winners was concluded during the review period. Research and Innovation The Authority conducted research on the Awareness, Perception and Utilisation of Insurance Services by Reinsurance the Top 100 Tax payers in Uganda during the year On the 24th -27th September 2018 a Reinsurance 2018. The report will be availed on the website once Underwritng & Technical Seminar organised by stakeholder consultations have been concluded African Reinsurance Corporation was held at Mestil later in 2019. This was a demand side analysis and Hotel & Residences, Kampala Uganda.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 21 Financial Sector Regulators Forums arbitrage, the approach should be consistent with the During the review period, a number of Financial regulatory regime for insurance businesses in Uganda. Sector Regulators meetings were held for purposes The framework should aim to address the specific of ensuring financial sector stability in Uganda. features and issues related to Takaful businesses and Three (3) technical working groups created focusing their Shari’ah-compliant nature, rather than duplicate on: macroprudential, contangion and stess testing; the work already carried out for developing various microprudential and crisis management. elements of a prudential framework for insurance businesses in Uganda.
By end of the reporting period, the consultant was in Workers Compensation the process of developing the policy paper to define In an effort to promote the development of the the overall policy approach for the development of a insurance sector, a draft MOU between the Authority Risk-Based regulatory regime for Takaful and Retakaful and the Ministry of Labour, Gender and Social business in Uganda, outline potential alternatives Development was developed, reviewed and sent or policy choices for each of the key policy issues to the Solicitor General (SG) for advice. The MOU identified and analyse the policy choices and make provides for joint inspections between the Authority recommendations for the approach to be taken in and Ministry of Labour of employees to ensure respect of each of the key policy issues identified. compliance of employers.
The Authority also carried out a two-day training for KCCA Labour Officers on the Workers Compensation National Health Insurance Scheme insurance policy. Additional two (one-day) workshops The Authority continued participating in the National were held for labor officers from Western Uganda (in Task Force activities which among others include Mbarara) and Eastern Uganda (in Mbale). designing the National Health Insurance Scheme. The Ministry of Health is spearheading the project. Two major action points emerged: The need to The Certificate of Financial Implication was provided undertake structured joint inspections with the by the Ministry of Finance, Planning and Economic District Labor Officers to enhance compliance with Development and the NHIS Bill was forwarded to the Act; and taking action against insurers who carry Parliament for review and approval. out second assessments of injured workers.
Uganda Oil and Gas Co-insurance Syndicate Takaful The Authority also approved the arrangements for Following the structural adjustments of the Islamic Uganda’s Oil and Gas syndicate under a co-insurance Development Bank (IDB), the initial arrangement on basis. Total Risk Solutions (London) Ltd is the Syndicate Technical Assistance could not proceed. Consultants and the Uganda Reinsurance Company is the manager. We accordingly successfully engaged World Bank. Mr. Prasanna Seshan was identified as the World Bank Takaful Regulatory expert and engaged to propose a Motor Third Party Mobile-payment platform Regulatory regime for Takaful and Retakaful business in Uganda. The Authority held discussions with URA and UIA about putting in place a Motor Third Party mobile The purpose of the regime for Takaful operators (TOs) payment platform. The mobile payment platform is to ensure that such undertakings hold sufficient was tested through a pilot run which was successful. capital to be able to meet claims from policy holders Implementation of the same is at the final stages as they arise and continue to operate on a going- and the Ministry of Works and Transport has been concern basis. Given the need to ensure a level requested to authorise URA to share the motor vehicle playing field between conventional Insurers and database before implementation is undertaken. Takaful Operators and avoid any potential regulatory
22 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 REGIONAL DEVELOPMENTS
EAC Insurance Bill
Following the decision of the Capital Markets, Insurance and Pensions Committee (CMIPC), the Sectoral Council on Finance and Economic Affairs SCFEA of the EAC constituted a Technical Working Group (TWG) to review the EAC Insurance Policy Framework. The TWG held several meetings and developed the draft EAC Insurance Bill and twenty one (21) enabling regulations.
INTERNATIONAL DEVELOPMENTS
Anti-Money Laundering Accounting Changes (IFRS 17) The IASB released IFRS17, the new accounting standard The 36th ESAAMLG TASK FORCE Meeting ■ for insurance contracts, in May 2017 after struggling was held during the period under review. with this topic for about twenty years. It will replace Herebelow are the outcomes from the the intermediate IFRS4 standard that was introduced meeting. as at 1 January 2005. Insurance companies that apply IFRS will have to start using the new standard from 1 - Mauritius had requsted for its supervisory January 2021 onwards. This change will generally be rating to be restored to “partially complied” very significant, hence, the preparations needed for it which was not accepted because Bank of shall not be underestimated. Mauritius issued guidence Notes as a basis for supervising Money laundering activities. Nevertheless, because IFRS17 will be a major The guidance Notes are not enforceable by improvement compared to the current IFRS4, it will law. Members resolved that this cannot be a be worth making these efforts. There are two reasons moderate shortcoming because Banks are the for this. Firstly, it will harmonize the methodologies Backbone of the payment systems. that are used around the world for the valuation of insurance liabilities in the Financial Statements, even - Burundi to join ESAAMLG: Burundi was within Group insurance companies; this will make supposed to receive the High level mission the statements of different insurers much better in June/July 2018 to assess their compliance comparable. Secondly, and this is very important levels. Burundi was supposed to make a from a supervisory perspective, it will guarantee that presentation at the ESAAMLG but did not turn the technical provisions of Life insurance companies up. are adequate. In particular, the ‘contractual service margin’, as a required new component of the - Nigeria was suspended from the Egmond. technical provision, shall be non-negative, meaning Nigeria has come up with current legislation that the corresponding layer of insurance policies which meets all the concerns of the Egmond is not expected to be loss-making in the future.As group. The FIU meeting in Sydney will decide a consequence, it is expected that the insurance on the lifting of the Nigerian FIU supervisors will allow insurance companies to recognize the contractual service margins under - In a number of areas where Uganda had IFRS17 as ‘available capital’ under a Risk-Based Capital been assessed “Non-Compliant”, the meeting regime for the calculation of the capital requirements. considered Ugandas position and improved the rating to compliant and partially compliant.
- Uganda applied to join the Egmond group Accounting Changes (IFRS 9) but did not meet all the requirements so our International Accounting Standards Board application was rejected. introduced the final version of International Financial Reporting Standards 9- Financial Instruments (IFRS - Rwanda did not submit FIU information. 9) which addresses the classification, measurement, Rwanda to be encouraged to submit its report impairment and hedge accounting for financial during the April 2019 meeting. instruments, in July 2014. In particular, IFRS 9 introduced an expected loss impairment model and
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 23 replaced International Accounting Standard 39- Financial Instruments: Recognition and Measurement, which recognised the impairment of financial assets using an incurred loss model.
During the period under review, the Authority engaged the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) (which is a regionally owned institute whose main mandate is to build capacity of its member countries, Uganda inclusive) for support towards undertaking an industry study on implementation of IFRS9 and having a standardized guideline on IFRS9 for the insurance industry in Uganda.
...the Authority, in partnership with the Uganda Insurers Association set-up an Insurance Anti-Fraud Unit meant to primarily investigate suspected and detected insurance fraud related cases.
24 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 06 GUIDANCE TO THE INDUSTRY
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 51 GUIDANCE TO THE INDUSTRY
During the year under review, the Authority issued guidance to the industry on a number of pertinent aspects as indicated herebelow:
Workers Compensation Insurance
On the 10th April 2018, we issued guidance to the industry to the effect that insurance players should desist from subjecting claimants to a second assessment, which is in contravention of the Workers Compensation Act.
The purpose of this guidance was to elimate the vice in the industry underwhich players require claimants to undergo a second assessment in the event of a dispute. The Workers Compensation Act under Section 13(1) provides that “ If the final assessment of disability made by a medical practitioner after a medical examination, made in accordance with section 11(1) of the Act is disputed by the employer or the worker, the employer or the worker may apply to the Labour Officer to request the dispute to be refered to the Medical Arbitration Board”.
Guidelines on Mandatory offers of Reinsurance (Treaty/Facultative) and Fronting to Uganda Re, Africa Re and PTA Re.
Guidance was issued by the Authority on the need to comply with section 64(1)(c) of the Insurance Act on placement of reinsurance cover. All insurers were informed to offer or place business (Treaty and Facultative), beyond their statutory limits, to all the three local reinsurance companies (Uganda Re, Africa Re and PTA Re) and have this clearly reflected in the treaty reinsurance arrangements.
26 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 07 FINANCIAL PERFORMANCE OF THE INDUSTRY
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 53 FINANCIAL PERFORMANCE OF THE INDUSTRY
7.1 Overall Performance 458billion in 2017 (457,998,296,147) to UShs 508billion (508,155,800,200) in 2018. Overall, in the year 2018, the GWP income increased by 17.53% from UShs 728.4 (728,430,974,041) in 2017 The growth in the Net Asset base highlights the to UShs 856billion (856,217,152,663) in 2018. Non- growing strength of companies to handle more life business continued to dominate the insurance insurable risks locally and provide adequate protection industry in terms of composition, though its relative to the insuring public. share has continued to decline. The relative share of non-life business in total premium declined by almost CLAIMS PAYOUTS 4percentage points from 70.01% in 2017 to 66.6% in 2018. Claims payment is the core value that the Insurance Industry offers to the policy holders and beneficiaries. In terms of growth, Non-Life GWP income grew by In the year 2018, the Gross Claims paid for both life 12.36% from UShs 507.2bn in 2017 to UShs 570bn and Non-life insurance (including HMOs) increased in 2018; Life GWP income increased by 28.83% from by 11.97% from UShs 291.7billion in 2017 UShs 168bn in 2017 to UShs 217.1bn in 2018, while (291,748,587,336) to UShs 326.7billion in 2018 HMOs GWP increased by 30.99% from UShs 52.7bn (326,676,159,051). in 2017 to UShs 69.1bn in 2018. FACTORS LEADING TO THE GROWTH In terms of market share, in the year 2018, non-life insurance constituted 66.57% compared to 70.01% in Here below are some of the factors attributable to the 2017; life premiums accounted for 25.36% compared growth in the year 2018: to 22.86% in 2017; while HMOs constituted 8.07% I. Improved distribution platforms like compared to 7.13% in 2017. Bancassurance UShs 26bn; Mobile Technologies – UShs 5bn. In 2018, we licensed a dedicated Microinsurance Organisation which underwrote UShs 24.31Million. II. Revitalisation and Consolidation of the HMOs Insurance penetration increased from 0.81% in 2017 (which grew by 31% in the year 2018). to 0.84% in 2018. III. Sustained economic growth contributed to a strong year for insurers in 2018. The continued Underwriting performance growth of Uganda’s economy means growth in Non-life underwriting profits increased from UShs insurable assets. 3.1bn (3,105,582,585) in 2017 to UShs 19.36bn IV. Sustained increase in the uptake of medical (19,361,496,848) in 2018. The significant improvement insurance (now the largest class of business) by in performance reflects improved quality of corporate institutions. Medical insurance Gross underwriting and a relatively favorable claims Written Premium grew by 26.96% from UShs experience. 161bn in 2017 to UShs 204.05bn in 2018. Note: The underwriting performance only covers V. Sustained growth in uptake of agriculture non-life business. Due to the long term nature of life insurance under the Agriculture Insurance business, it is not feasible to calculate the underwriting Consortium. A total of UShs 5,255,225,004 profit/loss on a yearly basis. was underwritten in 2018 compared to UShs 5,207,197,994 in 2017. Net Asset base The Insurers’ (including HMOs) Net Asset base (i.e. This was against the sum insured of UShs Assets less Liabilities) increased by 11% from UShs 387,669,768,064 in 2018 and UShs 235,726,247,519 in
28 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 2017. Total Claims paid amounted to UShs 2,033,507,393 (with Poultry accounting for over 67.3%) compared to UShs 1,900,615,925 (with multi-peril crop insurance accounting for 84%) in 2017.
Central Region accounted for 39% of the premiums while Western Region accounted for 38%. Northern and Eastern accounted for 11% and 12% respectively.
The scheme has grown coverage from about 5,000 farmers in 2015/16 to an expected coverage of 100,000 farmers by the end of FY 2018/19. VI. Innovations into the development of customer-centric products and strategic partnerships have improved both product affordability and accessibility. VII. The complaints redress platform provided by the Authority’s Complaints Bureau has enhanced the public confidence in insurance aware that there is a dependable agency to go to in case of a challenge. The Complaints reported in 2017 were 139 but these increased to 153 in 2018, out of which 101 have already been resolved. VIII. Enhanced awareness/public sensitisation campaigns undertaken by the various insurance sector stakeholders such as IRA, Insurance Training College, Uganda Insurers Association, Insurance Brokers Association of Uganda and individual insurance players supported by an increasingly supportive media fraternity. IX. Urbanisation and growing middle class with higher disposable income (reason why life insurance is gaining an edge) coupled with Change of family structure from extended family setting to nuclear setting.
7.2 Non Life Performance
■ Non life GWP income increased from UShs 507bn in 2017 to UShs 570bn in 2018. ■ Premium ceded on account of Non-life business increased from UShs 209bn in 2017 to UShs 257bn in 2018. ■ Net incurred claims on account of Non-life business inccreased from UShs 123bn in 2017 to UShs 124bn in 2018. ■ Non-life underwriting results improved substantially from UShs 3bn in 2017 to UShs 19bn in 2018.
Herebelow are class-wise summaries of the Non-life performance in 2017 (2013 – 2018)
Non-life class-wise gross written premium income (‘000 Ushs) Class 2013 2014 2015 2016 2017 2018 Fire 62,603,177 67,750,306 74,131,158 80,333,217 85,134,824 95,586,864 Marine/Aviation 24,525,654 26,782,156 28,702,481 28,495,203 33,486,010 33,193,324 Motor 100,658,510 107,463,164 118,005,766 119,870,156 129,100,946 144,415,552 Public Liability 13,091,273 8,241,291 10,028,898 10,593,386 14,003,356 15,123,122 Work. Comp 14,201,336 19,474,646 20,005,926 19,247,580 15,786,482 13,815,096 Burglary 8,949,813 8,810,354 9,981,515 8,700,269 11,473,795 11,535,551 Engineering 19,960,960 21,752,139 62,508,609 20,882,239 29,045,850 39,957,572 Personal Accident 35,298,891 34,892,242 37,531,697 41,756,318 50,815,509 42,943,541 Bonds 7,133,529 9,476,651 7,630,731 8,908,194 9,094,548 10,826,735 Medical 33,694,610 48,286,648 46,180 62,299,535 84,366,206 102,711,097 Misc. Accident 31,271,253 31,411,401 95,855,019 49,096,819 44,926,354 59,856,649 Total 351,389,006 384,340,998 464,427,980 450,182,916 507,233,880 569,965,104
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 29 Non-life class-wise reinsurance premium ceded (‘000 Ushs) Class 2013 2014 2015 2016 2017 2018 Fire 49,976,119 48,871,858 58,344,792 60,121,938 64,484,538 75,203,664 Marine/Aviation 16,380,261 17,904,153 16,722,565 18,758,323 20,859,641 22,227,098 Motor 11,166,923 10,787,062 9,311,460 8,700,535 10,356,524 10,774,442 Public Liability 9,568,129 4,924,250 6,584,130 6,076,492 7,789,427 9,056,686 Workers Compensation 4,560,374 7,217,153 7,378,571 6,260,527 4,202,555 4,474,070 Burglary 2,416,539 2,200,110 1,712,209 1,790,419 3,348,156 3,621,796 Engineering 15,980,452 16,422,587 58,131,477 16,653,953 21,932,720 35,337,814 Personal Accident 11,296,127 14,444,625 12,482,367 10,416,179 20,100,844 18,394,409 Bonds 3,619,139 6,392,571 5,519,297 5,891,973 6,386,507 8,168,251 Medical 13,124,481 15,029,422 2,960 24,711,389 27,851,939 41,187,204 Misc. Accident 14,495,288 18,390,226 40,869,679 25,741,524 22,063,530 28,472,463 Total 152,583,832 162,584,017 17,059,507 185,123,252 209,376,381 256,917,897
Non-life class-wise net premium income (‘000 Ushs) Class 2013 2014 2015 2016 2017 2018 Fire 12,627,058 18,878,448 15,786,366 20,211,279 20,650,286 20,383,200 Marine/Aviation 8,145,393 8,878,003 11,979,916 9,736,880 12,626,369 10,966,226 Motor 89,491,587 96,676,102 108,694,306 111,169,621 118,744,422 133,641,110 Public Liability 3,523,144 3,317,041 3,444,768 4,516,894 6,213,929 6,066,437 Workers Compensation 9,640,962 12,257,493 12,627,355 12,987,053 11,583,927 9,341,027 Burglary 6,533,274 6,610,244 8,269,306 6,909,850 8,125,639 7,913,754 Engineering 3,980,508 5,329,552 4,377,132 4,228,286 7,113,130 4,619,758 Personal Accident 24,002,764 20,447,617 25,049,330 31,340,139 30,714,665 24,549,132 Bonds 3,514,390 3,084,080 2,111,434 3,016,221 2,708,041 2,658,484 Medical 20,570,129 33,257,226 43,220 37,588,146 56,514,267 61,523,893 Misc. Accident 16,775,965 13,021,175 54,985,340 23,355,295 22,862,824 31,384,186 Total 198,805,174 221,756,981 247,368,473 265,059,664 297,857,499 313,047,207
Class-wise reinsurance ratios Class 2013 2014 2015 2016 2017 2018 Fire 79.83 72.14 78.70 74.84 75.74 78.68 Marine/Aviation 66.79 66.85 58.26 65.83 62.29 66.96 Motor 11.09 10.04 7.89 7.26 8.02 7.46 Public Liability 73.09 59.75 65.65 57.36 55.63 59.89 Workers Compensation 32.11 37.06 36.88 32.53 26.62 32.39 Burglary 27.00 24.97 17.15 20.58 29.18 31.40 Engineering 80.06 75.50 93.00 79.75 75.51 88.44 Personal Accident 32.00 41.40 33.26 24.95 39.56 42.83 Bonds 50.73 67.46 72.33 66.14 70.22 75.45 Medical 38.95 31.13 6.41 39.67 33.01 40.10 Misc. Accident 46.35 58.55 42.64 52.43 49.11 47.57 Industry average 43.42 42.30 46.74 41.12 41.28 45.08
30 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Retention ratios Class 2013 2014 2015 2016 2017 2018 Fire 20.17 27.86 21.30 25.16 24.26 21.32 Marine/Aviation 33.21 33.15 41.74 34.17 37.71 33.04 Motor 88.91 89.96 92.11 92.74 91.98 92.54 Public Liability 26.91 40.25 34.35 42.64 44.37 40.11 Workers Compensation 67.89 62.94 63.12 67.47 73.38 67.61 Burglary 73.00 75.03 82.85 79.42 70.82 68.60 Engineering 19.94 24.50 7.00 20.25 24.49 11.56 Personal Accident 68.00 58.60 66.74 75.05 60.44 57.17 Bonds 49.27 32.54 27.67 33.86 29.78 24.55 Medical 61.05 68.87 93.59 60.33 66.99 59.90 Misc. Accident 53.65 41.45 57.36 47.57 50.89 52.43 Industry average 56.58 57.70 53.26 58.88 58.72 54.92
Net earned premiums Class 2013 2014 2015 2016 2017 2018 Fire 12,657,655 15,463,584 16,835,136 18,469,314 19,536,195 20,970,674 Marine/Aviation 7,737,237 7,962,383 10,400,064 10,771,332 11,948,016 12,227,412 Motor 84,046,683 91,531,090 103,230,591 108,512,174 116,206,252 127,963,062 Public Liability 2,877,127 2,798,850 2,971,023 5,234,688 2,201,540 4,879,772 Workers Compensation 9,497,507 9,554,681 12,862,142 13,381,915 8,661,621 9,231,759 Burglary 5,437,699 5,465,120 8,085,392 7,211,549 7,959,697 7,966,448 Engineering 3,974,179 4,665,236 4,329,175 4,250,356 5,383,725 1,059,133 Personal Accident 22,613,474 21,211,981 22,912,737 28,849,500 28,581,923 25,216,128 Bonds 3,488,038 2,964,034 2,785,539 2,771,738 2,263,441 3,742,525 Medical 17,109,599 27,995,636 38,129 36,395,896 45,258,962 60,901,655 Misc. Accident 13,688,954 14,005,597 52,977,781 22,585,419 23,909,187 33,858,653 Total 183,128,152 203,618,192 237,427,709 258,433,881 271,910,559 308,017,221
Net incurred claims Class 2013 2014 2015 2016 2017 2018 Fire 1,270,358 1,751,475 5,004,491 3,075,057 5,404,238 7,064,009 Marine/Aviation 2,901,658 1,006,431 3,260,827 3,227,964 3,954,360 2,372,870 Motor 33,772,310 34,702,770 44,684,177 41,249,181 39,763,350 45,995,226 Public Liability 2,574 1,822,841 529,790 941,868 1,865,688 2,013,519 Workers Compensation 3,146,222 2,891,494 6,648,991 6,051,898 7,149,905 3,324,006 Burglary 3,210,106 1,936,436 3,713,676 2,170,464 3,179,877 4,581,554 Engineering (24,730) 1,120,816 1,502,248 2,286,978 1,848,108 2,410,970 Personal Accident 6,937,503 7,616,306 5,798,660 6,713,430 12,081,443 8,404,807 Bonds 1,466,865 470,160 250,692 (141,081) 489,850 1,174,683 Medical 12,794,537 22,304,883 (3,418) 30,705,973 35,810,942 44,599,034 Misc. Accident 7,453,487 5,301,993 35,119,131 9,424,973 11,892,878 2,044,792 Total 72,930,890 80,925,605 106,509,265 105,706,705 123,440,639 123,985,470
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 31 Loss ratios Class 2013 2014 2015 2016 2017 2018 Fire 10.04% 11.33% 29.73% 16.65% 27.66% 33.69% Marine/Aviation 37.50% 12.64% 31.35% 29.97% 33.10% 19.41% Motor 40.18% 37.91% 43.29% 38.01% 34.22% 35.94% Public Liability 0.09% 65.13% 17.83% 17.99% 84.74% 41.26% Workers Compensation 33.13% 30.26% 51.69% 45.22% 82.55% 36.01% Burglary 59.03% 35.43% 45.93% 30.10% 39.95% 57.51% Engineering -0.62% 24.02% 34.70% 53.81% 34.33% 227.64% Personal Accident 30.68% 35.91% 25.31% 23.27% 42.27% 33.33% Bonds 42.05% 15.86% 9.00% -5.09% 21.64% 31.39% Medical 74.78% 79.67% -8.96% 84.37% 79.12% 73.23% Misc. Accident 54.45% 37.86% 66.29% 41.73% 49.74% 6.04% Industry average 39.83% 39.74% 44.86% 40.90% 45.40% 40.25%
Underwriting Performance Class 2013 2014 2015 2016 2017 2018 Underwriting profit 23,393,762 23,956,373.00 7,117,909 7,288,864 3,105,137 19,362,226 %age change 73.41% 2.40% -70.29% 2.40% -57.40% 523.55%
7.3 Life Insurance Performance
■ Life gross written premium income increased by 28.83% from UGX 168bn in 2017 to UGX 217bn in 2018. ■ Premium ceded on account of life business increased from UGX 23bn in 2017 to UGX 34bn in 2018. ■ Net incurred claims on account of life business increased from UGX 43bn in 2017 to UGX 57bn in 2018.
