Business 17 March 2026 Daily Monitor (Uganda)
Life Insurance Poised to Overtake Non-Life in Uganda's Market
Life insurance in Uganda is rapidly gaining ground on non-life insurance, with market share rising from 37.89% in 2023 to 48.33% by late 2025, driven by robust growth and innovative products. Projections indicate life could surpass non-life as early as 2026, reshaping the industry toward long-term financial protection. Source: https://www.monitor.co.ug/uganda/business/insurance/could-life-insurance-be-the-next-big-thing--5394260
Uganda’s insurance landscape is undergoing a significant shift as life insurance surges ahead of traditional non-life coverage. In December 2023, non-life dominated with 58.37% market share and Shs934.49 billion in gross written premiums, compared to life insurance’s 37.89% and Shs606.64 billion.
By December 2025, IRA data reveals life insurance closing the gap dramatically. Its gross written premiums climbed to Shs978.54 billion, narrowing the difference to just Shs23 billion, while non-life reached slightly over Shs1 trillion but saw its share drop to 49.47%.
Life insurance posted impressive year-on-year growth averaging 23.26% across 2025 quarters, far outpacing non-life’s 5.74%. Quarterly premiums for life jumped from Shs215.95 billion to Shs978.54 billion, boosting its market share to 48.33%.
IRA’s Mariam Nalunkuma attributes this to affordable products for low-income groups, savings-linked policies blending protection and investment, and heightened awareness post-Covid-19. Improved claims payouts, totaling Shs934 billion or 46.2% of premiums, have also built trust.
Growth spans diverse products like health, individual life, group credit, and unit-linked options, led by major players including Jubilee Life, ICEA, Prudential, and Old Mutual.
Looking to 2026, conservative estimates suggest life could hit Shs1.12 trillion with 15% growth, overtaking non-life’s projected Shs1.05 trillion at 5% growth. Even base scenarios point to life leading soon.
This trend signals a move toward long-term security, potentially making life insurance the industry’s next powerhouse.
Source: Daily Monitor (Uganda)