Uganda Insurers Association (UIA), the umbrella organization for all insurance companies in Uganda, has unveiled the Annual Insurance Agents Awards.
The awards to be held under the theme ‘celebrating the role of an agent in the insurance cycle’ will take place in Kampala on April 27. UIA Chief Executive Officer Jonan Kisakye said that the focus is rewarding the best performing life insurance agents.
“The agents, brokers banks and have contributed to life insurance business growth through proportions of 50%, 35% and 10% respectively,” he said. He added: “This signifies the important role that the insurance agents perform in the insurance value chain, but specifically the growth that they contribute through the premiums that are written through this channel of distribution,” he said.
Latest statistics from Insurance Regulatory Authority shows that show sthat gross written premiums for both non-life and life have more than quadrupled over the past decade from merely Shs240 billion in 2010 to Shs1.18trillion in 2021.
Life insurance business’ contribution to the gross written premiums has more than tripled from merely 10% to 33% during the same period under review, signaling increasing customer appetite for life insurance policies, especially education, whole life insurance, and health among others.
Currently, the country’s insurance industry has 134 players including two eight life insurers, two micro insures, three reinsurance brokers and 51 insurance brokers.