Herebelow are class-wise summaries of the life performance in 2018
Gross premium income (‘000’ Ushs) 2012 2013 2014 2015 2016 2017 2018 Life Individual 5,753,930 8,745,951 18,167,084 24,428,538 50,152,225 71,074,924 102,070,658.00 Life Group 26,951,749 34,501,557 31,824,378 57,654,942 60,976,559 53,650,138 66,075,598.00 Medical - 4,040,438 12,501,543 5,277,759 7,120,308 23,585,638 32,227,049.88 DAP 6,551,645 8,119,047 11,542,300 12,490,901 14,250,639 20,407,763 16,746,656.00 Total 39,257,324 55,406,993 74,035,305 99,852,140 132,499,731 168,718,463 217,119,961.88 %age change 13.50% 41.14% 33.62% 34.87% 32.70% 27.33% 28.69%
Reinsurance premium ceded (‘000’ Ushs) Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 119,218 190,529 380,478 1,587,124 701,930 1,259,776 2,654,359 Life Group 5,429,903 8,558,064 5,314,068 15,560,868 20,122,916 11,769,908 13,210,817 Medical - 3,424,723 5,151,185 - 107,750 10,298,349 18,598,726 DAP ------Total 5,549,121 12,173,316 10,845,731 17,147,992 20,932,596 23,328,033 34,463,902 %age change 31.66% 119.37% -10.91% 58.11% 22.07% 11.44% 47.74%
32 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Net premium income (‘000’ Ushs) Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 5,634,712 8,555,422 17,786,606 22,841,414 49,450,295 69,815,148 99,416,299 Life Group 21,521,846 25,943,493 26,510,310 42,094,074 40,853,643 41,880,230 52,864,781 Medical - 615,715 7,350,358 5,277,759 7,012,558 13,287,289 13,628,324 DAP 6,551,645 8,119,047 11,542,300 12,490,901 14,250,639 20,407,763 16,746,656 Total 33,708,203 43,233,677 63,189,574 82,704,148 111,567,135 145,390,430 182,656,060 %age change - 28.26% 46.16% 30.88% 34.90% 30.32% 25.63%
Reinsurance ratio Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 2.07% 2.18% 2.09% 6.50% 1.40% 1.77% 2.60% Life Group 20.15% 24.80% 16.70% 26.99% 33.00% 21.94% 19.99% Medical - 84.76% 41.20% 0.00% 1.51% 43.66% 57.71% DAP 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Industry Average 14.14% 21.97% 14.65% 17.17% 15.80% 13.83% 15.87%
Retention ratio Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 97.93% 97.82% 97.91% 93.50% 98.60% 98.23% 97.40% Life Group 79.85% 75.20% 83.30% 73.01% 67.00% 78.06% 80.01% Medical - 15.24% 58.80% 100.00% 98.49% 56.34% 42.29% DAP 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Industry Average 85.86% 78.03% 85.35% 82.83% 84.20% 86.17% 84.13%
Net Earned premium (‘000’ Ushs) Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 5,634,712 8,555,422 17,786,606 22,841,414 49,450,295 69,815,148 99,416,299 Life Group 21,521,846 25,943,493 26,510,310 42,094,074 40,853,643 41,880,230 52,864,781 Medical - 615,715 7,350,358 5,277,759 7,012,558 13,287,289 13,628,324 DAP 6,551,645 8,119,047 11,542,300 12,490,901 14,250,639 20,407,763 16,746,656 Total 33,708,203 43,233,677 63,189,574 82,704,148 111,567,135 145,390,430 182,656,060 %age change - 28.26% 46.16% 30.88% 34.90% 30.32% 25.63%
Net incurred claims (‘000’ Ushs) Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 701,748 826,897 5,359,923 3,205,913 5,055,497 13,918,342 15,356,536 Life Group 7,358,084 8,799,736 7,068,438 15,754,275 16,880,206 11,765,489 21,038,688 Medical - - 422,219 4,107,533 5,350,403 8,597,109 8,294,687 DAP 3,685,964 2,845,903 9,009,117 8,331,440 7,328,698 9,401,089 12,697,593 Total 11,745,796 12,472,536 21,859,697 31,399,161 34,614,804 43,682,029 57,387,504 %age change -30.70% 6.19% 75.26% 43.64% 10.24% 26.19% 31.38%
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 33 Loss ratio (%age) Class 2012 2013 2014 2015 2016 2017 2018 Life Individual 12.45% 9.67% 30.13% 14.04% 10.22% 19.94% 15.45% Life Group 34.19% 33.92% 26.66% 37.43% 41.32% 28.09% 39.80% Medical - - 5.74% 77.83% 76.30% 64.70% 60.86% DAP 56.26% 35.05% 78.05% 66.70% 51.43% 46.07% 75.82% Industry average 34.85% 28.85% 34.59% 37.97% 31.03% 30.04% 31.42%
7.4 Health Membership Organisations (HMOs) Performance
The GWP income for HMOs grew by 30.99% from UShs 52.7bn in 2017 to UShs 69bn in 2018. A summary of the company wise performance is indicated here below:
No Name of the Company 2018 Gross written 2017 Gross written Percentage Market Share premium premium Change(%) 2018(%) 1 International Air Ambulance 30,355,454,000 26,664,616,000 13.84% 43.92% 2 AAR Health Services 29,036,234,000 19,310,312,000 50.37% 42.02% 3 International Medical Link 5,293,105,979 2,207,688,820 139.76% 7.66% 4 Case Medical care 3,274,914,111 3,502,494,800 -6.50% 4.74% 5 St Catherine Clinic 1,148,376,000 969,492,100 18.45% 1.66% 6 Kampala International Medical Centre - 105,560,000 - - Total 69,108,084,090 52,760,163,720 30.99% 100.00%
7.5 Uganda Reinsurance Company Performance in 2018
■ During the period under review, the company’s reinsurance premium income grew by 19.64% from UShs 28bn in 2017 to UShs 33.5bn in 2018 out of which UShs 31.86bn was non-life. ■ Life reinsurance premium income increased from UShs. 1.5bn in 2017 to UShs. 1.67bn in 2018. ■ Non-life retrocessions increased by 86.92% from UShs. 6.3bn in 2017 to UShs. 10.8bn in the year 2018.
Herebelow is a summary of Uganda Re’s performance (‘000’ UShs)
Non-life Life 2018 Total Gross premium 31,867,058,000 1,670,975,000 33,538,033,000 Change in Portfolio Premium 74,281,000 - 74,281,000 Retrocession 10,870,611,000 845,484,000 11,716,095,000 Net premium 21,070,728,000 825,491,000 21,896,219,000 Net Earned Premium 21,940,627,000 739,201,000 22,679,828,000 Net Incurred claims 10,938,161,000 353,424,000 11,291,585,000 commission paid 9,079,323,000 563,677,000 9,643,000,000 Management Expenses 2,238,030,000 112,808,000 2,350,838,000
Retrocession Ratio 34.11% 50.60% 34.93% Retention Ratio 66.12% 49.40% 65.29% Loss Ratio 49.85% 47.81% 49.79% Commission Ratio 28.49% 33.73% 28.75% Management Expense Ratio 7.02% 6.75% 7.01%
34 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 08 FINANCIAL POSITION OF THE INDUSTRY
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 61 FINANCIAL POSITION OF THE INDUSTRY
8.1 Non-Life Financial Position
Herebelow is a non-life insurance industry balance sheet for the year 2018: 2018 2017 ASSETS Ushs ‘000 Ushs ‘000 Property, Plant and Equipment 24,869,216 21,610,479 Intangible Assets 18,002,209 17,623,163 Investment Properties 71,355,349 73,631,896 Term Deposits 163,391,205 172,628,610 Investment in Quoted Shares 11,957,576 12,757,196 Investment in Unquoted Shares 15,840,669 17,627,723 Statutory Security Deposits 20,699,292 20,086,664 Investment in Government Securities 194,915,975 130,488,782 Investment in Associates/Subsidiaries 25,741,186 25,659,586 Deferred Tax Assets 8,752,032 5,462,518 Mortgages /Loans to Associates 2,752,688 94,777 Other Investments 890,906 759,997 Premiums Recievable 136,547,367 141,755,893 Reinsurance Premiums Receivable 40,497,178 42,856,288 Reinsurers’ share of Insurance Liabilities 211,990,741 188,859,839 Group Balances/Related Parties 17,078,838 21,068,056 Other Debtors and Receivables 41,302,705 35,440,588 Current Income Tax Recoverable 10,945,925 7,870,292 Properties Designated for Sales 10,585,000 14,090,000 Corporate Bonds 355,000 355,000 Cash at Hand and Bank Balances 58,566,810 50,268,647 TOTAL ASSETS 1,087,037,867 1,000,995,994
LIABILITIES NON-CURRENT LIABILITIES Borrowings/ Long term Financial Obligations 412,428 5,425,303 Deferred Taxation 8,362,380 10,540,218 Unearned Premiums Reserve 232,868,153 216,762,624 Outstanding Claims Reserve 158,300,591 141,315,870 Claims Incurred but not Reported (IBNR) 30,891,004 29,776,889 TOTAL NON-CURRENT LIABILITIES (430,834,556) (403,820,904)
36 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 CURRENT LIABILITIES Reinsurance Premiums Payable 86,536,030 69,998,412 Group Balances/Related Parties 40,184,887 35,717,241 Current Income Tax Payable 6,820,581 3,398,471 Dividends Payable 3,450,811 2,206,071 Bank Overdrafts/Short term Borrowings 50,324 1,499,638 Premiums Payable 1,356,596 1,473,418 Other Creditors and Payables 118,926,084 125,522,740 TOTAL CURRENT LIABILITIES (257,325,313) (239,815,991) TOTAL LIABILITIES (688,159,869) (643,636,895) NET ASSETS 398,877,998 357,359,099
SHAREHOLDERS’ FUNDS Authorized Share Capital 185,611,955 177,498,486 Fully Paid- up Share Capital 172,961,705 155,196,589 Share Premium 4,729,275 4,729,275 Retained Earnings 97,460,353 90,626,413 Revaluation Reserves 2,519,078 2,146,380 Contingency Reserves 88,692,239 77,001,457 Capital Reserves 17,054,435 14,429,641 Share Application Deposits 2,253,681 - Fair Value & Other Reserves 1,462,284 3,826,037 Proposed Dividends 11,602,125 9,306,449 Non- Controlling Interests 142,823 96,858 TOTAL SHAREHOLDERS’ FUNDS 398,877,998 357,359,099
Changes in Non-life Net Assets and Total Assets ■ Non-life net assets increased from UShs. 357 bn in the year 2017 to UShs. 398 bn in 2018. ■ Non-life total assets increased from UShs. 1,000bn in the year 2017 to UShs. 1,087bn in the year 2018
8.2 Life Financial Position
Herebelow is the life insurance industry balance sheet for the year 2018: ASSETS 2018 2017 UG SHS ‘000 UG SHS ‘000 Property,Plant and Equipment 5,937,762 5,181,340 Intangible Assets 1,595,054 774,018 Investment Properties 22,505,000 26,060,000 Investment in Quoted Shares 14,342,997 9,053,278 Investment in Unquoted Shares 3,500,800 7,420,621 Properties Designated for Sale 2,780,000 - Term Deposits 68,894,527 69,314,028 Investment in Associates 75,165 60,254 Statutory Security Deposits 9,230,477 5,751,645 Investment in Government Securities 232,450,980 159,084,583
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 37 Unit Linked /Other Investments 633,920 1,163,272 Deferred Tax Asset 6,813,900 4,734,031 Current Income Tax Recoverable 2,347,130 165,556 PolicyLoans 5,588,900 4,047,963 Premiums Recievable 11,599,946 7,410,276 Group Balances/Related Parties 2,064,180 2,091,688 Reinsurance Premiums Receivable 7,144,842 5,852,570 Reinsurers’ share of Insurance Liabilities 4,167,738 9,492,171 Other Debtors and Receivables 8,372,351 13,590,020 Cash at Hand and Bank Balances 26,627,508 22,408,843 TOTAL ASSETS 436,673,177 353,656,157
LIABILITIES NON-CURRENT LIABILITIES Life Contract Liabilities Actuarial Valuation 184,669,930 129,091,597 Outstanding Claims Reserve 3,852,858 9,760,585 Unearned Premiums Reserve 4,761,626 4,933,355 Deferred Taxation 2,542,888 3,819,438 TOTAL NON-CURRENT LIABILITIES (195,827,302) (147,604,975)
CURRENT LIABILITIES Reinsurance Premiums Payable 10,268,396 5,993,546 Premiums Payable 7,129,165 4,891,985 Payables under Deposit Administration Plans 85,741,194 71,411,147 Group Balances/Related parties 12,467,415 17,247,183 Other Creditors and Payables 18,767,881 4,103,842 Current Income Tax Payable 1,573,483 1,985,650 Managed Funds/Investment Contracts 2,846,209 2,851,439 Bank Overdrafts/Short term Borrowings - - TOTAL CURRENT LIABILITIES (138,793,743) (108,484,792) TOTAL LIABILITIES (334,621,045) (256,089,767) NET ASSETS 102,052,132 97,566,390
SHAREHOLDERS’ FUNDS Authorized Share Capital 87,247,835 61,940,000 Fully Paid- up Share Capital 82,462,419 57,230,584 Retained Earnings (31,664,103) (8,870,188) Contingency Resrves 9,634,645 7,869,845 Share Premiums 26,821,331 26,821,331 Capital Reserves 412,117 399,651 Preference Shares 8,500,000 - Share Application Deposits 5,865,233 14,035,520 Fair Value & Other Reserves 20,490 79,647 TOTAL SHAREHOLDERS’ FUNDS 102,052,132 97,566,390
38 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Changes in Life Net Assets and Total Assets ■ Life net assets increased by 4.6% from UShs. 97.5bn in the year 2017 to UShs. 102bn in 2018. ■ Life total assets increased by 23.5% from UShs. 353.66bn in the year 2017 to UShs. 436.67bn in the year 2018
8.3 HMO Financial Position
Below is the aggregated HMOs’ Balance sheet for the year 2018: ASSETS 2018 2017 UG SHS ‘000 UG SHS ‘000 Property,Plant and Equipment 986,578 1,617,587 Intangible Assets 131,420 86,952 Term Deposits 1,800,579 4,151,405 Statutory Security Deposits 977,421 1,150,047 Investment in Government Securities 10,637,069 3,610,437 Investment in Unquoted Shares/ Securities 5,120 - Deferred Tax Assets 3,915,584 2,821,755 Current Income Tax Recoverable 1,628,814 1,383,072 Inventory Stocks 22,017 39,554 Group Balances/Related Parties 8,124,968 5,915,596 Premiums Receivable 9,682,886 9,622,804 Other Debtors and Receivables 3,116,650 4,176,645 Cash at Hand and Bank Balances 3,421,716 2,379,026 Reinsurers’ Share of Insurance Liabilities and Reserves - - TOTAL ASSETS 44,450,822 36,954,880
LIABILITIES NON-CURRENT LIABILITIES Deferred Taxation 1,131 Long term Financial Obligations/ Borrowings 126,667 538,147 Outstanding Claims 8,121,832 6,758,863 Claims Incurred but not Reported 1,916,785 592,920 Unearned premium reserves 22,681,165 22,728,301 TOTAL NON-CURRENT LIABILITIES (32,846,449) (30,619,362)
LESS CURRENT LIABILITIES Group Balances/Related parties 621,760 1,091,720 Other Creditors and Payables 4,378,541 1,524,417 Current Income Tax Payable 104,002 101,669 Bank Overdraft/Short term Borrowings 126,667 95,833 TOTAL CURRENT LIABILITIES (5,230,970) (2,813,639) TOTAL LIABILITIES (38,077,419) (33,433,001) NET ASSETS 6,373,403 3,521,879
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 39 SHAREHOLDERS’ FUNDS Authorized Share Capital 14,121,347 14,323,347 Fully Paid- up Share Capital 14,021,347 14,058,347 Retained Earnings (19,378,940) (21,693,671) Share Premiums 10,068,047 10,068,047 Capital Reserves 1,090 1,090 Contingency Reserves 1,661,859 1,088,066 TOTAL SHAREHOLDERS’ FUNDS 6,373,403 3,521,879
Changes in HMOs Net Assets and Total Assets ■ HMOs net assets increased by 82.86% from UShs. 3.5bn in the year 2017 to UShs. 6.4billion in 2018. ■ HMOs total assets increased by 20.3% from UShs.36.95bn in the year 2017 to UShs. 44.45bn in the year 2018
STATEMENT OF FINANCIAL POSITION FOR UGANDA RE AS AT 31ST DECEMBER 2018 2018 2017 PARTICULARS Shs.(000’) Shs.(000’)
A: SHARE CAPITAL: Authorised 15,000,000 15,000,000 Issued and Fully Paid up 13,108,000 13,108,000
B: RESERVES: Contingency 2,476,434 1,784,641 Capital 628,273 397,675 Retained Earnings 7,843,880 7,074,656 Share Premium 1,028,075 1,028,075
SHAREHOLDERS’ FUNDS 25,084,662 23,393,047
OTHER RESERVES Life Fund 1,363,332 859,031 Proposed Dividends 2,046,501 0
CAPITAL EMPLOYED 28,494,495 24,252,078
Represented by: C : NON -CURRENT ASSETS: Furniture, Fittings & Equipment 51,116 57,297 Computer Accessories & Electronics 12,895 11,472 Motor Vehicles & Cycles 146,094 1 Deferred Tax Asset 0 94,116 Intangible Asset 148,775 91,052
TOTAL NON- CURRENT ASSETS 358,880 253,938
40 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
D: INVESTMENTS: Government Securities 19,492,546 15,354,022 Term Deposits 25,890,790 24,858,021 Statutory Security Deposits 2,187,841 1,689,850
TOTAL INVESTMENTS 47,571,177 41,901,893
E: CURRENT ASSETS Reinsurance Premiums Receivable 1,865,327 2,330,554 Retrocessionaires’ Share of Reinsurance Liabilities and Reserves 4,686,438 Group Balances/Related Parties 4,858,385 4,890,830 Other Receivables 222,349 167,310 Cash in Bank and at Hand 574,023 1,657,919
TOTAL CURRENT ASSETS 12,206,522 9,046,613
TOTAL ASSETS 60,136,579 51,202,444
F: CURRENT LIABILITIES Retrocessionaires’ Premiums Payable 934,278 265,972 Sundry Creditors/Payables 22,359 24,012 Other Creditors/Payables 341,968 924,007 Group Balances/Related Parties 891,421 942,987 Current Income Tax Payable 1,169,713 276,665
TOTAL CURRENT LIABILITIES 3,359,739 2,433,643
G: NON -CURRENT LIABILITIES Deferred Taxation 202,585 0 Borrowings/Financial Obligations
TOTAL NON-CURRENT LIABILITIES 202,585 0
H: UNDERWRITING RESERVES Unearned Reinsurance Premium Reserves 13,415,213 9,512,386 Outstanding Claims 13,100,839 13,962,418 Claims Incurred but not Reported 1,563,708 1,041,919
TOTAL UNDERWRITNG RESERVES 28,079,760 24,516,723
TOTAL LIABILITIES 31,642,084 26,950,366
NET ASSETS 28,494,495 24,252,078
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 41 Changes in Uganda Re Net Assets and Total Assets ■ Uganda Re net assets increased from UShs. 24.2bn in the year 2017 to UShs. 28.4billion in 2018. ■ Uganda Re total assets increased from UShs.51.2bn in the year 2017 to UShs. 60.1bn in the year 2018
STATEMENT OF FINANCIAL POSITION FOR MICROINSURERS 2018 2017 PARTICULARS Shs.(000’) Shs.(000’)
A: SHARE CAPITAL: Authorised 1,000,000 NEW Issued and Fully Paid up 551,500
B: RESERVES: Contingency 486 Capital 25,627 Retained Earnings (538,642)
SHAREHOLDERS’ FUNDS 38,971
OTHER RESERVES Life Fund Minority Interest
CAPITAL EMPLOYED 38,971
Represented by: C : NON -CURRENT ASSETS: Furniture, Fittings & Equipment 2,018 Computer Accessories & Electronics 22,575 Motor Vehicles & Cycles Deferred Tax Asset 22,888 Intangible Asset 51,735
TOTAL NON- CURRENT ASSETS 99,216
D: INVESTMENTS: Government Securities Term Deposits 100,000 Investment in Associates/Subsidiaries Statutory Security Deposits Unquoted shares/securities Quoted shares/securities Other Investments 29,000
42 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
TOTAL INVESTMENTS 129,000
E: CURRENT ASSETS Reinsurers’ Share of Insurance Liabilities 794 Group Balances/Related Parties 19,038 Other Receivables 19,019 Cash in Bank and at Hand 17,230
TOTAL CURRENT ASSETS 56,081
TOTAL ASSETS 284,297
F: CURRENT LIABILITIES Reinsurance Premiums Payable 3,530 Premiums Payable 59,826 Other Creditors/Payables 72,439 Group Balances/Related Parties 85,250 Current Income Tax Payable
TOTAL CURRENT LIABILITIES 221,045
G: NON -CURRENT LIABILITIES Deferred Taxation Borrowings/Financial Obligations from Related Parties 10,140
TOTAL NON-CURRENT LIABILITIES 10,140
H: UNDERWRITING RESERVES Unearned Premium Reserves 14,141 Outstanding Claims Claims Incurred but not Reported
TOTAL UNDERWRITNG RESERVES 14,141
TOTAL LIABILITIES 245,326
NET ASSETS 38,971 NEW
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 43 09 INSURANCE INTERMEDIARIES
70 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 INSURANCE INTERMEDIARIES
9.1 Insurance Brokers ■ During the year under review, the gross written premium income collected through the brokerage distribution channel was UGX. 273.17 billion which accounts for 32.00%of the insurance industry premium. This implies that brokerage firms continue to play a significant role in acquiring insurance business on behalf of insurers. ■ Insurance Broker’s Gross Commission increased from UGX. 40.9bn in 2017 to UGX. 45.9 bn in 2018
Details of the performance of the Brokers are indicated in the detailed statistical tables section.
9.2 Loss Assessors/Adjusters
Loss Assessors/Adjusters are involved in pre-insurance asset valuation, Risk Surveys, Loss Assessment, Fraudulent claims investigation amongst others. The revenue generated by the Loss ssessors/Adjusters increased from UGX. 3.8 bn during the year 2017 to UGX. 4.19bn in 2018.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 45 10 GLOBAL AND AFRICAN INSURANCE PERSPECTIVE
72 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 GLOBAL AND AFRICAN INSURANCE PERSPECTIVE
According to the Swiss Re Sigma Report No. 3/2019, Global direct premiums surpassed the USD 5 trillion mark for the first time ever in 2018, reaching USD 5 193 billion (6.1% of global GDP). Total premiums expanded in both nominal and real terms, but overall growth was slower than in 2017 due to weakness in the life sector. The latter was due to shrinking markets in Europe, China and Latin America.
