Uganda insurance market sees growth through tailored products

The Ugandan insurance industry is experiencing significant growth, driven by expanding bancassurance channels and new product launches aimed at addressing local financial needs.

Industry data indicates that bancassurance premiums rose by 25.4% in 2024, reaching UGX 225 billion. Arthur Kintu of dfcu Bank emphasized that for the industry to increase adoption, providers must move away from one-size-fits-all models and instead design products that address specific concerns such as medical emergencies, loss of income, and education costs.

In a related development, NIC Life Assurance Company Limited, in partnership with SPADES Insurance Brokers Limited, has launched the Family Life Insurance Plan (FLIP). This digitally accessible product is designed to provide affordable coverage for up to eight family members, including spouses, children, and parents. The plan offers death and permanent total disability benefits to help families manage unexpected financial pressures.

According to the Insurance Regulatory Authority of Uganda, the total industry Gross Written Premiums reached UGX 2.024 trillion in 2025, a 14.72% increase from the previous year. Life insurance has been a primary driver of this trend, with premiums growing from UGX 702.2 billion in 2024 to UGX 977.6 billion in 2025.