Non-life insurances - Uganda | Statista Market Forecast

The Non-life insurance market in Uganda is predicted to witness significant growth in the coming years.
It is projected to reach a market size of UGX US$1.05bn by 2024.
This indicates a promising outlook for the insurance sector in the country.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be UGX US$21.03 in 2024.
This demonstrates the potential for increased insurance coverage among individuals in Uganda.
The market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 3.20%.
This growth trajectory is anticipated to result in a market volume of UGX US$1.23bn by 2029.
These figures indicate a positive trend for the Non-life insurance market in Uganda, showcasing the increasing demand for insurance products and services.
In comparison to other countries, the United States is projected to generate the highest gross written premium in the Non-life insurance market.
In 2024, it is estimated to reach an impressive figure of US$2.5tn.
This highlights the significant market share held by the United States in the global insurance industry.
Overall, the Non-life insurance market in Uganda is poised for growth and presents opportunities for both insurers and consumers in the country.
The projected market size and spending per capita reflect the increasing awareness and importance of insurance coverage in Uganda.
Uganda's non-life insurance market is experiencing a surge in demand due to the country's growing economy and increasing awareness about the importance of insurance coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurances market in Uganda has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Uganda are increasingly recognizing the importance of protecting their assets and properties through non-life insurance products. This shift in mindset is driven by a growing awareness of the risks associated with natural disasters, accidents, and other unforeseen events. As a result, there is a rising demand for non-life insurance coverage to safeguard against potential financial losses.

Trends in the market: One noticeable trend in the Ugandan non-life insurance market is the introduction of innovative products tailored to the specific needs of customers. Insurers are diversifying their offerings to include policies that cover a wide range of risks, such as motor vehicle insurance, property insurance, and travel insurance. This trend reflects a strategic response to the evolving needs of consumers and the increasing competition in the market.

Local special circumstances: In Uganda, the non-life insurance market is also influenced by local special circumstances, such as regulatory changes and advancements in technology. The regulatory environment plays a crucial role in shaping the market dynamics and ensuring consumer protection. Insurers must adhere to strict guidelines and standards set by the Insurance Regulatory Authority of Uganda to operate in the market successfully. Additionally, the adoption of technology, such as mobile insurance platforms, has made it easier for customers to access and purchase insurance products, driving market growth.

Underlying macroeconomic factors: The growth of the non-life insurance market in Uganda is further supported by underlying macroeconomic factors, including stable economic growth, a burgeoning middle class, and increasing urbanization. As the economy expands and disposable incomes rise, more individuals and businesses are able to afford insurance coverage. The expanding middle class segment, in particular, presents a significant opportunity for insurers to tap into a previously underserved market. Moreover, the ongoing urbanization trend is fueling the demand for property and asset protection, driving the uptake of non-life insurance products 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.