Non-life insurance
Non-life insurance premiums written were USD 2 373 billion, up 3% in real terms from the previous year, outpacing the historic average, as advanced markets slowed and emerging markets improved. In non-life insurance, motor and accident & health business each contributed about a third to global premiums in 2018. The next biggest contribution came from property. Among the emerging markets, the share of motor insurance was significantly higher (i.e. 44% of nonlife). Property and liability were also large segments, while specialty lines were much smaller.
Life insurance
Global life insurance premiums grew by just 0.2% in real terms to USD 2 820 billion in 2018. This was a significant deceleration from 2017, mainly due to contraction in China. It was also below the already-weak annual average of the previous 10 years (0.6%). The future outlook of life insurance is more promising: we expect global life premiums to grow by around 3% annually over the next two years. Most of the improvement will come from emerging markets, in particular China where we expect a recovery in demand for savings products. In advanced markets, growth will remain low but positive.
Reinsurance
During the year 2018, primary insurers ceded about USD 260 billion or 5% of direct premiums written in 2018 to the global reinsurance markets. The cession rates (ceded premiums / direct premiums) were higher in non- life (8.4%, USD 200 billion) than in life (2%, USD 60 billion). This is due to the dominance of savings products in life, which are typically not reinsured. In non-life, cession rates among emerging regions, particularly emerging Asia, excluding China, the Middle East, Africa and Latin America are higher than overall, indicating that these countries are of higher importance in the reinsurance sector than in the primary industry.
Like in the primary industry, the US and Canada are the dominant markets in reinsurance (a third of global premiums in non-life and 53% in life). Cession rates by line of business vary considerably. In non-life, cession rates in motor are very low (i.e. 4%), but higher in property (16%), liability (14%) and special lines (>30%) such as aviation, marine or engineering. Among emerging markets, China in particular, motor cession rates are also low, while in property, liability and special lines they are higher than among advanced markets. The reinsurance sector is better positioned with respect to the two big vulnerabilities facing primary insurers.
Natural catastrophe and overall non-life claims payments
Total economic losses from natural and man-made catastrophes in 2018 were USD 161 billion. Roughly half (USD 81 billion) were covered by the insurance sector, the fourth highest one-year aggregate industry pay out ever, and above the previous 10-year annual average of USD 71 billion. Losses from natural catastrophes dominate the headlines, but the insurance sector’s contribution to resilience goes well beyond compensation for disaster events. This is demonstrated by our estimate that in total, USD 1.7 trillion non-life sector claims were paid out to policyholders last year. At USD 81 billion, only 5% of total non-life insurance and roughly a third of global property insurance claims were on account of natural catastrophes.
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 47 11 DETAILED STATISTICAL TABLES
74 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 DETAILED STATISTICAL TABLES
PERFORMANCE OF NON-LIFE INSURANCE COMPANIES
Non-life class-wise gross premium -2018 (Figures in Ushs ‘000) No Company Fire Burglary P. Accident Work. Comp P. Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total
1 Jubilee 28,825,165 972,471 6,831,748 2,175,976 1,812,508 6,952,031 21,234,238 3,709,090 8,302,481 54,076,996 11,712,316 146,605,020 133,474,237
2 AIG ------482,672
3 UAP 15,200,867 4,368,378 7,567,097 1,474,356 4,176,172 4,257,267 17,283,563 - 10,736,851 46,157,866 748,952 111,971,369 103,403,042
4 Liberty General 4,672,521 144,224 1,861,685 902,473 233,710 1,172,830 3,379,375 810 95,068 - 1,210,448 13,673,144 12,771,102
5 Goldstar 5,215,473 166,298 2,869,760 1,786,209 427,551 2,090,494 4,621,449 - 3,890,730 3,473,513 24,541,477 20,808,678
6 MUA Insurance 1,884,685 360,037 1,386,304 815,366 144,358 2,200,058 6,811,368 184,018 404,746 - 4,353,128 18,544,068 16,342,148
7 ICEA 3,250,939 1,713,334 3,212,654 1,447,487 610,021 1,181,988 5,780,152 78,544 2,109,033 2,476,235 58,204 21,918,591 19,831,766
8 National Insurance 1,271,065 50,486 874,233 237,583 41,238 4,745,197 7,271,462 230,688 121,631 - 1,149,075 15,992,658 15,781,023
9 TransAfrica 1,887,297 - 488,211 713,202 33,312 1,142,049 2,241,545 88,049 380,583 - 694,692 7,668,940 7,322,910
10 Swico 1,360,727 75,211 1,223,510 1,370,001 25,865 451,862 7,618,712 3,031,099 27,913 - 1,285,462 16,470,362 13,513,284
11 Excel 483,933 24,691 33,453 107,381 4,923 33,591 7,485,364 651,182 135,366 - 128,664 9,088,547 8,089,544
12 FICO 121,149 21,633 20,179 59,839 14,376 16,331 3,615,003 15,000 27,876 - 139,548 4,050,934 3,836,562
13 APA 3,630,028 1,395,082 503,633 857,932 213,966 1,871,553 4,496,258 - 1,240,555 - 1,284,727 15,493,734 15,073,190
14 Sanlam General 10,979,021 - - - 4,568,614 1,804,812 19,750,903 2,387,692 4,396,581 - 27,602,340 71,489,963 63,247,063
15 CIC General 1,610,929 823,184 1,064,978 386,605 504,705 529,937 5,712,027 - 284,216 - 2,526,915 13,443,496 10,820,080
16 PAX 712,922 9,315 1,875,337 60,117 1,950 - 2,690,365 16,425 202,781 - 239,973 5,809,185 5,311,603
17 Rio 240,424 - - - 392 - 832,906 68,517 - - 35,778 1,178,017 1,157,795
18 NOVA 225,534 - 85,176 20,166 219,844 676,443 307,611 586,259 - 533,418 2,654,451 1,770,204
19 Britam 11,441,726 1,402,955 12,643,385 948,484 2,244,937 2,246,961 19,029,679 5,586,556 1,259,676 56,804,359 44,024,745
20 Alliance 2,570,404 - 485,890 381,711 42,108 2,270,669 3,872,430 58,011 1,428,346 - 1,419,819 12,529,388 10,184,409
21 Mayfair 2,055 8,251 1,485 5,198 2,250 5,850 12,311 - - - - 37,400 -
Total 95,586,864 11,535,551 42,943,541 13,815,096 15,123,122 33,193,324 144,415,552 10,826,735 39,957,572 102,711,097 59,856,649 569,965,104 507,246,057
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 49 Non-life insurance premium ceded-2018 (Amount Ushs. ‘000) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total
1 Jubilee 26,253,913 595,472 4,164,378 1,332,700 1,466,822 5,466,444 865,136 3,493,867 7,938,988 36,020,422 9,143,825 96,741,967 76,670,595
2 AIG ------421,287
3 UAP 10,567,195 1,686,408 1,016,949 113,048 2,189,087 2,795,794 1,684,038 - 9,619,524 3,429,707 660,795 33,762,545 25,986,995
4 Liberty General 3,324,195 5,594 1,371,912 174,128 77,708 526,078 166,791 567 56,856 - 782,154 6,485,983 5,983,445
5 Goldstar 4,940,138 151,615 2,612,088 1,552,817 215,528 1,385,807 961,928 270,734 3,221,023 3,398,004 18,709,683 14,387,316
6 MUA Insurance 1,066,597 53,309 122,183 232,541 6,882 1,025,377 1,352,866 151,429 257,442 - 1,740,065 6,008,691 5,276,871
7 ICEA 2,336,218 764,979 1,958,565 171,368 428,165 915,583 362,010 97,143 1,973,737 1,727,660 24,286 10,759,714 10,267,451
8 National Insurance 743,145 - 124,783 38,361 (17,836) 4,310,924 112,895 131,959 39,448 - 746,288 6,229,967 6,768,559
9 TransAfrica 1,496,961 - 377,617 68,229 2,667 438,824 193,474 82,598 223,374 - 445,483 3,329,227 2,695,630
10 Swico 314,397 11,465 363,419 21,420 6,508 35,226 329,216 1,006,595 - - 451,354 2,539,600 1,583,044
11 Excel 239,476 19,748 24,016 - - 22,018 365,825 541,223 90,671 - 99,694 1,402,671 804,912
12 FICO 112,749 16,621 16,687 32,617 10,296 13,024 1,017,132 - 25,823 - 87,021 1,331,970 1,137,248
13 APA 2,533,339 253,578 31,611 63,898 15,212 862,583 620,560 125,148 817,772 9,415 63,892 5,397,008 7,407,586
14 Sanlam General 9,143,845 - - - 3,167,635 976,379 1,016,614 2,085,583 3,492,834 - 8,611,268 28,494,158 26,899,987
15 CIC General 896,475 22,992 60,385 10,898 41,845 378,901 222,723 - 271,718 - 506,931 2,412,868 2,253,059
16 PAX 497,149 2,000 144,561 - - - 270,930 - 80,571 - 83,258 1,078,469 1,050,525
17 Rio 93,338 - - - - - 59,350 4,716 - - - 157,403 111,849
18 NOVA 73,642 - - 5,150 268 172,010 89,456 171,183 549,279 - 53,489 1,114,476 687,185
19 Britam 8,642,976 35,851 5,606,726 449,450 1,403,649 2,020,459 743,034 5,371,731 915,552 25,189,428 15,522,680
20 Alliance 1,927,916 - 398,529 207,445 42,250 881,151 340,464 5,507 1,307,023 - 659,104 5,769,389 3,460,155
21 Mayfair - 2,164 - - - 516 - - - - - 2,680 -
Total 75,203,664 3,621,796 18,394,409 4,474,070 9,056,686 22,227,098 10,774,442 8,168,251 35,337,814 41,187,204 28,472,463 256,917,897 209,376,380
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 50 Non-life net premium -2018 (Amount Ushs. ‘000) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total
1 Jubilee 2,571,252 376,999 2,667,370 843,276 345,686 1,485,587 20,369,102 215,223 363,493 18,056,574 2,568,491 49,863,053 56,803,642
2 AIG ------61,385
3 UAP 4,633,672 2,681,970 6,550,148 1,361,308 1,987,085 1,461,473 15,599,525 - 1,117,327 42,728,159 88,157 78,208,824 77,416,047
4 Liberty General 1,348,326 138,630 489,773 728,345 156,002 646,752 3,212,584 243 38,212 - 428,294 7,187,161 6,787,657
5 Goldstar 275,335 14,683 257,672 233,392 212,023 704,687 3,659,520 (270,734) 669,707 - 75,509 5,831,795 6,421,362
6 MUA Insurance 818,088 306,728 1,264,121 582,825 137,476 1,174,681 5,458,502 32,589 147,304 - 2,613,063 12,535,377 11,065,277
7 ICEA 914,721 948,355 1,254,089 1,276,119 181,856 266,405 5,418,142 (18,599) 135,296 748,575 33,918 11,158,877 9,564,315
8 National Insurance 527,920 50,486 749,450 199,222 59,074 434,273 7,158,567 98,729 82,183 - 402,787 9,762,691 9,012,464
9 TransAfrica 390,336 - 110,594 644,973 30,645 703,225 2,048,071 5,451 157,209 - 249,209 4,339,713 4,627,280
10 Swico 1,046,330 63,746 860,091 1,348,581 19,357 416,636 7,289,496 2,024,504 27,913 - 834,108 13,930,762 11,930,240
11 Excel 244,457 4,943 9,436 107,381 4,923 11,573 7,119,539 109,959 44,696 - 28,970 7,685,876 7,284,632
12 FICO 8,400 5,012 3,492 27,222 4,080 3,307 2,597,871 15,000 2,053 - 52,527 2,718,964 2,699,314
13 APA 1,096,689 1,141,504 472,022 794,034 198,754 1,008,970 3,875,698 (125,148) 422,783 (9,415) 1,220,835 10,096,726 7,665,604
14 Sanlam General 1,835,176 - - - 1,400,979 828,433 18,734,289 302,109 903,747 - 18,991,072 42,995,805 16,613,082
15 CIC General 714,454 800,192 1,004,593 375,707 462,860 151,036 5,489,304 - 12,498 - 2,019,984 11,030,629 8,567,021
16 PAX 215,773 7,315 1,730,776 60,117 1,950 - 2,419,435 16,425 122,210 - 156,715 4,730,716 4,261,078
17 Rio 147,086 - - - 392 - 773,556 63,801 - - 35,778 1,020,614 1,045,946
18 NOVA 151,892 - - 80,026 19,899 47,834 586,987 136,428 36,980 - 479,929 1,539,975 1,083,019
19 Britam 2,798,750 1,367,104 7,036,659 499,034 841,288 226,502 18,286,645 - 214,825 - 344,124 31,614,931 28,502,065
20 Alliance 642,488 - 87,361 174,266 (142) 1,389,518 3,531,966 52,505 121,323 - 760,715 6,759,999 6,724,254
21 Mayfair 2,055 6,087 1,485 5,198 2,250 5,334 12,311 - - - - 34,720 -
Total 20,383,200 7,913,754 24,549,132 9,341,027 6,066,437 10,966,226 133,641,110 2,658,484 4,619,758 61,523,893 31,384,186 313,047,207 278,135,683
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 51 Non-life reinsurance ratios -2018 (%) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total 1 Jubilee 91.08 61.23 60.96 61.25 80.93 78.63 4.07 94.20 95.62 66.61 78.07 65.99 57.44 2 AIG 87.28 3 UAP 69.52 38.60 13.44 7.67 52.42 65.67 9.74 89.59 7.43 88.23 30.15 25.13 4 Liberty General 71.14 3.88 73.69 19.29 33.25 44.86 4.94 70.00 59.81 64.62 47.44 46.85 5 Goldstar 94.72 91.17 91.02 86.93 50.41 66.29 20.81 82.79 97.83 76.24 69.14 6 MUA Insurance 56.59 14.81 8.81 28.52 4.77 46.61 19.86 82.29 63.61 32.40 32.29 39.97 7 ICEA 71.86 44.65 60.96 11.84 70.19 77.46 6.26 123.68 93.58 69.77 49.09 51.77 8 National Insurance 58.47 - 14.27 16.15 (43.25) 90.85 1.55 57.20 32.43 64.95 38.96 42.89 9 TransAfrica 79.32 77.35 9.57 8.01 38.42 8.63 93.81 58.69 64.13 43.41 36.81 10 Swico 23.11 15.24 29.70 1.56 25.16 7.80 4.32 33.21 - 35.11 15.42 11.71 11 Excel 49.49 79.98 71.79 - - 65.55 4.89 83.11 66.98 77.48 15.43 9.95 12 FICO 93.07 76.83 82.69 54.51 71.62 79.75 28.14 - 92.64 62.36 32.88 29.64 13 APA 69.79 18.18 6.28 7.45 7.11 46.09 13.80 65.92 4.97 4.83 9.14 14 Sanlam General 83.28 69.33 54.10 5.15 87.35 79.44 31.20 39.86 42.53 15 CIC General 55.65 2.79 5.67 2.82 8.29 71.50 3.90 95.60 20.06 17.95 20.82 16 PAX 69.73 21.47 7.71 - - 10.07 - 39.73 34.69 18.56 19.78 17 Rio 38.82 - 7.13 6.88 - 13.36 9.66 18 NOVA 32.65 6.05 1.33 78.24 13.22 55.65 93.69 10.03 41.99 38.82 19 Britam 75.54 2.56 44.35 47.39 62.53 89.92 3.90 96.15 72.68 44.34 35.26 20 Alliance 75.00 82.02 54.35 100.34 38.81 8.79 9.49 91.51 46.42 46.05 33.98 21 Mayfair - 26.23 - - - 8.82 - 7.17 Industry Average 78.68 31.40 42.83 32.39 59.89 66.96 7.46 75.45 88.44 40.10 47.57 45.08 41.28
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 52 Non-life retention ratios -2018 (%) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total 1 Jubilee 8.92 38.77 39.04 38.75 19.07 21.37 95.93 5.80 4.38 33.39 21.93 34.01 42.56 2 AIG 12.72 3 UAP 30.48 61.40 86.56 92.33 47.58 34.33 90.26 10.41 92.57 11.77 69.85 74.87 4 Liberty General 28.86 96.12 26.31 80.71 66.75 55.14 95.06 30.00 40.19 35.38 52.56 53.15 5 Goldstar 5.28 8.83 8.98 13.07 49.59 33.71 79.19 17.21 2.17 23.76 30.86 6 MUA Insurance 43.41 85.19 91.19 71.48 95.23 53.39 80.14 17.71 36.39 60.03 67.60 67.71 7 ICEA 28.14 55.35 39.04 88.16 29.81 22.54 93.74 (23.68) 6.42 30.23 58.27 50.91 48.23 8 National Insurance 41.53 100.00 85.73 83.85 143.25 9.15 98.45 42.80 67.57 35.05 61.04 57.11 9 TransAfrica 20.68 22.65 90.43 91.99 61.58 91.37 6.19 41.31 35.87 56.59 63.19 10 Swico 76.89 84.76 70.30 98.44 74.84 92.20 95.68 66.79 100.00 64.89 84.58 88.29 11 Excel 50.51 20.02 28.21 100.00 100.00 34.45 95.11 16.89 33.02 22.52 84.57 90.05 12 FICO 6.93 23.17 17.31 45.49 28.38 20.25 71.86 100.00 7.36 37.64 67.12 70.36 13 APA 30.21 81.82 93.72 92.55 92.89 53.91 86.20 34.08 95.03 65.17 50.86 14 Sanlam General 16.72 30.67 45.90 94.85 12.65 20.56 68.80 60.14 26.27 15 CIC General 44.35 97.21 94.33 97.18 91.71 28.50 96.10 4.40 79.94 82.05 79.18 16 PAX 30.27 78.53 92.29 100.00 100.00 89.93 100.00 60.27 65.31 81.44 80.22 17 Rio 61.18 100.00 92.87 93.12 100.00 86.64 90.34 18 NOVA 67.35 93.95 98.67 21.76 86.78 44.35 6.31 89.97 58.01 61.18 19 Britam 24.46 97.44 55.65 52.61 37.47 10.08 96.10 3.85 27.32 55.66 64.74 20 Alliance 25.00 17.98 45.65 (0.34) 61.19 91.21 90.51 8.49 53.58 53.95 66.02 21 Mayfair 100.00 73.77 100.00 100.00 100.00 91.18 100.00 92.83 Industry Average 21.32 68.60 57.17 67.61 40.11 33.04 92.54 24.55 11.56 59.90 52.43 54.92 54.83
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 53
Non-life net earned premium -2018 (Amount Ushs. ‘000) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total 1 Jubilee 2,470,903 623,759 4,067,455 1,158,073 576,224 2,221,620 20,044,523 182,207 403,815 18,800,025 2,983,783 53,532,387 48,915,353 2 AIG ------6,261,020 3 UAP 5,700,692 2,778,355 7,358,766 1,441,863 2,065,101 1,631,150 15,226,988 - 916,628 41,492,020 138,925 78,750,488 64,052,644 4 Liberty General 1,427,158 116,692 484,295 740,835 144,191 655,481 2,949,348 1,161 42,590 - 465,611 7,027,362 6,423,502 5 Goldstar 248,406 18,912 194,886 253,677 299,207 708,050 3,857,671 304,616 458,396 (276,200) 6,067,620 6,466,253 6 MUA Insurance 731,253 318,927 984,139 718,526 126,865 1,149,697 5,194,395 34,180 182,133 - 2,362,848 11,802,963 10,452,875 7 ICEA 855,720 962,675 1,180,586 837,975 189,724 267,512 5,726,119 (59) 66,615 592,363 19,693 10,698,923 9,214,470 8 National Insurance 453,142 26,660 618,457 193,018 64,164 961,860 6,512,935 64,966 384,242 - 664,574 9,944,018 8,330,521 9 TransAfrica 567,636 - 191,541 392,260 27,358 677,810 1,558,634 (3,303) 126,053 - 68,696 3,606,686 4,933,255 10 Swico 963,798 58,230 940,115 1,321,800 21,427 380,139 6,665,837 1,946,213 17,482 - 218,990 12,534,031 12,684,197 11 Excel 283,450 35,269 (19,296) 100,490 5,485 10,264 6,644,538 576,403 132,086 - (53,268) 7,715,422 6,301,147 12 FICO 8,334 13,579 7,406 21,751 5,542 13,084 2,615,584 9,000 1,232 - 40,937 2,736,449 2,657,789 13 APA 916,296 1,043,348 411,060 665,823 159,931 854,837 2,921,257 299,913 17,247 1,114,016 8,403,728 8,556,549 14 Sanlam General 1,531,604 - - - (119,157) 1,175,509 17,371,045 409,451 (2,621,502) - 22,884,503 40,631,453 33,071,639 15 CIC General 539,511 455,534 928,608 548,404 448,264 196,005 5,084,993 - 39,816 - 1,744,959 9,986,094 6,088,433 16 PAX 210,716 8,367 1,697,768 54,773 3,388 - 2,300,928 4,736 145,622 - 156,478 4,582,776 3,393,169 17 Rio 154,565 - - - 755 4,000 838,004 48,980 - - 29,182 1,075,486 1,033,223 18 NOVA 106,891 - - 96,006 21,209 26,665 570,060 125,922 (34,781) - 412,114 1,324,085 972,011 19 Britam 3,134,779 1,507,372 5,875,302 456,327 814,931 244,015 18,141,129 314,583 362,127 30,850,565 26,430,377 20 Alliance 665,671 - 294,849 229,604 24,971 1,049,559 3,738,101 38,052 184,210 - 520,685 6,745,702 5,672,133 21 Mayfair 149 (1,232) 191 554 191 155 974 - - - - 982 - Total 20,970,674 7,966,448 25,216,128 9,231,759 4,879,772 12,227,412 127,963,062 3,742,525 1,059,133 60,901,655 33,858,653 308,017,221 271,910,560
