Business 18 March 2026 Daily Monitor (Uganda)
Insurance Mergers Reshape Uganda's Market with Emergence of Two New Giants
Uganda's insurance sector has rapidly consolidated due to the Insurance Regulatory Authority's (IRA) push for mergers and higher capital requirements, resulting in dominant players like Sanlam Allianz and Jubilee Life overtaking previous leaders in non-life and life segments. Source: https://www.monitor.co.ug/uganda/business/insurance/insurance-mergers-the-making-of-new-giants-5395782
Uganda’s insurance industry has experienced a dramatic shift in under a year, moving from a fragmented market to one dominated by powerful merged entities. The Insurance Regulatory Authority (IRA) has driven this change through policies emphasizing mergers, increased capital needs, and better governance, making it tough for smaller firms to operate alone.
In the non-life segment, Old Mutual led in 2024 with 18.9% market share and Shs184.96 billion in gross written premiums. Sanlam General and Jubilee Allianz trailed behind. By late 2025, the Sanlam General and Jubilee Allianz merger formed Sanlam Allianz, grabbing 20.9% share and Shs209.46 billion, edging out Old Mutual’s 20.7% and Shs207.17 billion.
The life insurance side saw similar upheaval. Prudential topped 2024 with 26.4% share and Shs196.29 billion. Jubilee Life and Jubilee Health followed. Their 2025 merger created a new Jubilee Life leader with 25.9% share and Shs253.82 billion, pushing Prudential to 24% and Shs234.86 billion.
Badru Bengo from the Uganda Insurers Association credits IRA’s supervisory rules for these changes, highlighting how the Jubilee merger combined medical and life strengths. IRA’s quarterly reports for 2024 and 2025 show premium growth concentrating among larger firms, proving consolidation boosts efficiency.
Now, Sanlam Allianz and Jubilee Life lead, sparking questions about more mergers, smaller firms’ survival, and IRA’s role in maintaining competition. The era of many small players is fading.
Source: Daily Monitor (Uganda)