General Liability Insurance - Uganda

The General Liability Insurance market market in Uganda is projected to reach a market size (gross written premium) of US$116.20m in 2024.
The average spending per capita in the General Liability Insurance market market is expected to amount to US$2.33 in 2024.
Furthermore, the gross written premium is anticipated to show an annual growth rate (CAGR 2024-2029) of 4.52%, resulting in a market volume of US$145.00m by 2029.
In global comparison, the United States will generate the highest gross written premium, amounting to US$178.4bn in 2024.
The General Liability Insurance market in Uganda is experiencing a steady growth due to the increasing awareness of businesses about the potential risks and the need for financial protection.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Uganda is experiencing steady growth and development, driven by various factors influencing the insurance industry in the country.

Customer preferences: Customers in Uganda are increasingly recognizing the importance of protecting their assets and businesses through General Liability Insurance. As awareness about risk management and financial protection grows, more individuals and businesses are opting for liability insurance coverage to safeguard against potential liabilities.

Trends in the market: One notable trend in the General Liability Insurance market in Uganda is the increasing demand from small and medium-sized enterprises (SMEs). As the SME sector continues to expand and play a significant role in the country's economy, there is a growing need for liability insurance to mitigate risks associated with business operations. Additionally, the digitization of insurance processes is making it easier for customers to access and purchase liability insurance coverage, contributing to market growth.

Local special circumstances: In Uganda, the regulatory environment plays a crucial role in shaping the General Liability Insurance market. With the government's efforts to enhance the regulatory framework and promote insurance penetration in the country, insurance companies are adapting their products and services to comply with regulations and cater to the evolving needs of customers. Additionally, the competitive landscape in the insurance sector is driving innovation and product differentiation in the General Liability Insurance market.

Underlying macroeconomic factors: The economic stability and growth in Uganda are also influencing the General Liability Insurance market. As the economy expands and businesses thrive, there is a greater awareness among stakeholders about the importance of liability insurance in protecting assets and ensuring business continuity. Moreover, factors such as urbanization, infrastructure development, and foreign investments are creating opportunities for insurers to offer tailored liability insurance solutions to meet the evolving risk landscape in the country.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.