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 54 Non-life net incurred claims-2018 (Amount Ushs. ‘000) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total 1 Jubilee 664,740 132,075 1,470,777 664,430 124,260 704,490 6,840,705 1,140 261,467 15,332,342 946,218 27,142,644 29,672,493 2 AIG 99,097 - 785,297 334,072 1,472 118,581 (303,874) - 7,299 - 178,518 1,220,462 8,007,182 3 UAP 1,503,710 1,431,691 2,726,905 898,026 607,510 433,931 6,216,578 - 708,842 28,792,795 (15,414) 43,304,574 37,410,642 4 Liberty General 378,084 (28,051) 33,324 - 238,129 (4,496) 843,223 - 18,605 - (41,879) 1,436,939 1,688,728 5 Goldstar (4,299) (2,533) 86,079 (14,477) 118,332 165,083 1,181,301 - 131,231 3,751 1,664,467 1,883,517 6 MUA Insurance 230,842 30,858 243,981 527,058 48,765 488,839 2,905,801 714 (5,857) - 1,149,083 5,620,084 4,143,992 7 ICEA 135,886 649,516 293,147 164,826 65,117 9,700 2,270,960 1,715,014 69,941 473,897 292 5,848,296 3,749,322 8 National Insurance 84,976 3,651 116,039 107,378 28,424 (1,080,958) 1,292,915 (153,852) 91,362 - 376,754 866,689 1,003,983 9 TransAfrica 98,586 - 28,407 8,577 (9,223) (63,111) 184,982 - (114,881) - 280,725 414,062 1,054,500 10 Swico (18,058) 64,571 356,192 (23,464) - 19,319 1,892,195 (74,162) 128,136 - (4,451) 2,340,278 2,671,919 11 Excel 163,015 (1,771) - 4,292 - - 1,643,336 (285,236) 19,284 - 6,095 1,549,015 1,615,824 12 FICO - (23,000) (10,626) (89,272) (242) - 766,403 - (17,415) - (65,803) 560,045 673,699 13 APA 305,624 630,976 66,127 264,796 2,315 274,017 1,751,535 - 216,142 - 271,567 3,783,099 2,777,857 14 Sanlam General 2,658,772 - - - 33,178 780,931 7,946,989 - 41,021 - (1,197,285) 10,263,606 13,578,002 15 CIC General (44,018) 536,648 223,219 147,510 592,679 119,804 1,984,593 - 164,113 - (171,013) 3,553,534 2,155,625 16 PAX 244,909 - 375,426 2,913 - - 562,172 - 9,450 - 76,067 1,270,937 764,182 17 Rio - - - 2,953 - - 52,683 - - - - 55,636 96,716 18 NOVA 14,162 - - 75,063 1,300 3,108 126,781 (28,936) 1,943 - 96,245 289,666 176,964 19 Britam 437,514 1,156,466 1,525,944 101,770 97,166 107,432 6,934,000 518,058 21,206 10,899,556 7,883,076 20 Alliance 110,314 - 84,459 147,166 64,169 295,799 901,025 - 162,229 - 134,115 1,899,276 2,432,417 21 Mayfair 154 457 111 390 169 400 923 - - - - 2,604 - Total 7,064,009 4,581,554 8,404,807 3,324,006 2,013,519 2,372,870 45,995,226 1,174,683 2,410,970 44,599,034 2,044,792 123,985,470 123,440,640
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 55 Non-life loss ratios-2018 (%) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total 1 Jubilee 26.90 21.17 36.16 57.37 21.56 31.71 34.13 0.63 64.75 81.55 31.71 50.70 60.66 2 AIG 127.89 3 UAP 26.38 51.53 37.06 62.28 29.42 26.60 40.83 77.33 69.39 (11.10) 54.99 58.41 4 Liberty General 26.49 (24.04) 6.88 - 165.15 (0.69) 28.59 - 43.68 (8.99) 20.45 26.29 5 Goldstar (1.73) (13.40) 44.17 (5.71) 39.55 23.32 30.62 - 28.63 (1.36) 27.43 29.13 6 MUA Insurance 31.57 9.68 24.79 73.35 38.44 42.52 55.94 2.09 (3.22) 48.63 47.62 39.64 7 ICEA 15.88 67.47 24.83 19.67 34.32 3.63 39.66 (2,906,803.96) 104.99 80.00 1.48 54.66 40.69 8 National Insurance 18.75 13.69 18.76 55.63 44.30 (112.38) 19.85 (236.82) 23.78 56.69 8.72 12.05 9 TransAfrica 17.37 14.83 2.19 (33.71) (9.31) 11.87 - (91.14) 408.65 11.48 21.38 10 Swico (1.87) 110.89 37.89 (1.78) - 5.08 28.39 (3.81) 732.96 (2.03) 18.67 21.06 11 Excel 57.51 (5.02) - 4.27 - - 24.73 (49.49) 14.60 (11.44) 20.08 25.64 12 FICO - (169.38) (143.48) (410.43) (4.37) - 29.30 - (1,413.56) (160.74) 20.47 25.35 13 APA 33.35 60.48 16.09 39.77 1.45 32.05 59.96 72.07 - 24.38 45.02 32.46 14 Sanlam General 173.59 (27.84) 66.43 45.75 - (1.56) (5.23) 25.26 41.06 15 CIC General (8.16) 117.81 24.04 26.90 132.22 61.12 39.03 412.18 (9.80) 35.58 - 16 PAX 116.23 - 22.11 5.32 - 24.43 - 6.49 48.61 27.73 22.52 17 Rio - - - 6.29 - - 5.17 9.36 18 NOVA 13.25 78.19 6.13 11.66 22.24 (22.98) (5.59) 23.35 21.88 18.21 19 Britam 13.96 76.72 25.97 22.30 11.92 44.03 38.22 164.68 5.86 35.33 29.83 20 Alliance 16.57 28.64 64.10 256.97 28.18 24.10 - 88.07 25.76 28.16 42.88 21 Mayfair 103.20 (37.09) 58.05 70.37 88.44 258.06 94.81 265.18 Industry Average 33.69 57.51 33.33 36.01 41.26 19.41 35.94 31.39 227.64 73.23 6.04 40.25 45.40
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 56 Non-life underwriting profit/loss- 2018 (Amount Ushs. ‘000) No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Medical Miscell. 2018 Total 2017 Total 1 Jubilee 2,493,549 310,648 937,511 (32,469) 339,952 1,718,077 6,296,202 693,119 998,304 2,155,563 1,904,803 17,815,259 10,526,145 2 AIG (467,643) - (3,705,867) (1,576,503) (6,945) (560,888) 1,434,003 - (34,441) - (842,442) (5,760,726) (8,570,848) 3 UAP General 2,482,944 197,121 1,165,591 (131,598) 808,241 867,691 2,985,667 - 304,694 1,924,717 220,053 10,825,121 4,867,383 4 Liberty General (572,389) 31,672 (58,163) (188,775) 63,876 16,687 (717,574) 3,089 (11,535) - 218,547 (1,214,564) (2,249,752) 5 Goldstar 50,241 7,816 (105,000) 141,024 164,587 194,004 1,458,893 304,616 (43,239) - (706,292) 1,466,648 2,020,355 6 MUA Insurance 44,331 26,392 (160,529) 257,847 (27,889) 468,783 (1,217,477) 68,136 91,610 - (677,543) (1,126,339) (919,040) 7 ICEA General (273,743) (288,149) (132,359) 60,743 (41,121) (90,719) 1,169,504 (1,736,804) (531,390) (614,864) 2,625 (2,476,278) (1,596,135) 8 NIC General (68,023) (2,566) 41,195 (135,089) (28,802) 1,651,486 (2,314,031) 169,199 (18,266) (384,903) (1,089,800) (2,499,280) 9 TransAfrica (273,910) - (680,157) 174,721 16,836 (357,680) 937,422 (56,670) (97,046) - (706,784) (1,043,267) 845,905 10 Swico 229,461 (48,213) (92,094) 394,784 6,022 61,226 (468,085) 620,893 (123,225) - (404,331) 176,437 474,193 11 Excel (84,504) 17,027 (7,072) 19,029 1,465 4,161 221,889 528,429 31,703 - (26,391) 705,736 313,912 12 FICO (101,883) 16,898 404 56,584 (7,295) (1,773) (1,439,623) (4,647) (6,713) - (20,217) (1,508,265) (567,554) 13 APA (390,452) (138,554) 123,812 (21,926) 66,669 34,685 (426,696) - (220,660) 13,208 327,283 (632,631) 1,110,191 14 Sanlam General (942,975) - - - (152,335) 325,692 7,172,890 586,933 (2,662,523) - 1,234,031 5,561,713 (1,586,886) 15 CIC General (7,367,575) (177,705) 465,390 326,350 (226,011) 46,707 1,828,796 - (260,167) - 1,803,127 (3,561,087) (623,701) 16 PAX (461,940) 6,506 (78,359) 31,012 2,873 - (258,252) 1,451 75,506 - (185,114) (866,316) 1,891,766 17 Rio (40,243) - - (2,953) 357 4,000 (22,358) (2,437) - - (1,998) (65,632) (130,043) 18 NOVA (80,107) - - (49,203) 3,077 (88,253) (70,897) (25,008) (366,745) - (112,858) (789,994) (1,116,087) 19 Britam 1,669,665 (644,086) 1,241,553 99,401 354,829 255,774 160,391 - (318,064) 169,627 2,989,090 1,390,401 20 Alliance (157,456) - 10,371 (47,780) (58,316) 97,881 1,175,574 23,978 (261,385) - (102,469) 680,398 (475,788) 21 Mayfair (39,662) (160,857) (28,590) (100,171) (43,390) (113,171) (237,435) - - - - (723,276) - Total (4,352,313) (846,050) (1,062,365) (724,972) 1,236,681 4,534,369 17,668,803 1,174,275 (3,453,582) 3,478,624 1,708,755 19,362,226 3,105,137
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 57 Non-Life expense ratios-2018 (Ushs ‘000) Company Commission Management Expenses (ME) Total Gross Premium Expense Ratio % Management Expense Ratio % commission ratio % 1 Jubilee 12,949,775 19,362,547 32,312,322 146,605,020 22.04 13.21 8.83 2 AIG - 4,540,270 4,540,270 - 3 UAP 15,774,045 17,298,479 33,072,524 111,971,369 29.54 15.45 14.09 4 Liberty General 1,633,024 6,126,368 7,759,392 13,673,144 56.75 44.81 11.94 5 Goldstar 3,863,935 5,294,726 9,158,661 24,541,477 37.32 21.57 15.74 6 MUA Insurance 3,059,495 5,916,189 8,975,684 18,544,067 48.40 31.90 16.50 7 ICEA 3,594,180 6,037,474 9,631,654 21,918,591 43.94 27.54 16.40 8 National Insurance 1,750,303 9,398,524 11,148,827 15,992,658 69.71 58.77 10.94 9 TransAfrica 832,170 3,403,722 4,235,892 7,668,940 55.23 44.38 10.85 10 SWICO 3,608,674 6,862,556 10,471,231 16,470,362 63.58 41.67 21.91 11 Excel 1,051,376 4,999,080 6,050,456 9,088,234 66.57 55.01 11.57 12 FICO 536,425 3,145,616 3,682,041 4,050,934 90.89 77.65 13.24 13 APA 2,514,423 4,433,114 6,947,537 15,493,734 44.84 28.61 16.23 14 Sanlam General 12,649,885 19,574,532 32,224,417 71,489,963 45.08 27.38 17.69 15 CIC General 2,674,585 7,948,604 10,623,189 13,443,496 79.02 59.13 19.90 16 PAX 870,725 3,307,430 4,178,155 5,809,185 71.92 56.93 14.99 17 Rio 125,985 959,497 1,085,482 1,178,017 92.14 81.45 10.69 18 NOVA 488,811 1,730,275 2,219,086 2,654,451 83.60 65.18 18.41 19 Britam 9,228,524 14,871,686 24,100,210 56,804,359 42.43 26.18 16.25 20 Alliance 2,587,784 3,370,900 5,958,684 12,529,388 47.56 26.90 20.65 21 Mayfair 5,280.33 721,114 726,395 37,400 1,942.21 1,928.09 14.12 Total 79,799,405 149,302,704 229,102,109 569,964,790 40.20 26.20 14.00
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 58 Commission Received/ Earned No Company Commission earned/received UShs ‘000 1 Jubilee 23,738,450 2 AIG - 3 UAP 8,451,731 4 liberty general 1,633,024 5 Goldstar 5,551,891 6 mayfair 4,741 7 MUA 1,666,466 8 ICEA 2,304,456 9 National Insurance 1,282,651 10 TransAfrica 1,009,123 11 SWICO 453,905 12 Excel 310,613 13 FICO 390,644 14 APA 1,637,187 15 Sanlam General 7,418,283 16 CIC General 648,051 17 PAX 328,751 18 Rio 43,069 19 NOVA 308,685 20 Britam 7,138,290 21 Alliance 1792658 Total 66,112,669
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 59 Admitted Assets and Liabilities No Company Admitted Assets Admitted Liabilities Available margin Required margin Surplus of the Available over Solvency coverage= [Available margin/ ushs 000 ushs 000 (actual) ushs 000 (15% of N.P) ushs 000 the Required ushs 000 Required margin]X 100% 1 Jubilee 158,944,602 132,097,332 26,847,270 7,479,458 19,367,812 358.95 2 AIG 27,587,111 24,316,953 3,270,158 - 3,270,158 - 3 UAP 131,631,427 117,711,205 13,920,222 11,731,324 2,188,898 118.66 4 liberty general 23,758,211 15,394,281 8,363,930 1,078,074 7,285,856 775.82 5 Goldstar 43,527,801 37,04 4,618 6,483,182 874,769 5,608,413 741.13 6 Mayfair 6,657,817 180,911 6,476,906 5,208 6,471,698 124,364.55 7 MUA Insurance 23,290,554 17,826,579 5,463,975 1,880,307 3,583,668 290.59 8 ICEA 25,433,207 22,789,027 2,644,180 1,673,831 970,349 157.97 9 National Insurance 65,945,451 40,261,848 25,683,603 1,464,404 24,219,199 1,753.86 10 TransAfrica 17,285,408 11,908,817 5,376,591 650,957 4,725,634 825.95 11 Swico 16,889,811 9,302,908 7,586,903 2,089,614 5,497,289 363.08 12 Excel 14,313,220 6,922,041 7,391,179 1,152,881 6,238,298 6 41.11 13 FICO 7,800,786 6,963,912 836,874 407,845 429,030 205.19 14 APA 20,773,693 17,198,683 3,575,010 1,514,509 2,060,501 236.05 15 Sanlam General 67,472,867 58,283,832 9,189,035 6,449,371 2,739,664 142.48 16 CIC General 16,362,051 18,235,955 (1,873,904) 1,654,594 (3,528,498) (113.25) 17 PAX 7,934,040 5,598,537 2,335,503 709,607 1,625,896 329.13 18 Rio 6,046,681 1,212,880 4,833,801 153,092 4,680,709 3,157.45 19 Britam 41,692,175 34,243,396 7,4 48,779 4,742,240 2,706,539 157.07 20 Alliance 11,004,402 9,686,125 1,318,277 1,014,000 304,277 130.01 21 NOVA 8,041,058 3,530,415 4,510,643 230,996 4,279,647 1,952.69
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 60 Profitability No Company 2018 Profit/loss After tax ushs 000 2017 Profit/loss After tax ushs 000 61 1 Jubilee 21,994,645 16,585,897 2 AIG (1,213,091) (7,946, 852) 3 UAP 9,739,079 10,179,762 4 liberty general 379,409 597,089 5 Goldstar 1,574,302 2,263,497 6 mayfair (654,044) 3,702,502 7 MUA 714,660 483,703 8 ICEA (2,141,750) (2,283,682) 9 National Insurance 1,159,505 1,092,679 10 TransAfrica 532,611 8 47,525 11 SWICO 851,490 1,236,323 12 Excel 560,362 212,099 13 FICO 297, 866 487,798 14 APA 971,790 1,014,345 15 Sanlam General 7,925,016 1,739,224 16 CIC General (3,051,165) 48,353 17 PAX 34,512 520,966 18 Rio 29,813 27,78 4 19 NOVA (9,361) 54,987 20 Britam 3,286,451 2,941,006 21 Alliance 806,603 1,241 Total 43,788,703 33,806,247
Insurance Regulatory INSURANCE MARKET REPORT 2018 Authority of Uganda | ANNUAL Non-life policies -2018 No Company Fire Burglary P. Accident Work. Comp P.Liability Marine/Av. Motor Bonds Engineering Miscell. 2018 Total 2017 Total 1 Jubilee 4,654 372 215 316 485 2,519 12,208 168 484 6,312 27,733 14,848 2 AIG ------3 UAP 1,882 915 3,641 303 465 928 6,445 296 4,004 18,879 30,697 4 Liberty General 130 16 18 65 40 278 5 11 175 738 1,002 5 Goldstar 145 34 55 22 35 286 288 18 73 76 1,032 882 6 MUA 620 187 184 152 121 725 2,436 65 47 1,995 6,532 5,300 7 ICEA 2,060 448 2,891 328 222 306 3,895 101 204 10,455 11,103 8 National Insurance 179 16 58 36 30 25 28 8 1,117 1,497 5,426 9 TransAfrica 247 104 56 82 41 309 823 17 57 212 1,948 2,079 10 Swico 1,004 65 109 298 26 23 29,942 374 9 593 32,443 4,174 11 Excel 616 24 23 96 8 6 3,711 450 48 41 5,023 4,798 12 FICO 41 10 3 17 8 8 24,853 1 5 37 24,983 1,067 13 APA 1,613 1,294 389 487 348 2,414 6,633 156 202 89 13,625 6,438 14 Sanlam General 1,009 99 407 164 249 286 7,236 137 144 3,780 13,511 8,280 15 CIC General 995 370 348 104 177 228 3,140 130 265 5,757 1,311 16 PAX 1,005 5 2 23 6 12,965 3 10 14,019 12,752 17 Rio 243 1 19,900 12 10 20,166 22,443 18 NOVA 147 58 16 50 26 241 939 191 40 162 1,870 1,278 19 Britam 1,670 645 1,208 482 482 12,038 253 4,182 20,960 17,449 20 Alliance 546 135 148 163 119 961 2,180 10 214 411 4,887 2,961 21 Mayfair 2 6 1 2 1 2 7 - - 21 - Total 18,808 4,803 9,772 3,125 2,433 9,789 149,917 1,736 2,235 23,461 226,079 154,288
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 62 PERFORMANCE OF LIFE INSURANCE COMPANIES
Life class-wise gross premium -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total %age growth 2017/18 Market share 2018 Market share 2017 1 Liberty 345,891 19,109,338 16,154,427 - 35,609,656 37,568,103 -5.21% 16.40% 22.27% 2 UAP Life 31,210,983 11,073,295 - 5,608,191 47,892,469 44,321,255 8.06% 22.06% 26.27% 3 ICEA 16,771,523 5,932,029 - 10,686,212 33,389,764 27,595,189 21.00% 15.38% 16.36% 4 Sanlam 7,940,830 13,098,232 14,146,412 - 35,185,474 24,803,785 41.86% 16.21% 14.70% 5 Jubilee 23,133,337 4,536,483 - - 27,669,820 21,662,905 27.73% 12.74% 12.84% 6 NIC Life 865,279 725,134 - 452,253 2,042,666 1,632,681 25.11% 0.94% 0.97% 7 Prudential 16,624,411 1,691,903 1,926,211 - 20,242,525 6,968,482 190.49% 9.32% 4.13% 8 CIC - 9,909,184 - - 9,909,184 3,347,473 196.02% 4.56% 1.98% 9 Metropolitan life 5,178,404 - - - 5,178,404 818,590 - 2.39% 0.49% Total 102,070,658 66,075,598 32,227,050 16,746,656 217,119,962 168,718,463 28.69% 100.00% 100.00%
Life insurance premium ceded -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total %age Change 2017/18 1 Liberty - 2,211,783 12,161,685 - 14,373,468 14,570,504 -1.35% 2 UAP 911,236 1,334,702 - - 2,245,938 1,643,955 36.62% 3 ICEA 251,184 2,313,016 - - 2,564,200 2,477,201 3.51% 4 Sanlam - 1,680,596 5,088,601 - 6,769,197 1,012,558 568.52% 5 Jubilee 87,738 1,516,684 - - 1,604,422 1,677,075 -4.33% 6 NIC Life 1,063 128,591 - - 129,654 124,959 3.76% 7 Prudential 1,403,138 632,084 1,348,440 - 3,383,662 982,625 244.35% 8 CIC Life - 3,393,361 - - 3,393,361 839,156 - 9 Metropolitan life ------Total 2,654,359 13,210,817 18,598,726 - 34,463,902 23,328,033 47.74%
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 63 Life net premium -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total %age growth 2017/18 1 Liberty 345,891 16,897,555 3,992,742 - 21,236,188 22,997,599 -7.66% 2 UAP 30,299,747 9,738,593 - 5,608,191 45,646,531 42,677,300 6.96% 3 ICEA 16,520,339 3,619,013 - 10,686,212 30,825,564 25,117,988 22.72% 4 Sanlam 7,940,830 11,417,636 9,057,811 - 28,416,277 23,791,227 19.44% 5 Jubilee 23,045,599 3,019,799 - - 26,065,398 19,985,830 30.42% 6 NIC Life 864,216 596,543 - 452,253 1,913,012 1,507,722 26.88% 7 Prudential 15,221,273 1,059,819 577,771 - 16,858,863 5,985,857 181.64% 8 CIC Life - 6,515,823 - - 6,515,823 2,508,317 159.77% 9 Metropolitan life 5,178,404 - - - 5,178,404 818,590 - Total 99,416,299 52,864,781 13,628,324 16,746,656 182,656,060 145,390,430 25.63%
Life reinsurance ratios -2018 (%) No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total 1 Liberty - 11.57 75.28 40.36 38.78 2 UAP 2.92 12.05 - 4.69 3.71 3 ICEA 1.50 38.99 - 7.68 8.98 4 Sanlam - 12.83 35.97 19.24 4.08 5 Jubilee 0.38 33.43 5.80 7.74 6 NIC Life 0.12 17.73 - 6.35 7.65 7 Prudential 8.44 37.36 70.00 16.72 14.10 8 CIC Life 34.24 34.24 25.07 9 Metropolitan life - - - Industry Average 2.60 19.99 57.71 - 15.87 13.83
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 64 Life retention ratios -2018 (%) No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total 1 Liberty 100.00 88.43 24.72 59.64 61.22 2 UAP 97.08 87.95 100.00 95.31 96.29 3 ICEA 98.50 61.01 100.00 92.32 91.02 4 Sanlam 100.00 87.17 64.03 80.76 95.92 5 Jubilee 99.62 66.57 94.20 92.26 6 NIC Life 99.88 82.27 100.00 93.65 92.35 7 Prudential 91.56 62.64 30.00 83.28 85.90 8 CIC Life 65.76 65.76 74.93 9 Metropolitan life 100.00 100.00 100.00 Industry Average 97.40 80.01 42.29 100.00 84.13 86.17
Life net incurred claims -2018 No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total %age Change 2017/18 1 Liberty 29,000 4,623,774 450,059 50,227 5,153,060 7,151,720 -27.95% 2 UAP 4,982,375 4,848,347 - 3,944,965 13,775,687 7,203,301 91.24% 3 ICEA 3,341,224 1,466,648 7,852,916 12,660,788 11,319,567 11.85% 4 Sanlam - 4,380,527 4,435,195 - 8,815,722 10,654,750 -17.26% 5 Jubilee 3,122,368 1,298,916 - - 4,421,284 3,640,633 21.44% 6 NIC Life 480,380 140,276 - 849,485 1,470,141 2,423,492 -39.34% 7 Prudential 2,009,115 1,131,282 3,409,433 - 6,549,830 128,257 5006.80% 8 CIC Life - 3,148,918 - - 3,148,918 1,027,221 206.55% 9 Metropolitan life 1,392,074 - - - 1,392,074 133,088 - Total 15,356,536 21,038,688 8,294,687 12,697,593 57,387,504 43,682,029 31.38%
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 65 Life net earned premium -2018 (Ush ‘000) No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total %age growth 2017/18 1 Liberty 345,891 16,897,555 3,992,742 - 21,236,188 22,997,599 -7.66% 2 UAP 30,299,747 9,738,593 - 5,608,191 45,646,531 42,677,300 6.96% 3 ICEA 16,520,339 3,619,013 - 10,686,212 30,825,564 25,117,988 22.72% 4 Sanlam 7,940,830 11,417,636 9,057,811 - 28,416,277 23,791,227 19.44% 5 Jubilee 23,045,599 3,019,799 - - 26,065,398 19,985,830 30.42% 6 NIC Life 864,216 596,543 - 452,253 1,913,012 1,507,722 26.88% 7 Prudential 15,221,273 1,059,819 577,771 - 16,858,863 5,985,857 181.64% 8 CIC Life - 6,515,823 - - 6,515,823 2,508,317 159.77% 9 Metropolitan life 5,178,404 - - - 5,178,404 818,590 - Total 99,416,299 52,864,781 13,628,324 16,746,656 182,656,060 145,390,430 25.63%
Life loss ratios -2018 % No Company Life Individual Life Group Medical Deposit Admin 2018 Total 2017 Total 1 Liberty 8.38 27.36 11.27 24.27 31.10 2 UAP 16.44 49.78 70.34 30.18 16.88 3 ICEA 20.22 40.53 73.49 41.07 45.07 4 Sanlam - 38.37 48.97 31.02 44.78 5 Jubilee 13.55 43.01 16.96 18.22 6 NIC Life 55.59 23.51 187.83 76.85 160.74 7 Prudential 13.20 106.74 590.10 38.85 2.14 8 CIC Life 48.33 48.33 40.95 9 Metropolitan life 26.88 26.88 16.26 Industry Average 15.45 39.80 60.86 75.82 31.42 30.04
