AISL Executive Summary
Uganda obtient un score AISL ajusté de 23.5/100 (hautement restrictif). Le marché de l'assurance y pesait 456 millions $ en 2024, pour une pénétration de 0.9% du PIB. Le principal frein réglementaire à l'entrée est la cession légale obligatoire (Uganda Re 15% + Africa Re 5% + PTA Re 10%). Le marché applique par ailleurs plusieurs mécanismes complémentaires : un droit de premier refus au bénéfice du réassureur local, une accréditation préalable auprès du régulateur et une retenue à la source.
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Kampala
Population
Not documented
GDP
$64.3 B
Currency
UGX
Insurance market
Market size
$456 M
Penetration
0.9%
Density / capita
Not documented
Growth (GDP proxy)
0.1%
Regulatory framework
Regulatory openness
Highly RestrictiveCompulsory cession
Yes
Uganda Re 15% + Africa Re 5% + PTA Re 10%
Active friction mechanisms
4 / 7
Reference year
2024
AISL Score
Base score
37.1
Adjusted score (friction)
23.5
Regulatory access
44/100
Methodology breakdown
AISL recommendation: WATCH / DEVELOP
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Similar markets
Structurally close profiles to Uganda, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 42%
$189.6M
Non-vie : 58%
$266.3M
Total : $455.9M
Total premiums
$455.9M
Penetration
0.9%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -86% versus the OECD average (6.2% of GDP, 2024) and -84% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2025)
GDP
$64.3 B
GDP growth
0.1%
Population
—
Inflation
3.6%
Currency
UGX
Source: Wikipedia Economy infobox (source IMF)
Regulatory mechanisms
Uganda Re 15% + Africa Re 5% + PTA Re 10%
Source: GRF - Reinsurance Trade Barriers and Market Access Issues Worldwide, mai 2026
What this market requires at entry
4 active regulatory mechanisms on this market, with what each one concretely means for entering Uganda.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 37.1, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
23.5
4 mechanisms active (4 × 3.4 = −13.6 pts)
Market players
28 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 88354
Leader: UAP Old Mutual Life Assurance Uganda Limited (16.9%) — 28 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (7 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| UAP Old Mutual Life Assurance Uganda Limited | 92.0 | 16.9% | +0.6% | 138.0 | 207.0 | 310.5 | 465.8 |
| ICEA Lion Life Assurance Company (U) Limited | 53.0 | 9.7% | +0.5% | 79.5 | 119.3 | 178.9 | 268.3 |
| Liberty Life Assurance Uganda Limited | 22.0 | 4.0% | +0.2% | 25.5 | 29.5 | 34.2 | 39.5 |
| Sanlam Allianz Life Insurance Co. Ltd | 22.0 | 4.0% | — | 23.3 | 24.8 | 26.3 | 27.9 |
| CIC Africa Life Assurance Limited | 4.1 | 0.8% | +0.1% | 4.3 | 4.5 | 4.8 | 5.0 |
| NIC Life Assurance Company Limited | 0.5 | 0.1% | -0.1% | 0.4 | 0.4 | 0.3 | 0.3 |
| Britam Life Assurance Company (U) Ltd | 0.3 | 0.1% | — | 0.4 | 0.4 | 0.4 | 0.4 |
Segment Non-Life (21 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| The Jubilee Insurance Co. of Uganda Ltd. | 70.0 | 12.8% | +1.4% | 105.0 | 157.5 | 236.3 | 354.4 |
| Prudential Assurance Uganda Limited | 62.0 | 11.4% | +0.2% | 75.4 | 91.6 | 111.4 | 135.4 |
| Sanlam Allianz | 56.0 | 10.3% | -0.0% | 55.0 | 54.1 | 53.1 | 52.2 |
| Britam Insurance Company (Uganda) Limited | 24.0 | 4.4% | +0.0% | 25.0 | 26.1 | 27.3 | 28.5 |
| ICEA General Insurance Co.Ltd | 17.0 | 3.1% | +0.1% | 18.1 | 19.2 | 20.4 | 21.7 |
| Goldstar Insurance Company Limited | 14.0 | 2.6% | -0.1% | 13.1 | 12.2 | 11.4 | 10.6 |
| AAR | 14.0 | 2.6% | +0.1% | 15.1 | 16.2 | 17.5 | 18.8 |
| Liberty General Insurance Uganda Limited | 13.0 | 2.4% | +0.1% | 14.1 | 15.3 | 16.5 | 17.9 |
| Alliance Africa General Insurance Limited | 12.0 | 2.2% | +0.1% | 13.1 | 14.3 | 15.6 | 17.0 |
| GA Insurance Uganda Limited | 12.0 | 2.2% | +0.2% | 14.4 | 17.3 | 20.7 | 24.9 |
| MUA Insurance (Uganda) Limited | 10.0 | 1.8% | +0.0% | 10.0 | 10.0 | 10.0 | 10.0 |
| APA Insurance (Uganda) Limited | 9.5 | 1.7% | +0.0% | 9.9 | 10.4 | 10.8 | 11.3 |
| Mayfair Insurance Company Uganda Limited | 8.6 | 1.6% | -0.0% | 8.5 | 8.4 | 8.3 | 8.2 |
| NIC General Insurance Company Limited | 8.5 | 1.6% | +0.0% | 8.6 | 8.7 | 8.8 | 8.9 |
| Statewide Insurance Company Limited | 5.8 | 1.1% | +0.1% | 6.2 | 6.7 | 7.2 | 7.7 |
| CIC General Insurance Uganda Limited | 3.4 | 0.6% | -0.0% | 3.3 | 3.2 | 3.1 | 3.0 |
| Pax Insurance Company Limited | 3.3 | 0.6% | +0.1% | 3.6 | 4.0 | 4.4 | 4.8 |
| TransAfrica Assurance Co. Ltd. | 3.2 | 0.6% | +0.0% | 3.3 | 3.4 | 3.5 | 3.6 |
| Excel Insurance Company Limited | 3.1 | 0.6% | +0.1% | 3.3 | 3.5 | 3.8 | 4.0 |
| First Insurance Company Limited | 1.9 | 0.3% | +0.0% | 1.9 | 1.9 | 1.9 | 1.9 |
| Jubilee Health Insurance Company of Uganda Limited | — | 0.0% | — | 0.0 | 0.0 | 0.0 | 0.0 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
10 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
| Uganda Re | National | 17.2 | 1.5 | +3.9% | 17.9 | 18.6 | 19.3 | 20.0 | 20.8 | 21.6 | 22.4 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
AISL Summary
- AISL positioning: 24/100, "Highly Restrictive" market.
- Insurance market: $456M, fiscal year 2024.
- Main entry barrier: compulsory cession (Uganda Re 15% + Africa Re 5% + PTA Re 10%).
- Sits 6.7 points below the regional average (17 scored markets).
Regional comparison
Average adjusted score in East Africa : 30.2 (out of 17 scored markets)
Uganda is 6.7 points below the regional average