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 66 Life expense ratios-2018 No. Company Commission Management Total Gross Expense Ratio ME/ Commission/ (C ) ‘000 Expenses (ME) ‘000 (C + ME) ‘000 Premium ‘000 [(C+ME)/Gross Prem]% Gross prem % Gross prem % 1 Liberty 5,075,566 14,962,683 20,038,249 35,609,656 56.27 42.02 14.25 2 ICEA 4,358,916 7,195,762 11,554,678 33,389,764 34.61 21.55 13.05 3 UAP Life 6,570,294 11,507,958 18,078,252 47,892,469 37.75 24.03 13.72 4 NIC Life 216,016 2,009,624 2,225,640 2,042,666 108.96 98.38 10.58 5 Jubilee 5,662,578 7,138,174 12,800,752 27,669,820 46.26 25.80 20.46 6 Sanlam 4,248,202 12,914,102 17,162,304 35,185,474 48.78 36.70 12.07 7 Prudential 4,785,574 12,646,635 17,432,209 20,242,525 86.12 62.48 23.64 8 CIC 2,882,564 3,232,766 6,115,330 9,909,184 61.71 32.62 29.09 9 Metropolitan life 2,683,140 509,377 3,192,517 5,178,404 61.65 9.84 51.81 Total 36,482,850 72,117,081 108,599,931 217,119,962 50.02 33.22 16.80
Admitted Assets and Liabilities (Ushs ‘000) Company Admitted Assets Admitted Liabilities Available solvency margin 1 Liberty Life Assurance 27,572,723 22,646,763 4,925,960 2 ICEA 87,864,865 78,636,176 9,228,689 3 UAP 112,675,141 114,098,698 (1,423,557) 4 National Insurance 31,624,664 26,585,754 5,038,910 5 Jubilee 62,631,077 42,409,234 20,221,843 6 Sanlam 39,264,039 28,640,535 10,623,504 7 Prudential 44,504,155 15,639,799 28,864,356 8 CIC Life 7,306,311 6,920,164 386,147 9 metropolitan life 5,955,695 1,821,731 4,133,964
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 67 Commission Received/Earned Amounts Ushs ‘000 No Company Commission earned/received 1 Liberty Life Assurance 880,230 2 ICEA 1,267,923 3 UAP 400,469 4 National Insurance 26,760 5 Jubilee 212,935 6 Sanlam 253,045 7 Prudential 516,240 8 CIC 946,850 9 metropolitan life - Total 4,504,452
Profitability No Company 2018 Profit/loss After tax ushs 000 2017 Profit/loss After tax ushs 000 1 Liberty Life Assurance 48,029 5,186,740 2 ICEA 198,754 3,729,678 3 UAP (5,077,816) (4,440,721) 4 National Insurance (3,070,814) 2,315,648 5 Jubilee 2,314,701 3,657,448 6 Sanlam 881,878 553,865 7 Prudential (3,513,615) (4,354,070) 8 CIC (1,313,327) (562,987) 9 metropolitan life 96,475 (30,852) Total (9,435,735) 6,054,749
Life expense ratios-2018 No. Company Commission Management Total Gross Expense Ratio ME/ Commission/ (C ) ‘000 Expenses (ME) (C + ME) Premium [(C+ME)/Gross Gross prem Gross prem % ‘000 ‘000 ‘000 Prem] % % 1 Liberty 5,075,566 14,962,683 20,038,249 35,609,656 56.27 42.02 14.25 2 ICEA 4,358,916 7,195,762 11,554,678 33,389,764 34.61 21.55 13.05 3 UAP Life 6,570,294 11,507,958 18,078,252 47,892,469 37.75 24.03 13.72 4 NIC Life 216,016 2,009,624 2,225,640 2,042,666 108.96 98.38 10.58 5 Jubilee 5,662,578 7,138,174 12,800,752 27,669,820 46.26 25.80 20.46 6 Sanlam 4,248,202 12,914,102 17,162,304 35,185,474 48.78 36.70 12.07 7 Prudential 4,785,574 12,646,635 17,432,209 20,242,525 86.12 62.48 23.64 8 CIC 2,882,564 3,232,766 6,115,330 9,909,184 61.71 32.62 29.09 9 Metropolitan life 2,683,140 509,377 3,192,517 5,178,404 61.65 9.84 51.81 Total 36,482,850 72,117,081 108,599,931 217,119,962 50.02 33.22 16.80
68 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Admitted Assets and Liabilities (Amounts Ushs ‘000) Company Admitted Assets Admitted Liabilities Available solvency margin 1 Liberty Life Assurance 27,572,723 22,646,763 4,925,960 2 ICEA 87,864,865 78,636,176 9,228,689 3 UAP 112,675,141 114,098,698 (1,423,557) 4 National Insurance 31,624,664 26,585,754 5,038,910 5 Jubilee 62,631,077 42,409,234 20,221,843 6 Sanlam 39,264,039 28,640,535 10,623,504 7 Prudential 44,504,155 15,639,799 28,864,356 8 CIC Life 7,306,311 6,920,164 386,147 9 metropolitan life 5,955,695 1,821,731 4,133,964
Commission Received/Earned (Amounts Ushs ‘000) No Company Commission earned/received 1 Liberty Life Assurance 880,230 2 ICEA 1,267,923 3 UAP 400,469 4 National Insurance 26,760 5 Jubilee 212,935 6 Sanlam 253,045 7 Prudential 516,240 8 CIC 946,850 9 metropolitan life - Total 4,504,452
Profitability (Amounts Ushs ‘000) No Company 2018 Profit/loss After tax 2017 Profit/loss After tax 1 Liberty Life Assurance 48,029 5,186,740 2 ICEA 198,754 3,729,678 3 UAP (5,077,816) (4,440,721) 4 National Insurance (3,070,814) 2,315,648 5 Jubilee 2,314,701 3,657,448 6 Sanlam 881,878 553,865 7 Prudential (3,513,615) (4,354,070) 8 CIC (1,313,327) (562,987) 9 metropolitan life 96,475 (30,852) Total (9,435,735) 6,054,749
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 69 Number of Policies No Company Life Individual Life Group Medical Deposit Admin/annuity 2018 Total 2017 Total 1 Liberty 803 1,304,781 1,305,584 623,777 2 UAP 36,305 - - - 36,305 29,545 3 ICEA 10,607 102 - 49 10,758 8,350 4 Sanlam 19,131 - - - 19,131 27,793 5 Jubilee - 10,014 6 NIC Life 1,298 60 85 1,443 1,219 7 Prudential 9,457 31,315 5,781 - 46,553 4,566 8 CIC Life 892 141,836 - - 142,728 65,921 10 Metropolitan life - Total 78,493 1,478,094 5,781 134 1,562,502 771,185
PERFORMANCE OF HEALTH MEMBERSHIP ORGANISATIONS
Gross Premium - 2018 (Amount Ushs. ‘000) No Company 2018 Total 1 International Air Ambulance 30,355,454 2 AAR Health Services (U) Limited 29,036,234 3 Case Med Care Limited 3,274,914 4 International Medical Link (U)Ltd 5,293,106 5 St. Catherine’s Hospital 1,148,376 Total 69,108,084
Insurance premium ceded 2018 (Amount Ushs. ‘000) No Company 2018 Total 1 International Air Ambulance - 2 AAR Health Services (U) Limited 239,309 3 Case Med Care Limited - 4 International Medical Link (U)Ltd - 5 St. Catherine’s Hospital - Total 239,309
Net premium 2018 (Amount Ushs. ‘000) No Company 2018 Total 1 International Air Ambulance 30,355,454 2 AAR Health Services (U) Limited 28,796,925 3 Case Med Care Limited 3,274,914 4 International Medical Link (U)Ltd 5,293,106 5 St. Catherine’s Hospital 1,148,376 Total 68,868,775
70 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Reinsurance ratios - 2018 (%) No Company 2018 Total 1 International Air Ambulance 0.00 2 AAR Health Services (U) Limited 0.82 3 Case Med Care Limited 0.00 4 International Medical Link (U)Ltd 0.00 5 St. Catherine’s Hospital 0.00 Industry Average 0.35
Retention ratios , 2018 (%) No Company 2018 Total 1 International Air Ambulance 100.00 2 AAR Health Services (U) Limited 99.18 3 Case Med Care Limited 100.00 4 International Medical Link (U)Ltd 100.00 5 St. Catherine’s Hospital 100.00 Industry Average 99.65
Net earned premium, 2018 (Amount Ushs. ‘000) No Company 2018 Total 1 International Air Ambulance 30,355,454 2 AAR Health Services (U) Limited 27,686,609 3 Case Med Care Limited 3,274,914 4 International Medical Link (U)Ltd 5,293,106 5 St. Catherine’s Hospital 1,148,376 Total 67,758,459
Net incurred claims,2018 (Amount Ushs. ‘000) No Company 2018 Total 1 International Air Ambulance 26,100,134 2 AAR Health Services (U) Limited 19,854,205 3 Case Med Care Limited 2,712,816 4 International Medical Link (U)Ltd 3,357,485 5 St. Catherine’s Hospital 1,084,430 Total 53,109,070
Loss ratios, 2018 (%) No Company 2018 Total 1 International Air Ambulance 85.98 2 AAR Health Services (U) Limited 71.71 3 Case Med Care Limited 82.84 4 International Medical Link (U)Ltd 63.43 5 St. Catherine’s Hospital 94.43 Industry Average 78.38
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 71 Underwriting profit/loss, 2018 (Amount Ushs. ‘000) No Company Medical 2018 Total 1 International Air Ambulance 1,038,735 1,038,735 2 AAR Health Services (U) Limited 759,444 759,444 3 Case Med Care Limited (73,829) (73,829) 4 International Medical Link (U)Ltd 306,596 306,596 5 St. Catherine’s Hospital 2,526 2,526 Total 2,033,473 2,033,473
Commission Expenses (Amount Ushs. ‘000) No Company Medical 2018 Total 1 International Air Ambulance 1,607,882 1,607,882 2 AAR Health Services (U) Limited 3,006,156 3,006,156 3 Case Med Care Limited 203,755 203,755 4 International Medical Link (U)Ltd 248,269 248,269 5 St. Catherine’s Hospital 73,848 73,848 Total 5,139,910 5,139,910
Management Expenses (Amount Ushs. ‘000) No Company Medical 2018 Total 1 International Air Ambulance 4,080,807 4,080,807 2 AAR Health Services (U) Limited 5,473,354 5,473,354 3 Case Med Care Limited 663,302 663,302 4 International Medical Link (U)Ltd 1,443,755 1,443,755 5 St. Catherine’s Hospital 78,009 78,009 Total 11,739,227 11,739,227
PERFORMANCE OF MICROINSURER
Gross premium -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI 4,105 432 19,779 24,316 Total - 4,105 432 19,779 24,316 -
Insurance premium ceded -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI - 977 91 4,730 5,798 Total - 977 91 4,730 5,798 -
Net premium -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI - 3,128 341 15,048 18,518 Total - 3,128 341 15,048 18,518
72 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Reinsurance ratios -2018 No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI 23.80 21.00 23.92 23.84 Total 23.80 21.00 23.92 23.84
Retention ratios -2018 No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI 76.20 79.00 76.08 76.16 Total 76.20 79.00 76.08 76.16
Net incurred claims -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI - - - - - Total ------
Net earned premium -2018 (Amount Ushs. ‘000) No Company Life Individual Life Group Medical Funeral 2018 Total 2017 Total 1 GMI - 1,030 82 5,158 6,271 - Total - 1,030 82 5,158 6,271 -
Microinsurer Column1 Column2 Commission Management Total Gross Expense Ratio ME/ Commission/ Company (C ) Expenses (ME) (C + ME) Premium [(C+ME)/Gross Gross prem Gross prem Prem]% 1 GMI 8,066 546,644 554,710 24,316 2,281.29 2,248.11 33.17 Total 8,066 546,644 554,710 24,316 2,281.29 2,248.11 33.17
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 73
661,281 142,823 534,250 3,669,487 39,624,847 39,624,847 44,489,865
Shs.(000’) SANLAM
209,166 2,110,249 4,679,370 4,679,370 1,820,758 1,820,758 4,043,899 4,043,899 5,000,000 5,000,000 17,499,531 30,153,807
Shs.(000’) NIC GEN
251,526 3,702,918 8,401,618 16,421,000 16,421,000 16,421,000 (11,973,826)
Shs.(000’) ICEA
500,597 6,477,213 6,551,932 1,343,624 1,343,624 10,000,000 10,000,000 10,000,000 24,873,366
Shs.(000’) GOLDSTAR
71,066 71,066 20,481 374,491 166,023 1,168,093 5,123,800 6,000,000 6,000,000 4,524,249 (2,328,639)
Shs.(000’) FIRST
499,754 126,386 126,386 4,671,411 4,671,411 2,261,475 7,559,026 10,000,000 10,000,000
Shs.(000’) EXCEL
554,466 9,746,840 1,425,991 (8,875,315) 12,000,000 12,000,000
Shs.(000’) CIC
443,428 443,428 804,266 804,266 3,701,178 (1,571,713) 14,360,000 14,360,000 14,360,000 14,360,000 16,932,893
Shs.(000’) BRITAM
42,654 658,813 (158,627) 5,030,000 5,030,000 5,572,840
Shs.(000’) ALLIANCE
1,437,596 3,275,842 4,000,000 4,000,000 4,000,000 4,000,000 10,507,463 19,220,901 19,220,901
Shs.(000’) AIG
177,941 603,467 2,214,478 5,800,000 5,800,000 5,800,000 5,800,000 8,795,886
Shs.(000’) APA
Share PremiumShare
Retained Earnings Share Application Deposits Revaluation Contingency Capital Non-controlling Interests Authorised B: RESERVES: B: Fair Value /Available for sale /Available Value Fair Reserves Proposed Dividends A: SHARE CAPITAL: Issued and Paid Fully up Other Reserves Other
OTHER RESERVES OTHER PARTICULARS
SHAREHOLDERS’ FUNDS STATEMENT OF FINANCIAL POSITION FOR NON-LIFE INSURANCE COMPANIES AS AT 31ST DECEMBER 2018 AS AT NON-LIFE INSURANCE COMPANIES OF FINANCIAL POSITION FOR STATEMENT
74 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
341,434 341,434 634,291 238,322 238,322 2,493,729 2,493,729 3,649,385 3,649,385 4,560,778 4,560,778 3,386,704 3,386,704 26,730,695 15,306,565 15,306,565 19,907,316 44,632,688
59,775 111,131 427,371 427,371 144,541 802,678 1,143,194 3,341,759 3,445,023 5,473,000 27,571,999 27,571,999 5,788,447 10,585,000 10,585,000 30,362,973
3,544 64,679 411,937 125,427 678,087 871,737 871,737 1,343,765 1,343,765 3,595,793 13,685,328 8,401,618
74,035 52,298 417,280 417,280 475,703 435,681 784,233 605,000 605,000 3,317,304 3,317,304 4,718,372 1,019,316 10,805,000 10,805,000 24,873,366
38,013 12,851 54,201 103,319 103,319 164,197 222,021 222,021 950,000 950,000 400,000 400,000 372,581 372,581 1,111,186 2,033,361 2,033,361 4,595,315
17,508 50,641 94,579 44,800 245,720 400,000 400,000 5,503,612 2,272,105 2,272,105 2,462,260 5,711,140 7,559,026
24,920 64,462 306,756 306,756 396,138 2,077,118 1,101,000 3,734,078 1,425,991
9,138 113,376 113,376 327,795 422,126 285,936 285,936 110,000 110,000 538,925 805,063 642,000 642,000 8,763,407 8,763,407 3,630,041 3,630,041 19,120,522 2,388,983 17,737,159
21,545 38,068 38,068 855,821 224,093 480,574 162,304 446,010 5,433,912 5,572,840
703,000 703,000 890,208 890,208 8,181,043 11,197,321 19,220,901 19,220,901
8,000 8,000 10,121 45,371 45,371 50,000 50,000 40,008 612,061 434,871 1,103,493 2,126,783 2,126,783 7,400,458 1,633,864 8,795,886 Statutory Deposits Statutory Term Deposits Term Investment in Associates/ Subsidiaries Government SecuritiesGovernment D: INVESTMENTS: D: Investment PropertiesInvestment Represented by: Represented
Mortgages/ Loans Associates to Land Buildings &
Computer Accessories & Electronics CAPITAL EMPLOYED C : NON -CURRENT ASSETS: Furniture ,Fittings Equipment & Lease Improvements/RentalsLease TOTAL NON- ASSETS CURRENT TOTAL Unquoted shares/Securities Unquoted Quoted Shares/Securities Quoted Properties Designated for Sale Motor & Cycles Vehicles Deferred Tax Assets Tax Deferred Intangible Assets Work in Progress in Work
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 75
7,798,134 5,989,639 6,786,924 6,786,924 1,328,081 1,328,081 2,601,003 4,644,401 17,214,562 17,214,562 14,467,050 14,467,050 14,364,435 37,434,587 51,441,867 108,783,770
611,119 607,141 165,063 904,584 7,150,305 7,150,305 5,213,012 9,705,948 1,523,690 6,680,927 1,068,453 1,068,453 4,822,473 4,822,473 16,687,765 16,687,765 47,482,087 69,958,299 69,958,299
311,141 311,141 939,378 939,378 303,513 382,424 382,424 4,791,562 4,791,562 2,410,025 1,510,864 3,048,457 2,566,906 2,566,906 10,279,778 19,031,320 19,036,823 38,939,880
842,732 705,460 5,267,216 6,503,431 6,029,704 2,364,092 2,364,092 18,015,906 18,015,906 33,755,865 20,665,590 55,440,771
73,436 73,436 907,629 215,273 551,480 850,795 1,320,434 1,320,434 1,695,870 1,695,870 3,496,972 3,496,972 1,056,268 1,056,268 4,716,568 6,508,390 6,508,390 11,597,539 11,597,539
237,415 174,270 174,270 512,325 512,325 484,109 599,386 599,386 726,205 280,880 280,880 1,599,997 1,599,997 1,566,269 1,566,269 3,821,382 3,821,382 5,380,085 14,912,607
78,186 201,353 201,353 569,740 569,740 225,045 1,265,532 4,263,242 4,263,242 1,089,468 1,089,468 3,088,705 5,606,501 2,988,368 2,988,368 6,990,382 6,990,382 19,107,482 11,720,962 11,720,962
696,745 2,324,198 2,324,198 4,291,934 3,042,415 1,414,200 4,140,082 1,450,286 2,236,016 8,966,422 23,420,461 23,420,461 39,973,922 39,973,922 74,742,251 32,379,346 32,379,346
225,759 354,352 582,892 3,414,845 2,576,567 2,576,567 6,444,926 6,444,926 1,608,696 1,608,696 6,770,307 11,022,774 11,022,774 18,239,091
10,492 16,000 16,000 985,192 401,321 401,321 875,695 4,409,915 2,726,631 4,494,458 9,062,968 12,934,512 20,081,364 33,906,084
34,194 63,690 518,338 518,338 540,780 3,677,177 3,677,177 1,351,747 4,445,156 4,445,156 6,386,037 3,088,334 3,088,334 5,636,443 10,197,302 17,619,563 29,450,729 29,450,729 Premiums Receivable Premiums Payable E: CURRENT ASSETS CURRENT E: Other Investments
TOTAL ASSETS TOTAL Bank Overdraft/Short term Financial Obligations Sundry Debtors
Other Creditors/Payables Corporate Bonds Corporate TOTAL INVESTMENTS TOTAL Reinsurance PremiumsReinsurance Receivable Recoverable Current Tax Income TOTAL CURRENT ASSETS CURRENT TOTAL F: CURRENTF: LIABILITIES Reinsurance PremiumsReinsurance Payable Sundry Creditors/Payables Group Balances/Related Parties Other Receivables
Cash in Bank and at Hand Reinsurers’ Share of Insurance Liabilities and Reserves
76 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
0 911,838 911,838 2,310,451 4,128,440 4,128,440 5,599,623 27,448,368 27,448,368 37,176,431 64,151,082 26,974,651 26,974,651 44,632,688
599,320 599,320 233,565 233,565 895,695 895,695 448,628 1,791,430 4,941,738 4,941,738 9,085,063 9,085,063 4,941,738 11,325,121 39,595,326 30,362,973 23,328,467 23,328,467
0 2,221,928 2,073,490 2,073,490 4,906,850 4,906,850 9,734,656 8,401,618 13,823,266 30,538,262 20,803,606 20,803,606
9,816,591 2,621,325 2,621,325 1,585,671 10,571,142 5,972,676 2,621,325 30,567,405 21,973,404 24,873,366
0 221,555 1,481,137 1,639,765 3,659,767 4,595,315 7,002,224 3,342,457
13,851 13,851 627,133 192,706 132,288 4,028,129 7,559,026 7,353,581 4,787,550 4,787,550 2,552,180 2,552,180
0 375,299 370,689 5,493,707 3,864,804 3,864,804 7,947,681 9,733,810 1,425,991 17,681,491
0 2,142,942 2,519,336 2,519,336 17,163,606 23,170,371 23,170,371 17,737,159 14,528,173 57,005,092 57,005,092 42,476,919
0 8,826 342,492 5,011,755 2,283,280 7,637,527 5,028,724 5,572,840 12,666,251 12,666,251 834,635
0 1,009,102 1,173,640 2,454,281 2,454,281 2,182,742 2,182,742 14,685,183 19,220,901 19,220,901 12,502,441 12,502,441
0 751,249 7,149,279 4,631,982 8,122,333 8,795,886 12,532,510 12,532,510 20,654,843 H: UNDERWRITING RESERVES UNDERWRITING H: Deferred Taxation
TOTAL NON-CURRENTTOTAL LIABILITIES Finance Lease Obligations
TOTAL UNDERWRITNG TOTAL RESERVES Current Income Tax PayableCurrent Income Tax Group Balances/Related Parties
Shareholders Loans NET ASSETS NET
Dividends Payable Dividends TOTAL CURRENT LIABILITIES TOTAL G: NON -CURRENT LIABILITIES Borrowings/Long term Financial Obligations Unearned Premium Reserves Outstanding Reserves Claims TOTAL LIABILITIES TOTAL
Claims Incurred but not Reported
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 77
0 517,635 517,635 142,823 142,823 944,649 2,519,078 2,519,078 4,729,275 2,253,681 17,054,435 17,054,435 11,602,125 97,460,353 88,692,239 185,611,955 172,961,705 172,961,705 385,670,766 385,670,766 398,877,998 398,877,998 TOTAL Shs.(000’)
4,326,394 8,800,000 8,800,000 8,800,000 8,800,000 2,000,000 2,000,000 15,989,413 28,851,587 28,851,587 57,967,394 59,967,394 UAP Shs.(000’)
748 (654,792) 5,210,800 7,444,000 7,444,000 2,233,200 2,233,200 6,789,956 6,789,956 6,789,956 6,789,956 MAYFAIR Shs.(000’)
517,635 517,635 182,394 182,394 692,589 2,021,086 2,021,086 5,775,000 5,775,000 9,188,704 9,188,704 8,671,069 8,671,069 TRANSAFRICA Shs.(000’)
707,512 383,869 3,797,974 3,797,974 5,389,544 5,389,544 4,000,000 4,000,000 4,000,000 4,000,000 13,895,030 13,895,030 14,278,899 LIBERTY Shs.(000’)
280,548 8,797,859 8,797,859 4,480,769 4,500,000 4,500,000 4,500,000 4,500,000 21,104,026 21,104,026 55,764,061 94,927,263 85,848,856 JUBILEE Shs.(000’)
300 42,575 42,575 688,054 2,763,558 2,763,558 7,000,000 7,000,000 2,599,666 2,599,666 6,000,000 6,000,000 12,094,153 12,094,153 SWICO Shs.(000’)
81,599 767,779 767,779 234,186 650,473 650,473 (363,407) 4,000,000 4,000,000 4,000,000 4,000,000 5,370,630 5,370,630 5,370,630 5,370,630 RIO Shs.(000’)
95,640 117,808 599,515 3,159,941 4,393,536 4,000,000 4,000,000 4,000,000 4,000,000 12,366,440 12,366,440 MUA Shs.(000’)
648,354 5,187,108 5,187,108 (303,202) 5,532,260 5,532,260 PAX Shs.(000’)
171,601 994,011 6,667,000 6,667,000 6,670,000 5,184,536 5,184,536 (2,648,076) NOVA Shs.(000’)
PARTICULARS
A: SHAREA: CAPITAL: Authorised Issued and Fully Paid up B: RESERVES: B: Contingency Capital Revaluation Share ApplicationShare Deposits Retained Earnings Share PremiumShare
SHAREHOLDERS’ FUNDS OTHER RESERVES OTHER Other Reserves Other Fair Value for /Available Fair sale Reserves Proposed Dividends Non-controlling Interests
CAPITAL EMPLOYED Represented by: Represented STATEMENT OF FINANCIAL POSITION FOR NON-LIFE INSURANCE COMPANIES AS AT 31ST DECEMBER 2018 CONT’D…. DECEMBER 2018 31ST AS AT POSITION NON-LIFE FOR INSURANCE OF COMPANIES FINANCIAL STATEMENT
78 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
12,889 375,628 355,000 355,000 890,906 890,906 8,752,032 8,752,032 5,518,573 5,518,573 2,469,901 2,469,901 3,326,064 3,326,064 2,752,688 13,166,161 11,957,576 11,957,576 25,741,186 71,355,349 71,355,349 20,699,292 10,585,000 10,585,000 18,002,209 15,840,669 194,915,975 163,391,205 163,391,205 51,623,457 518,484,846 518,484,846
181,762 353,462 400,000 400,000 1,289,292 1,289,292 6,884,129 22,111,145 29,732,136 1,824,516 35,465,379 25,500,000 25,500,000 120,092,789
5,693 82,121 82,121 93,750 78,283 54,442 369,021 150,343 451,142 451,142 382,511
49,248 30,453 71,584 38,202 289,024 289,024 405,260 189,487 3,363,217 2,801,075 1,826,733 1,826,733 8,685,309
532,411 822,160 822,160 603,744 355,000 355,000 200,000 200,000 2 700,586 2,703,276 6,190,298 6,190,298 8,647,873 8,647,873 117,919 50,254 19,522,351 19,522,351
49,412 938,201 938,201 4,072,107 4,072,107 2,021,679 1,000,000 1,000,000 204,221 342,064 52,616,631 52,616,631 55,084,749 2,963,524 2,963,524 1,479,038 114,844,578
53,853 207,563 207,563 647,657 329,709 652,596 591,125 3,727,275 3,727,275 2,313,081 2,313,081 3,822,359 3,822,359 3,886,538 15,049,506
1,130 1,130 2,346 12,277 23,338 103,300 103,300 558,000 3,267,719 3,267,719 1,721,794 1,721,794 3,929,019 3,929,019 1,760,885 1,760,885
15,146 14,462 327,800 363,516 363,516 321,000 321,000 105,069 325,660 823,853 823,853 5,087,724 4,553,053 4,265,377 14,554,954 14,554,954
27,274 27,274 17,300 17,300 35,250 12,889 467,755 214,738 214,738 129,908 958,751 958,751 253,996 400,000 400,000 1,317,896 1,317,896 3,350,000 3,350,000 2,347,098 2,347,098 4,838,659
3,697 61,578 45,892 24,348 478,617 478,617 188,400 720,648 614,132 1,031,798 3,441,252 5,382,098 5,382,098 Computer Accessories & Electronics TOTAL INVESTMENTS TOTAL Mortgages/ Loans Associates to Investment Associates/Subsidiaries in Lease Improvements/RentalsLease C : NON -CURRENT ASSETS: Furniture ,Fittings Equipment & Motor Vehicles & Cycles
Deferred Tax Assets Tax Deferred Land & Buildings Land & Intangible Assets Corporate Bonds Corporate Investment PropertiesInvestment Statutory Deposits Statutory Unquoted shares/Securities Unquoted TOTAL NON- CURRENT TOTAL ASSETS Quoted Shares/Securities Quoted Work in Progress in Work Other Investments Properties Designated for Sale
D: INVESTMENTS: D: Government SecuritiesGovernment Term Deposits Term
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 79
50,324 3,450,811 1,356,596 6,820,581 40,497,178 23,467,149 64,119,828 64,119,828 17,835,556 17,078,838 17,078,838 10,945,925 40,184,887 86,536,030 58,566,810 54,806,256 54,806,256 211,990,741 136,547,367 136,547,367 516,929,564 516,929,564 1,087,037,867
26,988 263,684 3,124,714 3,124,714 1,462,163 1,462,163 7,838,893 7,838,893 2,389,441 2,389,441 1,863,572 1,863,572 5,538,889 15,749,281 19,016,372 16,493,495 44,203,551 18,840,439 83,975,432 83,975,432 205,892,737
722 1,876 2,610 21,181 72,570 68,450 165,646 5,907,770 6,970,119 6,136,466 6,136,466 39,259
60,921 849,122 218,705 218,705 216,728 216,728 323,981 744,473 956,327 956,327 208,681 1,647,179 3,724,138 1,599,969 8,466,300 17,341,096 2,124,425
12,819 13,887 347,098 441,472 441,472 314,085 590,551 902,981 506,652 2,030,176 2,030,176 1,519,964 2,745,636 2,745,636 2,047,602 7,830,405 7,830,405 33,705,611 13,482,674
4,612,146 9,693,816 8,667,670 8,667,670 1,950,740 1,950,740 4,653,432 5,570,623 2,300,000 2,300,000 12,517,855 67,461,757 51,190,627 21,623,613 14,470,583 4,532,165 4,532,165 147,714,566 265,522,668
5,879 47,850 47,850 76,500 111,985 307,775 307,775 764,169 165,893 626,036 100,389 100,389 650,854 1,975,430 1,975,430 3,932,579 3,932,579 3,030,770 9,921,240 9,921,240 25,561,871 25,561,871
8,788 50,633 50,633 20,297 18,825 93,066 93,066 92,485 376,453 726,243 303,384 904,510 6,594,414
558,195 558,195 428,925 428,925 268,634 438,688 2,919,276 1,100,330 1,100,330 1,724,636 1,724,636 4,569,979 4,569,979 2,724,231 31,345,054 15,966,247 4,311,976 2,739,208
50,324 327,332 327,332 459,816 180,479 689,541 520,325 406,352 2,096,353 2,096,353 1,446,526 3,296,687 10,482,444 10,482,444
6,842 128,937 128,937 344,751 270,268 456,871 485,835 546,270 800,023 583,030 583,030 2,547,120 8,543,350 8,543,350 Dividends Payable Dividends Sundry Creditors/Payables Other Creditors/Payables Reinsurance Premiums Payable Premiums Reinsurance Group Balances/Related Parties Bank Overdraft/ShortBank Financial term Obligations TOTAL CURRENT ASSETS TOTAL Group Balances/Related Parties Reinsurance Premiums Receivable Premiums Reinsurance Reinsurers’ Insurance of Liabilities Share Reserves and
Current Income Payable Tax
Cash in Bank and at Hand Other Receivables
Premiums Payable Premiums Current Income Recoverable Tax Sundry Debtors E: CURRENTE: ASSETS TOTAL ASSETS TOTAL Premiums ReceivablePremiums F: CURRENTF: LIABILITIES
80 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
0 0 412,428 412,428 8,362,380 8,774,808 8,774,808 30,891,004 232,868,153 232,868,153 158,300,591 158,300,591 257,325,313 257,325,313 422,059,748 422,059,748 688,159,869 688,159,869 398,877,998 398,877,998
187,069 187,069 187,069 4,963,395 4,963,395 27,353,255 60,585,574 60,585,574 59,967,394 52,836,050 92,902,224 145,925,343
0 2,805 33,740 36,545 180,163 180,163 143,618 143,618 6,789,956 6,789,956
0 131,028 1,229,075 2,583,940 8,152,392 8,152,392 9,188,704 9,188,704 3,944,043 4,208,349
0 7,075,478 7,075,478 1,061,322 5,469,258 5,820,654 19,426,712 13,606,058 14,278,899
0 8,552,628 8,552,628 51,855,275 48,657,041 48,657,041 94,927,263 61,530,461 170,595,405 109,064,944 109,064,944
587,493 265,097 587,493 587,493 1,767,314 8,972,945 1,874,869 1,874,869 13,467,718 13,467,718 12,094,153 11,005,356 11,005,356
8,310 8,310 10,904 55,400 10,904 363,506 427,216 785,664 5,370,630 5,370,630 1,223,784 1,223,784
0 890,732 5,938,211 6,331,840 5,817,831 5,817,831 13,160,783 18,978,614 18,978,614 12,366,440
48,159 48,159 412,428 412,428 321,062 412,428 412,428 1,288,174 1,288,174 1,657,395 4,950,184 5,532,260 2,880,361 2,880,361
0 120,651 120,651 832,257 1,330,199 1,075,707 1,075,707 5,184,536 2,283,107 2,283,107 3,358,814 3,358,814
Unearned Premium Reserves Premium Unearned Outstanding Reserves Claims Borrowings/Long Financial term Obligations
TOTAL CURRENT LIABILITIES TOTAL Claims Incurred but not Reported TOTAL UNDERWRITNG RESERVES TOTAL
G: NONG: -CURRENT LIABILITIES
TOTAL NON-CURRENT TOTAL LIABILITIES Shareholders Loans TOTAL LIABILITIES TOTAL
Finance LeaseFinance Obligations
H: UNDERWRITINGH: RESERVES Deferred Taxation NET ASSETS
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 81
0 0 0 0 20,490 20,490 412,117 4,300,194 4,300,194 9,634,645 9,634,645 1,022,504 5,865,233 8,500,000 8,500,000 87,247,835 26,821,331 26,821,331 82,462,419 82,462,419 (31,664,103) 96,166,409 102,052,132 Totals Shs.(000’)
87,423 490,463 5,815,983 1,563,230 1,563,230 8,500,000 8,500,000 (1,411,020) 3,023,948 12,770,584 13,200,000 13,200,000 (24,214,829) (2,792,035) UAP Shs.(000’)
47,000 47,000 49,250 94,839 230,030 230,030 234,671 1,216,651 21,714,000 23,305,000 10,171,334 10,122,084 10,122,084 (13,090,238) SANLAM Shs.(000’)
308,067 258,506 1,509,081 25,707,835 25,707,835 20,986,480 (14,174,379) 32,828,003 32,828,003 PRUDENTIAL Shs.(000’)
1,743 60,009 (75,218) 4,035,000 4,035,000 4,035,000 4,035,000 4,021,534 4,021,534 METROPOLITAN Shs.(000’)
37,676 20,490 20,490 24,448 197,312 165,338 3,035,000 5,000,000 5,000,000 1,786,108 5,183,758 5,204,248 5,204,248 NIC LIFE Shs.(000’)
132,613 320,656 320,656 4,172,134 3,013,214 1,188,596 1,188,596 3,000,000 3,000,000 3,000,000 3,000,000 11,373,944 11,373,944 LIBERTY Shs.(000’)
859,973 300,016 300,016 544,087 3,000,000 3,000,000 3,000,000 3,000,000 4,000,000 4,000,000 14,287,565 14,287,565 22,147,538 22,147,538 22,147,538 22,147,538 JUBILEE Shs.(000’)
81,587 399,870 1,005,103 1,154,056 6,659,887 3,200,000 3,200,000 4,000,000 4,000,000 11,413,813 11,413,813 ICEA Shs.(000’)
`
29,844 135,187 176,326 6,000,000 6,000,000 6,000,000 6,000,000 1,867,770 1,867,770 1,867,770 1,867,770 (4,267,417) CIC AFRICA Shs.(000’)
CAPITAL EMPLOYED NONC: CURRENT ASSETS: FittingsFurniture, Equipment & PARTICULARS
Represented by: Represented Computer Accessories & Electronics A: SHAREA: CAPITAL: Issued and Fully Paid up Authorised Capital Authorised RESERVES: B: Capital Revaluation Retained Earnings Contingency Share PremiumShare Proposed Dividends Preference Shares Preference
SHAREHOLDERS FUNDS Other Reserves Other Share ApplicationShare Deposits
Fair Value ReservesFair STATEMENT OF FINANCIAL POSITION FOR LIFE INSURANCE COMPANIES AS AT 31ST DECEMBER 2018 DECEMBER 2018 31ST AS AT INSURANCE COMPANIES POSITION LIFE FOR OF FINANCIAL STATEMENT
82 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
0 75,165 77,382 77,382 537,682 537,682 633,920 2,347,130 2,347,130 7,144,842 1,595,054 1,595,054 2,064,180 9,230,477 9,230,477 6,813,900 5,588,900 2,780,000 2,780,000 3,500,800 3,500,800 11,599,946 14,342,997 68,894,527 22,505,000 22,505,000 14,346,716 232,450,980 360,002,766 360,002,766
74,772 22,021 34,572 34,572 857,142 158,553 158,553 129,849 100,000 100,000 300,000 300,000 652,658 7,862,605 77,108,034 77,108,034 21,003,853 106,396,513
45,198 13,435 77,382 77,382 312,157 312,157 425,125 425,125 277,500 886,009 1,889,199 1,780,681 5,446,332 2,698,244 21,535,161 21,535,161 26,712,261
86,376 158,725 158,725 1,180,213 1,180,213 6,571,261 3,310,654 3,470,000 3,034,176 22,371,347 22,371,347 32,412,608 32,412,608
0 31,844 88,023 734,476 300,000 3,144,419 3,476,263 3,476,263
86,445 19,958 19,958 82,082 82,082 789,893 340,104 3,127,807 1,253,905 2,780,000 22,505,000 22,505,000 30,939,938 45,918 10,866
85,302 85,302 95,000 391,626 164,097 148,852 508,209 486,809 486,809 7,121,503 3,920,422 3,920,422 8,025,038 8,025,038 2,216,009 2,903,432 2,903,432 15,892,447
11,543 706,117 689,158 190,619 300,000 300,000 9,988,179 9,988,179 4,172,766 1,774,395 1,774,395 2,041,207 5,207,488 42,322,240 42,322,240 56,426,021 .
75,165 33,398 818,910 1,674,184 1,674,184 3,479,754 3,479,754 1,035,320 1,035,320 3,040,428 15,370,177 15,370,177 1,120,088 58,351,090 81,619,918 267,984 267,984
13,281 241,332 325,631 325,631 190,973 369,402 369,402 300,000 300,000 460,783 2,815,956 2,815,956 1,041,889 2,819,868 2,819,868 6,126,797 6,126,797 Policy Loans Leasehold ImprovementsLeasehold
Unit Trust & Other Investments Investment PropertiesInvestment Intangible Assets Investment in Unquoted Shares/ Securities Deferred Tax Assets Tax Deferred Motor Vehicles & Cycles Group Balances/ Related Parties TOTAL NON-CURRENT TOTAL ASSETS Shares/Securities Quoted in Investment INVESTMENTS TOTAL Receivable Premiums Reinsurance
Current Income Recoverable Tax
E: CURRENTE: ASSETS: Investment in Associates in Investment D: INVESTMENTS: D: Properties Designated for Sale Premiums ReceivablePremiums Statutory Security Deposits Statutory Government SecrutiesGovernment Deposits Term
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 83
0 7,129,165 4,167,738 4,167,738 5,413,051 5,045,911 1,573,483 1,573,483 3,326,440 2,542,888 2,846,209 85,741,194 12,467,415 12,467,415 26,627,508 26,627,508 13,354,830 13,354,830 10,268,396 62,323,695 62,323,695 436,673,177 436,673,177 138,793,743 138,793,743
517,781 508,078 1,149,283 3,691,974 2,134,561 2,134,561 6,047,437 1,410,980 4,769,866 8,510,245 8,510,245 19,589,806 32,489,637 32,489,637 115,559,416
15,429 645,173 1,941,530 1,509,932 4,029,905 1,440,767 2,060,928 1,863,849 9,911,641 38,421,155 38,421,155 10,822,885
9,805 28,710 28,710 180,985 604,035 900,061 900,061 338,861 338,861 1,263,160 8,610,827 1,163,259 1,163,259 3,675,146 48,159,735 48,159,735 12,712,951
30,225 189,188 362,039 180,048 542,087 1,626,708 6,144,883 2,668,620
89,950 89,950 611,119 117,000 117,000 110,874 374,769 282,714 282,714 711,648 602,643 2,318,633 2,318,633 2,361,903 1,060,302 16,778,979 16,778,979 21,853,345 31,624,663 31,624,663
361,024 670,419 670,419 171,567 171,567 6,141,681 2,169,221 2,169,221 2,685,100 4,373,422 2,904,375 11,747,868 12,549,198 31,345,077 31,345,077
657,942 181,667 873,762 873,762 648,199 648,199 1,126,130 1,129,589 1,129,589 2,677,996 1,493,300 1,493,300 1,290,769 12,639,764 12,639,764 6,236,056 67,869,565 67,869,565 17,889,880 17,889,880
243,312 146,161 707,696 807,252 807,252 256,795 1,082,230 2,698,343 6,155,928 34,697,229 34,697,229 36,976,184 36,976,184 88,895,934 88,895,934
78,707 753,992 249,540 469,653 943,999 943,999 1,540,311 3,707,955 3,707,955 2,065,169 2,065,169 8,652,749 8,652,749
Current Income Payable Tax Managed Funds/Investment Contracts Other Creditors/Payables Sundry Debtors Reinsurers’ Insurance of Contract Share Liabilities CURRENT ASSETS TOTAL Payable Premiums Reinsurance Deposit under Administration Payables Contracts Group Balances/Related Parties Premiums Payable Premiums Sundry Creditors Borrowings/Finance Obligations
Bank Overdraft/Short term Loans Deferred Taxation Cash in Bank and at Hand Other Receivables TOTAL ASSETS TOTAL
F: CURRENTF: LIABILITIES: TOTAL CURRENT LIABILITIES TOTAL
G: NONG: CURRENT LIABILITIES
84 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
4,761,626 4,761,626 3,852,858 3,852,858 2,542,888 184,669,930 184,669,930 102,052,132 193,284,414 334,621,045 334,621,045
0 401,637 79,644,194 3,023,948 80,045,831 80,045,831 112,535,468 112,535,468
0 1,429,269 4,399,998 4,399,998 12,508,913 12,508,913 10,171,334 18,338,180 18,338,180 28,249,821 28,249,821
180,985 180,985 11,475,601 15,331,732 11,475,601 32,828,003
0 1,219,634 2,123,349 2,123,349 4,021,534 1,581,262 361,628 361,628
2,205,167 2,205,167 2,361,903 5,204,248 5,204,248 26,420,415 26,420,415
0 246,728 246,728 7,976,537 8,223,265 19,971,133 19,971,133 11,373,944
0 27,832,147 27,832,147 22,147,538 22,147,538 45,722,027 45,722,027
0 1,775,224 38,730,713 38,730,713 11,413,813 77,482,121 77,482,121 40,505,937
0 3,077,024 3,077,024 1,867,770 1,867,770 3,077,024 3,077,024 6,784,979
TOTAL NON-CURRENT TOTAL LIABILITIES
H: UNDERWRITINGH: RESERVES: Unearned Premium Reserves Outstanding Claims
Life Contract Liabilities Actuarial Valuation
TOTAL UNDERWRITING RESERVES TOTAL TOTAL LIABILITIES TOTAL
NET ASSETS
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 85
0 0 1,090 61,313 131,420 131,420 411,599 115,362 225,958 225,958 172,346 1,661,859 3,915,584 14,121,347 14,021,347 14,021,347 6,373,403 6,373,403 10,068,047 (19,378,940)
Shs.(000’) Totals
2,515 6,818 1,090 4,878 65,498 65,498 372,309 372,309 3,250,000 3,250,000 3,250,000 (2,944,279)
Shs.(000’) CASE
21,197 25,854 (5,904) 337,347 337,347 337,347 431,263 431,263 172,346 768,610 768,610
Shs.(000’) IML
240 396 250,413 500,000 500,000 500,000 750,413 750,413
Shs.(000’) ST CATHERINE
4,120 37,601 43,915 44,991 2,429,182 2,429,182 9,930,000 9,930,000 (8,397,140) 1,532,860 1,532,860 1,532,860 1,532,860 10,030,000
Shs. (000,) Shs. IAA
4,000 4,000 4,000 40,319 179,813 127,300 127,300 411,599 1,596,361 1,486,402 2,949,211 2,949,211 2,949,211 2,949,211 (8,719,197) 10,068,047
Shs.(000’) AAR Represented by: Represented
CAPITAL EMPLOYED
Other Reserves Other SHAREHOLDERS FUNDS
Contingency PremiumShare Capital Retained Earnings Revaluation B: RESERVES: B: Authorised Capital Authorised
Issued and Fully Paid –up A: SHAREA: CAPITAL: PARTICULARS Deferred Tax Assets Tax Deferred Work in Progress in Work Motor Vehicles & Cycles Intangible Assets C: NON-C: CURRENT ASSETS: FittingsFurniture. Equipment &
Computer Accessories & Electronics Equipments Hospital STATEMENT OF FINANCIAL POSITION FOR HEALTH MEMBERSHIP ORGANISATIONS AS AT 31ST DECEMBER 2018 31ST AS AT MEMBERSHIP ORGANISATIONS POSITION HEALTH FOR OF FINANCIAL STATEMENT
86 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018
0 0 5,120 22,017 977,421 957,661 957,661 3,421,716 2,158,989 2,158,989 2,178,234 2,178,234 1,628,814 1,628,814 1,800,579 5,946,734 9,682,886 10,637,069 10,637,069 13,420,189 20,050,317 10,980,316 44,450,822
2,600 10,911 14,211 118,049 118,049 550,047 550,047 1,539,377 2,235,195 2,235,195 1,670,937
5,120 18,581 18,581 54,859 127,374 335,675 362,570 213,493 132,494 1,316,099 1,316,099 2,087,784 2,433,771 2,433,771 .
636 636 12,713 25,253 25,253 124,339 384,638 100,000 100,000 800,000 800,000 546,943 900,000 900,000 1,447,579
771,792 771,792 679,383 679,383 100,000 100,000 779,383 779,383 1,727,690 1,236,320 1,236,320 1,282,562 1,282,562 5,946,734 3,998,863 9,017,227 9,017,227 8,506,543 18,303,153 18,303,153
22,017 939,080 194,706 818,968 818,968 100,000 100,000 833,398 9,957,686 9,957,686 1,215,049 1,000,579 1,000,579 2,704,208 6,727,426 6,727,426 2,245,433 2,245,433 20,031,124 11,058,265 11,058,265 Inventory Stocks E: CURRENTE: ASSETS: TOTAL INVESTMENTS TOTAL
Government SecuritiesGovernment Security Deposits Statutory Deposits Term Unquoted Shares F: CURRENTF: LIABILITIES: Other Investments D: INVESTMENTS: D: TOTAL ASSETS TOTAL Sundry Debtors
TOTAL NON- CURRENT TOTAL ASSETS
Premiums ReceivablesPremiums Current Income Recoverable Tax Cash in Bank and at Hand TOTAL CURRENT ASSETS TOTAL Other Current Assets/Receivables Reinsurers’ Insurance of Liabilities Share and Reserves Group Balances/ Related Parties Group/ Related Parties Receivable beyond 1 Year
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 87
0 0 16,310 621,760 126,667 126,667 104,002 126,667 8,121,832 8,121,832 1,916,785 4,362,231 22,681,165 22,681,165 5,230,970 6,373,403 38,077,419 38,077,419 32,719,782 32,719,782
0 461 60,138 91,398 91,859 91,859 400,923 372,309 1,309,966 1,309,966 1,771,027 1,862,886 1,862,886
15,849 515,582 515,582 103,396 126,667 126,667 777,000 777,000 245,912 768,610 126,667 1,665,161 1,292,582 1,292,582
0 606 17,083 17,689 567,935 567,935 111,542 697,166 697,166 750,413 679,477 679,477
0 95,347 95,347 612,845 708,192 708,192 4,563,376 4,563,376 11,498,725 11,498,725 1,532,860 1,532,860 16,062,101 16,062,101 16,770,293 16,770,293
0 526,413 526,413 8,788,957 8,788,957 1,856,647 2,268,991 3,640,905 4,167,318 2,949,211 2,949,211 17,081,913 12,914,595 NET ASSETS Deferred Taxation TOTAL LIABILITIES TOTAL
H: UNDERWRITINGH: RESERVES: G: NONG: CURRENT LIABILITIES Sundry Creditors TOTAL UNDERWRITING RESERVES TOTAL
Current Income Payable Tax CURRENT LIABILITIES TOTAL Other Creditors/Payables Bank Overdraft/Short term Loans
Unearned Premium Reserves Premium Unearned Outstanding Reserves Claims Long -term Borrowings/Financial -term Obligations Long Group Balances/Related Parties Premiums Payables Premiums Incurred but not Reported TOTAL NON -CURRENT TOTAL LIABILTIES
88 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 1.12% 1.18% 1.21% 4.31% 7.40% 0.43% 4.92% 1.98% 1.54% 1.82% 0.72% 1.28% 5.87% 0.77% 1.20% 4.27% 1.89% 1.60% 2.36% 6.79% 2.22% 0.89% 17.47% 23.09% Market share 2017 share Market 6.15% 1.61% 1.76% 7.64% 1.47% 0.93% 2.21% 6.76% 1.67% 1.07% 1.96% 2.97% 1.06% 1.64% 1.25% 0.87% 0.84% 4.58% 0.68% 8.25% 4.88% 0.80% 10.80% 18.88% Market share 2018 share Market 459,387,144 907,433,561 630,097,748 630,097,748 1,748,147,842 1,748,147,842 174,732,568 315,283,502 772,217,000 772,217,000 526,240,617 812,430,892 812,430,892 654,961,248 654,961,248 493,034,802 7,153,564,504 7,153,564,504 965,469,023 965,469,023 365,278,305 746,293,000 746,293,000 495,686,255 2,403,114,000 2,403,114,000 2,779,342,715 2,779,342,715 294,053,000 9,455,399,000 1,766,868,731 482,236,000 2,015,602,564 2,015,602,564 3,032,604,000 3,032,604,000 2017 Gross Commission Gross 2017 427,114,574 311,797,332 311,797,332 675,257,547 491,392,470 898,397,977 898,397,977 571,514,395 571,514,395 751,216,295 751,216,295 1,013,097,735 1,013,097,735 740,575,262 765,762,000 368,130,006 368,130,006 484,414,000 400,210,000 400,210,000 809,508,000 3,506,515,985 3,506,515,985 386,348,820 3,782,433,000 2,099,467,000 2,099,467,000 4,953,053,000 1,360,986,023 1,360,986,023 2,819,484,000 2,819,484,000 3,098,562,443 2,238,452,000 8,660,832,000 2018 Gross Commission Gross 2018 1,233,190,741 4,553,767,903 4,553,767,903 2,817,261,305 2,817,261,305 3,007,062,186 3,007,062,186 4,164,211,068 4,164,211,068 5,909,731,527 3,478,627,298 3,478,627,298 3,755,050,375 4,266,189,536 4,266,189,536 2,423,503,312 2,975,726,851 1,973,043,878 4,676,994,930 1,831,686,452 16,011,435,000 16,011,435,000 49,109,346,651 15,294,227,051 15,294,227,051 3,595,320,404 4,905,656,255 4,905,656,255 2,892,958,704 14,288,014,066 3,042,846,684 3,042,846,684 12,666,344,020 12,666,344,020 28,980,298,605 Premium paid (Prem. (Prem. paid Premium Collected) 4,133,742,701 4,133,742,701 3,013,156,555 19,773,218,176 5,006,142,019 5,006,142,019 4,436,347,373 4,436,347,373 5,949,230,216 1,421,824,504 1,933,688,793 4,162,834,550 4,573,933,363 18,679,933,552 24,190,849,470 24,190,849,470 5,498,349,570 5,714,470,068 4,927,004,000 4,927,004,000 34,511,679,277 34,511,679,277 17,242,229,000 17,242,229,000 3,390,509,754 3,054,225,957 3,844,310,234 2,670,828,560 53,870,751,800 8,806,725,849 12,223,625,230 Prem. Payable(Total placed) Business Legacy Five Star Kiboko Financial Services Ltd. Chancery Wright Afrisafe Consultants Risk Liaison Guardian Re Eagle Africa Radiant Neon Willis Towers Watson Willis Towers Padre Pio The Inter-ContinentalThe Bartlett Abacus InsuranceBTB Clarkson African Insurance Limited & Risk Universal Galaxy Hillcrest Avenue Marsh Ltd Uganda Broking firm Broking Covermark ltd Minet 11 12 21 20 7 8 9 10 13 22 4 6 14 17 18 24 3 5 16 19 23 2 No 15 1 Brokers Performance 2018
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 89 0.13% 0.26% 0.26% 0.56% 0.48% 0.48% 0.08% 0.25% 0.30% 0.89% 0.00% 0.00% 0.00% 100.00% 0.16% 0.16% 1.10% 0.47% 0.42% 0.44% 0.57% 0.56% 0.30% 0.20% 0.00% 0.00% 4.89% 100.00% ------32,821,493 32,821,493 54,338,747 106,365,121 101,481,492 122,091,092 122,091,092 195,323,605 229,436,025 363,491,000 363,491,000 104,744,000 198,388,806 40,957,959,402 40,957,959,402 - - 261,189,149 214,151,037 72,837,519 75,080,414 93,416,489 93,416,489 191,891,692 135,441,329 1,347,673 506,749,884 256,555,877 201,838,000 2,244,803,000 2,244,803,000 45,869,823,927 - - 787,119,760 1,764,747,670 1,764,747,670 193,113,800 427,238,107 427,238,107 818,653,126 818,653,126 1,373,716,232 1,146,029,606 593,529,021 2,462,500 734,486,126 1,556,456,046 452,266,577 207,702,313,374 207,702,313,374 - - 890,411,139 890,411,139 1,195,611,442 1,932,226,152 1,932,226,152 6,939,300 6,939,300 651,950,822 651,950,822 990,778,993 400,706,942 1,451,564,437 1,756,008,148 1,756,008,148 5,204,215,493 1,991,806,022 3,666,562,916 273,168,392,377 273,168,392,377 Sunbridge Total Murich Sun Africa Sky Re BS Insurance Ltd H.S Jutley*H.S Uganda Ayo Ballpack Inc Stallion Interstate Assured Partners Pentad InsurancePentad Services Ltd. Interlink 37 36 34 35 25 32 33 29 31 27 28 26 30
90 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 5,304,658 21,074,156 77,013,217 29,624,137 26,109,474 51,427,665 17,262,000 45,973,851 21,881,388 33,025,784 15,573,842 21,342,000 50,380,545 23,903,000 339,175,000 463,110,000 314,865,454 343,742,000 159,258,602 412,625,000 456,809,453 278,983,000 -143,537,737 1,108,324,000 -2,574,645,949 Profit/loss After tax 479,787,983 724,337,097 781,140,354 798,313,576 279,452,457 133,923,896 419,630,000 524,706,453 202,356,039 451,523,000 336,390,272 568,238,614 480,474,000 983,088,501 758,300,000 506,728,488 522,465,800 1,481,847,496 2,417,809,000 3,771,207,000 6,089,965,104 2,566,497,982 2,037,573,000 8,609,496,000 2,272,843,000 Operating & Admin Expenses Expenses Admin & Operating 576,171,993 5,717,187,000 3,515,319,155 757,367,686 313,596,319 507,570,233 753,970,522 447,429,000 447,429,000 807,542,000 807,542,000 375,804,473 907,068,042 907,068,042 390,992,556 684,038,318 684,038,318 496,463,958 496,463,958 3,109,889,423 506,710,000 506,710,000 1,489,363,933 2,552,133,000 2,552,133,000 3,911,356,000 508,462,795 8,977,861,000 8,977,861,000 809,508,000 2,099,467,000 2,099,467,000 1,060,708,659 2,829,505,000 Total Income - - - - 1,712,911 7,674,467 7,674,467 8,803,170 8,803,170 4,657,598 1,798,987 1,798,987 5,071,488 8,780,771 2,754,227 4,643,736 8,670,065 47,610,924 47,610,924 47,219,000 47,219,000 11,326,980 16,792,424 16,792,424 128,377,910 128,377,910 317,029,000 317,029,000 80,455,659 10,021,000 10,021,000 41,780,000 41,780,000 313,681,000 313,681,000 764,134,000 128,923,000 128,923,000 22,296,000 22,296,000 Other Income 427,114,574 311,797,332 311,797,332 675,257,547 491,392,470 898,397,977 898,397,977 571,514,395 571,514,395 751,216,295 751,216,295 1,013,097,735 1,013,097,735 740,575,262 368,130,006 368,130,006 765,762,000 506,749,884 484,414,000 400,210,000 400,210,000 809,508,000 3,506,515,985 3,506,515,985 386,348,820 3,782,433,000 2,099,467,000 2,099,467,000 4,953,053,000 1,360,986,023 1,360,986,023 2,819,484,000 2,819,484,000 3,098,562,443 2,238,452,000 8,660,832,000 Gross Commission Commission Gross Neon Avenue InsuranceBTB BS Insurance Ltd Chancery Wright Kiboko Financial Services Ltd. Liaison Minet Covermark ltd Universal Galaxy Bartlett Abacus Hillcrest Padre Pio Afrisafe Consultants Risk Guardian Re Eagle Africa Legacy Broking firm Broking Five Star Radiant Inter-ContinentalThe Marsh Ltd Uganda Clarkson Watson Willis Towers African Insurance Limited & Risk 22 23 24 25 20 21 8 1 15 16 17 18 19 6 7 9 10 11 No 12 13 14 2 3 4 5 Brokers Performance 2018 Performance Brokers
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 91 3.11% 2.96% 3.64% 2.46% -9.64% 13.47% 11.26% 21.03% 11.84% 19.39% 14.69% 14.58% -73.24% -7,803,986 28,110,451 -2,576,290 18,516,611 10,837,293 -12,747,499 40,862,000 -11,044,876 -52,807,947 -28,396,515 -26,289,285 -2,567,751,000 (1,012,486,503) 30,156,993 93,775,874 45,961,023 84,513,066 192,137,497 324,768,741 101,074,892 148,726,415 189,983,300 154,897,863 Profit/loss after tax to total income 164,940,000 4,031,135,000 43,760,165,776 43,760,165,776 76.71% 75.03% 52.45% 61.82% 88.01% 79.84% 65.96% 80.33% 82.53% 93.90% 95.90% 92.68% 173.24% 1,347,673 2,146,434 214,151,037 75,080,414 73,468,190 73,468,190 331,509,378 140,452,311 98,498,602 233,676,000 233,676,000 272,365,897 272,365,897 208,838,067 3,088,525,000 48,845,545,068 Operating Expenses to total Income total to Expenses Operating - - - - - 5,082,113 5,082,113 630,671 630,671 5,010,982 5,010,982 2,146,434 15,810,020 16,946,375 16,946,375 70,320,229 31,838,000 843,722,000 843,722,000 2,975,721,141 2,975,721,141 87.71% 97.78% 99.75% 95.51% 91.38% 99.65% 96.47% 99.64% 99.04% 98.72% 86.63% 96.70% 94.83% - - 1,347,673 261,189,149 214,151,037 72,837,519 75,080,414 93,416,489 93,416,489 191,891,692 135,441,329 256,555,877 201,838,000 2,244,803,000 2,244,803,000 45,869,823,927 Gross Commission to Total Income Total to Commission Gross Minet Broking firm Broking Marsh Ltd Uganda Clarkson Willis Towers Watson Willis Towers African Insurance Limited & Risk Padre Pio Afrisafe Consultants Risk Liaison Guardian Re Eagle Africa Legacy Five Star Radiant Stallion Interlink Ballpack Inc H.S. Jutley Uganda Ayo Sun Africa Sky Re Total Interstate Assured Partners Pentad InsurancePentad Services Ltd. Murich Sunbridge 31 30 29 32 33 34 35
27 28 26 36 37 1 No 2 3 4 5 6 7 8 9 10 11 12 13 INSURANCE BROKERS’ PERFORMANCE RATIOS-2018 PERFORMANCE BROKERS’ INSURANCE
92 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 3.41% 7.98% 9.45% 1.05% 4.24% 3.98% 5.82% 4.77% 8.87% 6.68% 10.11% -2.62% -9.65% -3.85% -3.64% 17.49% 14.43% 41.90% 15.00% -2.07% -15.03% -83.14% -20.22% 2085.85% -2460.26% 89.11% 87.95% 97.97% 51.75% 89.51% 54.61% 55.78% 93.79% 61.22% 72.33% 26.34% 70.58% 96.07% 70.58% 92.00% 94.82% 96.64% 89.59% 115.03% 102.93% 135.27% 130.52% 102.62% 2237.71% 4368.91% 0.00% 99.14% 99.19% 97.96% 84.15% 89.45% 99.43% 98.81% 99.63% 96.43% 91.89% 99.66% 78.79% 98.98% 95.60% 72.68% 94.84% 86.38% 94.20% 93.91% 100.00% 100.00% 100.00% 100.00% 100.00% Covermark ltd Universal Galaxy Bartlett The Inter-ContinentalThe Abacus Hillcrest Chancery Wright Kiboko Financial Services Ltd. Neon Avenue BTB InsuranceBTB BS Insurance Ltd Pentad InsurancePentad Services Ltd. Interstate Assured Partners Interlink Ballpack Inc Stallion H.S. Jutley Ayo Uganda Ayo Sun Africa Sky Re Murich Sunbridge Industry average 15 16 17 14 18 19 20 21 22 23 24 25 26 27 28 30 29 31 32 33 34 35 36 37
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 93 ------247,473,217 416,436,145 416,436,145 35,648,150 35,648,150 338,129,233 119,091,856 30,902,676 30,902,676 55,404,929 94,935,000 142,729,367 142,729,367 248,913,050 248,913,050 81,562,446 231,061,096 104,182,000 104,182,000 358,290,619 358,290,619 182,363,505 182,363,505 100,430,545 385,569,000 385,569,000 304,526,503 84,544,400 190,260,800 440,523,000 440,523,000 4,192,977,537 4,192,977,537 Total income Total
------19,637,400 19,637,400 13,742,790 13,742,790 32,724,620 32,724,620 37,005,000 37,005,000 103,109,810 Other Income
247,473,217 416,436,145 416,436,145 35,648,150 35,648,150 338,129,233 176,518,010 176,518,010 119,091,856 30,902,676 30,902,676 55,404,929 94,935,000 142,729,367 142,729,367 81,562,446 229,275,650 229,275,650 104,182,000 104,182,000 182,363,505 182,363,505 100,430,545 325,565,999 385,569,000 385,569,000 304,526,503 194,056,096 194,056,096 84,544,400 440,523,000 440,523,000 4,089,867,727 4,089,867,727 2018 Income Five Motors Ltd (U) Multiple Intertech Global Total Bengal Protectors DiamondAliwaali Specialised Safety Engineers Safety Specialised Assess International Surveys* Uganda GlobalUganda Survey ILARM General Adjusters International Adjusters Ltd (U) Uprise International Ltd Properties & Ltd Vericlaims ELIT ADR* Re-max* FOX Limited FOX Claim Care Services Proba Company Zolm S.M. Cathan Geometal Engineers Ltd Future Properties*Future ASK 4 3 5
2 6 7 23 25 17 18 8 1 19 21 13 22 24 14 15 16 No 10 9 20 12 11 Loss Assessors Performance 2018 NB: * -didNB: not submit accounts.
94 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 12 LICENSED PLAYERS NON-LIFE INSURANCE COMPANIES
2) APA Insurance (U) Ltd. 1) Alliance Africa General Insurance Ltd Plot 7 Lourdel Road Plot 9 Yusuf Lule Road 5th Floor AHA Building P O Box 7308, KAMPALA PO Box 7651, KAMPALA. Tel. +256759079779 Email: [email protected] Website: www.allianceug.com Website: www.apainsurance.org
3) Britam Insurance Co. (U) Ltd 4) CIC General Insurance (U) Ltd. 24A, Akii Bua Road, Nakasero, Kampala Plot 7, Lourdel Road P O Box 36583,, KAMPALA 2nd Floor AHA Building. Tel. 0312-305600/ 0417-702600 P.O. Box 34975, KAMPALA Fax: 0414–232879 Tel. 0392175046/ 0200900100 Email: [email protected] Website: www.britam.co.ug E-mail: [email protected] Website: www.cicinsurancegroup.com
6) Excel Insurance Co. Ltd. 5) Liberty General 1st, 2nd and 3rd Floor Crest House 3rd Floor, Plot 99 Buganda Road Plot 2D Nkrumah Road P.O. Box 22938, KAMPALA P O Box 7213, KAMPALA Tel. 0414-232893/4/5 Dir. 232892 Tel. 0414-348595/6/7 E-mail: [email protected] Fax 0414-342304 Website: [email protected] E-mail: [email protected] Website: www.excelinsurancecompany.com
7) First Insurance Company Ltd. 8) GoldStar Insurance Co. Ltd 21, Luthuli Avenue Bugolobi, Kampala Plot 38, Kampala Road P.O. Box 5245 Crane Chambers, 6th Floor KAMPALA P.O. Box 7781, KAMPALA Tel. 0414-342863/233750 Tel. 0414-250110/1/0414-343704 Fax 0414-345923 Mobile 075 2660117 Fax 0414-254956 E-mail: [email protected], E-mail: [email protected] Website: www.fico.co.ug Website: [email protected]
10) NIC General Insurance Co Ltd. 9) ICEA General Insurance Co. Ltd NIC Building 2nd Floor, Rwenzori Courts, Plot 3 Pilkington Road P.O. Box 37834 Kampala P. O. Box 7134, KAMPALA Tel. 0414-347535/4232337/4250719/4260645/ Tel. 0414-258001 Plot 2&4A Nakasero Road. Fax 0414-259925 Fax 0414-347534 Email: [email protected] E-mail: [email protected] Website: www.nic.co.ug Website: www.icea.co.ug
12) Pax Insurance Company Ltd 11) NOVA Insurance Co. Ltd. Plot 3 Colville Street Plot 6, Mackinon Road, Nakasero. Christ The King Platinum House P O Box 24876, KAMPALA P.O. Box 7030, KAMPALA Tel. 256-041-4232995 Tel. 0414-233096/0414-233089 Fax 256-041-4232996 Fax 0414-233141 Email: [email protected] Email: [email protected] Website: www.novainsurance.co.ug Website: www.paxinsurance.co.ug
96 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 14) Rio Insurance Company Ltd. 15) Sanlam General Insurance (U) Ltd. Plot 20, RIO House Kampala Road Plot2 Parklane Upper Kololo (Near Lugogo Indoor P.O. Box 5710, KAMPALA Stadium.) Tel. 0414-341264/341202 P. O. Box 24256, KAMPALA Fax 0312-261475 Tel. 348289/0312-264720 Telex: 62074 Fax 0414-232903 Email: [email protected] Email: [email protected] Website: www.rioinsurance.co.ug Website: www.sanlam.co.ug
16) Statewide Insurance Co. Ltd 17) The Jubilee Insurance Co. of Uganda Ltd. Plot 1, Bombo Road 2nd Floor Jubilee Insurance Centre Sure House Plot 14 Parliament Avenue P.O. Box 9393, KAMPALA P.O. Box 10234, KAMPALA Tel. 0414-233120/234178/345996/343403 Tel. 0414-332700, Direct 0312-262119, Fax 0414-343403 Fax 0414-258539/347787 E-mail: [email protected], E-mail: [email protected] [email protected] Website: www.jubileeinsurance.com Website: www.swico.co.ug
18) TransAfrica Assurance Co. Ltd. 19) AIG Uganda Limited 2nd Floor, Impala House 4th Floor, AHA Towers Plot 13/15, Kimathi Avenue Plot 7 Lourdel Road Nakasero P.O. Box 7601, KAMPALA P.O. Box 7077, KAMPALA. Tel. 041-4311702/1/0312-260899 Tel. 0312-211311, 0417-211311 Fax 0414-254511 [email protected] E-mail: [email protected] [email protected] Website: www.transafricaassurance.com www.aig.com
20) UAP Old Mutual Insurance Uganda Ltd 21) Mayfair Insurance Co (U) Ltd 6th Floor, Block B, Nakawa Business Park 2B, 2nd Floor Plot 3-5 Old Portbell Road Nakawa Plot 9 Yusuf Lule Road- Kitante. P.O. Box 7185, KAMPALA P.O. Box 34447, KAMPALA Tel. 0414-332700, Direct Tel. 0312-181950 Fax 0414-256388 [email protected] E-mail: [email protected] www.mayfair.co.ke Website: www.uap-group.com
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 97 LIFE INSURANCE COMPANIES
1) CIC Africa Life Assurance (U) Ltd. 2) ICEA Life Assurance Co. Ltd Plot 7, Lourdel Road 2nd Floor, Rwenzori Courts, Nakasero Road. 1st Floor AHA Building. P.O. Box 37834, Kampala P.O. Box 34975, KAMPALA Tel. 0414-347535/4232337/4250719/4260645/ Tel. 0392175046/ 0200900100 Plot 2&4A Nakasero Road E-mail: [email protected] Fax 0414-347534 Website: www.cic.co.ke E-mail: [email protected] Website: www.icea.co.ug
3) Liberty Life Assurance (U) Ltd. 4) Metropolitan Life Uganda Ltd Maribu House, 3rd Floor Plot 21 Yusuf Lule Road Plot 17, Golf Course Road- Kololo 7th Floor Course View Towers P. O. Box 22938, KAMPALA P. O. Box 2779 Tel. 0414-254708/0414-233794 KAMPALA Fax 0414-232903 Tel. Email: [email protected] Email: [email protected] Website Website: www.liberty.co.ug
5) NIC Life Assurance Co. Ltd 6) Prudential Assurance (U) Ltd Plot 3 Pilkington Road Plot 24-26 Kampala Road NIC Building 2nd Floor Boulevard Building P. O. Box 7134 PO Box 2660, KAMPALA KAMPALA Tel. 0414-258001/5/0312-258001 Tel. 0414-343897/909 Fax 0414-259925 Fax 0417-726527 Email: [email protected] Email: [email protected] Website: www.nic.co.ug Website: www.prudential.ug
7) Sanlam Life Insurance Co. Ltd 8) UAP Life Assurance Uganda Ltd. Plot 15, Princess Anne Drive Bugolobi Plot 3-5,Nakawa Business Park, Nakawa. P. O Box 25495, KAMPALA P. O. Box 7185, KAMPALA Tel. 0417-726526 Tel. 0414-332700, Direct Fax 0417-726527 Fax 0414-652388 Email: [email protected] E-mail: [email protected] Website: www.sanlam.co.ug Website: www.uapinsurance.co.ug
9) The Jubilee Life Insurance Co. of Uganda. Plot 14, Parliament Avenue Jubilee Insurance Centre, West Podium P.O. Box 7122, KAMPALA Tel. 041-4311702/1/0312-260899 Fax 0414-258539/347787 E-mail: [email protected] Website` : www.jubileeinsurance.com
98 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 HEALTH MEMBERSHIP ORGANISATIONS
2) Case Med Care Limited 1) AAR Health Services (U) Limited Plot 69 / 71, Buganda Road Plot 16A, Elizabeth Avenue, Kololo P.O Box 4547 Kampala, Uganda P.O Box 6240,Kampala, Uganda Tel: 0414250362 / 257123, 0312250362, Tel: 0414560900 / 0414255991 0312261123 Fax: 0414258615 Fax: 0414345603 E-mail: [email protected] E-mail: [email protected] Website: www.aarhealth.com Web: www.casemedcare.org
3) International Air Ambulance 4) International Medical Link (U)Ltd Plot 4686, Kisigu – Namuwongo Plot 30, Regency Plaza Lugogo ByPass. P.O Box 8177,Kampala, Uganda P.O Box 40198,Kampala, Uganda Tel: 0414309800 / 0312200400 Tel: 0414235686 E-mail: [email protected] Fax: 0414345768 Website: www.iml.ug E-mail: [email protected] Website: www.img.co.ug
5) St. Catherine’s Hospital Plot 83, Buganda Road P.O Box 22868,Kampala, Uganda Tel: 0414231534
REINSURERS Re-Insurance Companies 1) Uganda Re-Insurance Company Ltd. Plot 6 Coppice Road - Kololo P.O. Box 7371, KAMPALA Tel: +256 471117860, +256 751786903 www.ugandare.com [email protected], [email protected]
LICENSED INSURANCE BROKERS 1. Abacus Insurance Brokers (U) Ltd. 2. African Risk & Insurance Services (ARIS) 3rd Floor, East African Chains Plot 88, luthuri Avenue Plot 3, 2nd Industrial Area P. O. Box 75457, KAMPALA P. O. Box 50, KAMPALA Tel: 0713-433636/0392-893472 /0754-010012 Tel. 0312-265681 0312-265440), 0312-265680 [email protected] Fax 0312-265410 [email protected] [email protected]; [email protected] www.abacusinsurers.com
3. Afrisafe Risk Consultants Ltd 4. Assured Partners Insurance Broker Plot 7, Bandari Rise Bugoloobi Plot 18, Kintu Road, Imperial Royal Apartment A1 P O Box 37034, KAMPALA P.O. Box 11605, KAMPALA Ground Floor, Redstone House Tel. 0414581666/256-777111011 Email:[email protected] [email protected] www.assuredpartners.co.ug
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 99 5. Avenue Insurance Brokers Ltd 6. aYo Uganda Ltd Plot 17/19 Faraday Road, Luthuli Rise Plot 16-18 Nyonyi Gardens P O Box 37682, KAMPALA 1st Floor Kololo Office block Wampewo Avenue, Tel 0312-514608/0752-210516 /0782-441300 (0776-441300) Kampala P O Box 25375 KAMPALA www.ayo.co.ug [email protected]
7. Ballpack Insurance Group Ltd 8. Bartlett Africa Ltd Plot 15 Kitante Clause Kololo (Off Yusuf Lule Road) Plot 1 Colville street P O Box, KAMPALA 1st Floor Communication House Tel. 0414-699370 P O Box 33087, KAMPALA Uganda Email: [email protected] Tel. 256-414-259003/0772-441733 Website: www.ballpackinc.com /0701-441733/0712-442738 [email protected] [email protected] Website: www.bartlettgroup.com
9. BS Insurance Brokers 10. BTB Insurance Brokers (U) Ltd. Plot 95/A, 6th Street Industrial Area Plot 6 Mackinnon Road P O Box 75578, KAMPALA P.O. Box 37162, KAMPALA Tel. 0759079779 Tel. 041-4340141/0751-631177 [email protected] Fax 041-4340135 Email: [email protected] [email protected] [email protected]
11. Chancery Wright Brokers (U)Ltd 12.Clarkson Insurance Brokers Ltd. 3rd Floor, Interservice Tower, Plot 43 Luthuli Avenue Bugolobi Lumumba Avenue P.O. Box 2308, KAMPALA P.O. Box 25672, KAMPALA Tel. 256-312-202210/0414235499 Tel. 0414-348464/4235865 Fax 256-41-256658 Fax 0414-348341 Email: [email protected] Email: [email protected] [email protected] Website: www.chancerywright.com [email protected] Website: www.clarkson.co.ke
13. Covermark Limited 14. Eagle Africa Insurance Services Plot 20/24A Spring Rd Bugolobi Eagle Africa Centre Plot 19 Bukoto Street Sia Amara Plaza P. O. Box 24407, KAMPALA P O Box 2779, KAMPALA Tel. 0414-348515/0312-270960 Tel. 0772-707979 Fax 0414-255678 Fax 0414-237441 E-mail: [email protected] Website: www.eagleafrica.co.ug
15. Five Star Insurance Services 16. Hillcrest Company Limited Plot 1219, Namuli Road Bukoto 1st Floor Amadinda House P.O. Box 23035, KAMPALA P O Box 3401, KAMPALA Tel. 0414-349089/90 Tel. 0414-236015 Fax 0414-234897 [email protected] E-mail: [email protected] [email protected] www.hillcrestbrokers.com
100 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 17. Hub Insurance Services Ltd 18. H.S Jutley Insurance Brokers Plot 5/102 Spring Road Bugolobi Rwenzori Towers Room 6, 2nd Floor SIA Amara Plaza 5th Floor, Nakasero Road P O Box 1897, KAMPALA P O Box 73682, Tel: 0313-673459/0776-802543 hubinsuranceservices@g mail.c om Email: [email protected]
19. The Intercontinental Insurance Brokers Ltd. 20. MIC Global Risks (Uganda) Ltd Plot129 Old Kiira Road, Bukoto 5th Floor Room 502 Redstone H’se P.O. Box 8060, KAMPALA Next to Studio H’se, Bugolobi Tel. 0414-541963/0312-263577 P O Box 7155, KAMPALA. Fax 0414-541964 Tel: 256 0414 341212 E-mail: [email protected] Email: [email protected] [email protected]
21. Interlink Insurance (Africa) Ltd 22. Interstate Insurance Services Ltd. Plot 855 Mawanda Road, Kamwokya Plot No. 4, Flat No. 1 P.O. Box 21086, KAMPALA Kimathi Avenue Tel. 256-392 174954/5/0772433832 Opposite Kampala Casino E-mail: [email protected] P.O. Box 4999, KAMPALA Tel. 0414-258275 Fax 0414-235126 E-mail: [email protected]
23. Kiboko Financial Services Ltd 24. Legacy Insurance Services Ltd Kiboko House, Coronation Avenue, Plot 24/26 Entebbe Road Plot No. 288, 328, 348 Shri Ganesh Plaza Level 2 Suite 4 & 5 UMA Show Grounds, Lugogo P O Box 26476, KAMPALA P O Box 31376 KAMPALA Email: [email protected] Tel. 0417-100900/ 0312-310900 [email protected] Email: [email protected] [email protected] Tel. 041-4341553/0772-471008 Website: www.kibokogroup.com /0752-799268/0776-799268 [email protected] [email protected]
25. Liaison Uganda Ltd. 26. Marsh Uganda Ltd Plot 3-5 Port Bell Road Liaison House Nakawa Business Park P O Box 3190, KAMPALA Plot 44 Lumumba Avenue P.O. Box 22607 KAMPALA Tel. 031-2302851/0312-302851 Tel.0414-234398/0772-760383 E-mail: [email protected] Fax 0312-260383 Website: www.alexanderforbes.com E-mail: [email protected] Website: www.liaisongroup.net
27. Minet Uganda Ltd. 28. Murich Insurance Brokers Plot 16 Clement Hill Road Office 31, 3rd Floor, Aon House,P.O. Box 3123, KAMPALA Akamwesi Complex, plot112 Tel. 0312-229100 Nakawa, KAMPALA Fax 0312-2291234/5 Email: [email protected] Website: www.aon.com/uganda
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 101 29. Neon Inc. Limited 30. Padre Pio Insurance Brokers Ltd. Kanjokya Street, Kanjokya House Plot 12A Tuffnell Drive, Kamwokya 1st Floor Suite1–9 P.O. Box 7446, KAMPALA P O Box 4462, KAMPALA Tel. 031-2284682 Tel. 0414-534351/0392-968210 Fax 031-2284682 Mobile: 071-2500031 Email: [email protected] ikego@ Email: [email protected] padrepioinsurance.com Website: www.neoninsurance.co.ug Website: www.padrepioinsurance.com
31. Pentad Insurance Services Ltd 32.Radiant Insurance Brokers (2009) Ltd 2nd Floor FEMA House 3rd Floor Spear House Room 26 Ntinda Trading Centre Plot No. 22 Jinja Road P O Box 36735, KAMPALA P O Box 7356, KAMPALA Tel. 0313-555555/0414-349555 Tel. 0414-254723/0712-965575 Email: [email protected] Fax 0414-254724 [email protected] E-mail: [email protected] [email protected] E-mail: [email protected] Website: www.pentad.co.ug Email: [email protected]
33.Universal Galaxy Insurance Brokers 34. Stallion Insurance Brokers Plot 8/9 Raja Chambers, Plot 11 Ministers Village Ground Floor Parliamentary Avenue P O Box 40009, KAMPALA P.O. Box 3236, KAMPALA Email: [email protected] Tel. 0414-232189/4348132 Fax 0414-232189 [email protected] [email protected]
35. Sun Africa Insurance Services Ltd 36. Willis Towers Watson Uganda Plot14A, Martin Road 1st Floor Studio House P.O.Box 22781, Kampala 5 Bandali Rise, Bugolobi Tel. 0414258226 P O Box 8781, KAMPALA Tel +256 754 988197 (Nairobi) Mobile: 0752 779977 Website: www.grassavoye.com
37. Kenbright Insurance Brokers of Uganda Ltd 38. MIC Global Risks Uganda Ltd Plot 4 Kyadondo Road Nakasero 5th Floor Room 502 Redstone House Trust Towers Next to Studio House, Bugolobi P. O. Box 369KAMPALA P O Box 7155, KAMPALA Email: [email protected] [email protected] [email protected] Tel: 256 414 341 212 Tel: 256 774 951 252
39. Steward Group Limited 40. Sapphire Adjusters Co. Ltd Plot 90 Ben Kiwanuka Street KOB House Edith Apartments, P.O. Box 3781, KAMPALA Namuli Zone, Bukoto [email protected] P.O. Box 4956 KAMPALA Tel: 0414 258 788/0414 258 785 [email protected] Tel: 256 774 988 372/704 388 372 787 847 118
102 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 REINSURANCE BROKERS 1.Sky Re-insurance Brokers Ltd 2. Guardian Reinsurance Brokers 4th Floor Officce 30 4th Floor Metropolitan House Akamwesi Complex, Nakawa Plot 8–10 Entebbe Road P.O.Box 3036, KAMPALA P.O. Box 24674, KAMPALA Tel. 0414-344500/4/0772-760117 [email protected] [email protected] www.guardianrebrokers.co.ug
LICENSED LOSS ASSESSORS, SURVEYORS AND ADJUSTERS
Loss Assessor & Insurance Surveyors 1. Aliwali Diamond Engineers 6. Zolm International Ltd Plot 896 Damulira Benards Building Plot 27 Sir Apollo Kaggwa Road, Makerere Kavule Suit 206 Opposite Global Trust Bank P.O. Box 8656, KAMPALA P O Box 16255, Wandegeya- KAMPALA Email: [email protected] 041435718/+202999999/0772-635707/ Tel. 0312-106933/0772-457148 0702-635707 [email protected]; [email protected]
2. Ask Corporate Consultants Ltd 7. Specialized Safety Engineers Plot No 1496 Block 29 Plot 7 Nakawa House Kyebando Road Kamwokya Port Bell Road P O Box 23442, KAMPALA P O Box 9966, KAMPALA Tel. 0414-592733 [email protected] [email protected] [email protected]
3. Five Motors (U) Ltd. 8. Uganda Global Survey Ltd Plot 1743/793 Block 214 Bukoto Plot 37 Chwa II Road Mbuya Kisasi Road. P.O. Box 12636, KAMPALA P O Box 7624, KAMPALA Tel. 077/702-533833/0704-533833 [email protected] or Fax 071-259514 [email protected] Email:[email protected]
4. Futures Properties Consultants 9. Assess International Surveyors Plot 1 Lourdel Street Plot 1-3, Sebei Lane Nakawa. P O Box 33111, KAMPALA Room 5, 4th Floor Capital Shoppers, Nakawa. Tel: 256-414-340923 P O Box 11230, KAMPALA Fax 256-312-265189 Tel: 0759-224900 cabsharmazolminternational. Mobile: 256-755-484451 com; [email protected] Fax 256-312-265189 Email: [email protected]; [email protected]
5. S-M Cathan 10. Barfric Property Company Ltd Skas House Plot 3011 Block 214 Kisasi Kyanja Plot 180 Namuwongo Road P.o. Box 6782, Kampala P O Box 26509KAMPALA 256-393224099 Tel.0200902468/0772-617889 [email protected] [email protected] or allan- [email protected]
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 103 Loss Assessors 1. ADR Limited 2. Bengal Trading Company (U) Ltd. Plot 779, Lubaga Road. Plot No. 96/98 William Street Opp. Oryx Gas Station. (Opposite M/s Achelis Uganda) 2nd Floor, Rescue Rapid Response Building. P O Box 30319 P.O. Box 6848, KAMPALA KAMPALA Email: [email protected] Tel. 0712-983233 Tel. 0202-955543/078/0701-755543 Email: [email protected]
3. Fox Loss Assessors Ltd 4. Geometal Engineers Ltd Plot 11560 Entebbe Road Plot 202 Ring Road Lubiri Clock Tower 2nd Floor Nakuya House P O Box 75858, KAMPALA P O Box 75653 Email: [email protected] Clock Tower, KAMPALA Tel. 0752999452 Email: [email protected]
5. ILARM Consulting Uganda Ltd 6. Intertech Global Assessors Ltd. Plot 1192 Katwe Kibuli after Police Training School P O Box 15087, KAMPALA P.O. Box 11081, KAMPALA Tel. 0704-93661/0754-380988 Tel. 041-510296/501649 Email: [email protected] Mobile 0782-078704 E-mail: [email protected]
7. Protector International Ltd. 8. PROBA Services Limited Plot 1846 Bukoto Trading Centre Kamwokya. Room 107A Teachers House P O Box 12298 KAMPALA Bombo Road Tel:0414-258649/0312-266814 P O Box 70193 0712-266814/0774-301515 KAMPALA [email protected] [email protected] www.protectorsuganda.com
9. Uprise International Ltd Suite 10. Mutual Partners U Limited 35 Walco Estates Building Kibuli Nkrumah -Nasser Link Plaza (After Police Training School) Nkrumah Road Room Nr 001 P O Box 26373, KAMPALA P.O Box 11081 [email protected] Kampala Uganda Tel. 0782-200045/0701-965080 [email protected] 256 704289996
Loss Assessor & Insurance Surveyor and Risk Managers 1.International Adjusters (U) Ltd. Plot 14 Martin Road Old Kampala P. O. Box 22781 K’la 0414-255479/ 075-5479/772-755479 E-mail: [email protected]
104 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Loss Adjustor & Insurance Surveyors 1. Elit Liability Management 2. VeriClaims & Properties Ltd Mbogo House 3rd Floor Apartment B3 Lubaga Kabuusu Road Sayuni Complex Ntinda-Kisasi Road P O Box 497, KAMPALA P O Box 28496, KAMPALA Tel. 0414-599754 Email:[email protected] Email: [email protected] www.elitmanagment.com
3. Multiple Consult Network Plot 1001 Ggaba Road 2nd Floor Suzie House Near American Embassy & Tel. 041-510070/0312-263108/ 0772-483705/0772-436914 Fax 0414-510070/0312-263109 Email:[email protected] [email protected] www.multipleconsult.com
Insurance Surveyors 1. Remax Uganda Limited 5th Floor Acacia Place Plot 6 Acacia Avenue Kololo P O Box 24462, KAMPALA
Loss Adjusters 1. General Adjusters Uganda Ltd 2. Claim Care Uganda Ltd Plot 45 Prince Charles Drive Kololo Plot 1496 Bukoto Kisasi Road P O Box 24393, KAMPALA P O Box 8407 Tel. 0414-668835/4530155 KAMPALA Fax 0414-530004
3. Sapphire Adjusters (U) Limited Edith Apartments, Bukoto- Namuli zone P.O. Box 4956 Kampala 256 774988372 [email protected]
Loss Assessor & Insurance Surveyor and Risk Managers 1. International Adjusters (U) Ltd. Plot 14 Martin Road Old Kampala PO Box 22781 K’la 0414-255479/ 075-5479/772-755479 E-mail: [email protected]
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 105 Loss Adjustor & Insurance Surveyors 1. Elit Liability Management 2. Multiple Consult Network Mbogo House Plot 1001 Ggaba Road Lubaga Kabuusu Road 2nd Floor Suzie House P O Box 497, KAMPALA Tel. 0414-599754 Email: [email protected] www.elitmanagment.com
BANCASSURANCE AGENTS
1) Bank of Africa-Uganda Limited 2) Barclays Bank Uganda Limited P. O. Box 2750 Kampala, P. O. Box7101 Kampala Plot 45, Jinja Road. Plot 2/4 Hannington Road Kampala Email: [email protected] Website: www.barclays.com Website: www.boauganda.com Email: [email protected]
3) Diamond Trust Bank Uganda Limited 4) DFCU Bank Limited P. O. Box 7155, Kampala P.O.Box 70, Kampala Plot 17/19, Kampala Road Plot 26, Kyadondo Road Nakasero Website: www.dtbu.dtbafrica.com Website: www.dfcugroup.com Email: [email protected] Email: [email protected]
6) Housing Finance Bank Limited 5) Exim Bank Uganda Limited Investment House Plot 6 Hannington Road Kampala Plot 4,Wampewo Avenue Kololo, Kampala P.O BOX 36206 KAMPALA Uganda P.O BOX 1539 KAMPALA UGANDA [email protected] +256 312320400/1-9 +256414-259651/2,+256-312262614 Website: www.eximbank-ug.com Email: [email protected] Website: www.housingfinance.co.ug
7) KCB Bank Uganda Commercial Plaza 8) Finance Trust Limited Plot 7 Kampala Road P.O.Box 6972 P O Box 7399 Plot 121 & 115 Katwe KAMPALA Website: www.financetrust.co.ug Tel: +254711087000 +254732187000 Email: [email protected] Email: [email protected]
9) NC Bank Uganda Limited, P.O.Box 10) Opportunity Bank Limited 28707, Kampala, Rwenzori Towers, Plot 1259 Old Kiira Road Nakasero Road P O Box 33513, KAMPALA Website: www.nc-bank.com Tel: 0414236724/342726 Email: [email protected] Email: [email protected]
106 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 12) Stanbic Bank Limited 11) Orient Bank Limited P.O.Box 7131, Kampala P.O.Box 3072, Kampala Plot 17, Hannington Road Plot 6/6A Kampala Road 9th Floor, Sgort Tower, Crested Towers Website: www.orient-bank.com Website: www.stanbicbank.com Email: [email protected] Email: [email protected]
13) Standard Chartered Bank Uganda Ltd Plot 5 Speke Road 14) TROPICAL Bank Uganda PO Box 7111, KAMPALA Plot 27 Kampala Road Tel: 256-313294188/ 0776-802542/ 0706-732304 P O Box 9455, KAMPALA Email: [email protected] Email: [email protected] [email protected]
15) United Bank Of Africa Uganda Ltd. 16) POST Bank Uganda Plot 2 Jinja Road Kampala Plot 4/6 Nkrumah Road P.O BOX 7396 KAMPALA Uganda P O Box 7189, KAMPALA +256 414-7715100 Emails: [email protected] and Website: www.ubagroup.com [email protected]
17) Centenary Bank Mapeera House Plot 44-46 Kampala Road and Plot 2 Burton Street P O Box 1892, KAMPALA Email: [email protected] TEL: 0414 346856, 0414 251276/7
Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 107 NOTES
108 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 Insurance Regulatory Authority of Uganda | ANNUAL INSURANCE MARKET REPORT 2018 135 Plot 5, Kyadondo Road, Block B, 2nd Floor, Legacy Towers, P. O. Box 22855, Kampala Tel: +256 417 425 500; +256 393 266 364 E-mail: [email protected] Website: www.ira.go.ug