annual insurance market report, 2013annual insurance market report, 2013 vision a vibrant and secure...

INSURANCE REGULATORY AUTHORITY OF UGANDA

Annual InsuranceMarket Report,

2013

Insurance Regulatory Authority of Uganda Annual Insurance Market Report, 2013

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VisionA vibrant and secure insurance industry.

MissionTo create an enabling regulatory environment for sustainable growth of the insurance industry while upholding international best practices.

MAIN INSURANCE LAWThe main law governing insurance business in Uganda is The Insurance Act, (Cap 213) Laws of Uganda, 2000 (Insurance Act) as amended by the Insurance (Amendment) Act, 13,2011 and the Regulations made thereunder.

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ACRONYMS ...................................................................................................................................................................... ii

GLOSSARY OF INSURANCE TERMS .........................................................................................................................iii

USEFUL RESOURCES ......................................................................................................................................................v

BOARD CHAIRMAN’S STATEMENT .........................................................................................................................vi

CHIEF EXECUTIVE OFFICER’S STATEMENT .........................................................................................................viii

THE WORK OF THE AUTHORITY .............................................................................................................................x

KEY INSURANCE INDUSTRY FACTS ........................................................................................................................xv

2013 INDUSTRY SUMMARY STATISTICS .............................................................................................................xvi

GLOBAL PERSPECTIVE ................................................................................................................................................... 1

INSURANCE INDUSTRY, ECONOMY AND PERFORMANCE ..............................................................................3

FINANCIAL OVERVIEW .................................................................................................................................................7

MARKET CONDUCT AND COMPLAINTS............................................................................................................... 9

SUPERVISION AND REGULATION ............................................................................................................................11

MARKET AND PRODUCT DEVELOPMENT ........................................................................................................... 13

CONCLUSIONS AND POLICY RECOMMENDATIONS .......................................................................................15

DETAILED STATISTICAL TABLES ...............................................................................................................................17

LIST OF APPENDICES ..................................................................................................................................................65

Appendix I: Licensed Insurance Companies in 2013 ...........................................................................66

Appendix II: Licensed Insurance Brokers in 2013 ..................................................................................68

Appendix III: Licensed Loss Assessors in 2013 ....................................................................................... 72

Appendix IV: Licensed Health Membership Organisations in 2013 ................................................. 74

Appendix V: Other Bodies in the Insurance Industry ........................................................................... 75

TAble of ConTenTs

*Some of the images used in this publication were sourced from the Internet.

ii Insurance Regulatory Authority of Uganda Annual Insurance Market Report, 2013

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DAP: Deposit Administration Plan

GDP: Gross Domestic Product

HMo: Health Membership Organisations

IAIs: International Association of Insurance Supervisors

IfRs: International Financial Reporting Standards

IAs: International Accounting Standards

IbnR: Incurred But Not Reported

lIfe InDIV: Life Individual

MARIne/AV: Marine/Aviation

MIsC. ACCIDenT: Miscellaneous Accident

UAIb: Uganda Association of Insurance Brokers

UIA: Uganda Insurers Association

UsHs: Uganda Shillings

ACRonYMs

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Actuary: person who is a member, Associate or Fellow of a professional institute, faculty, society or association of actuaries, recognised as such by the Authority and who is authorised by that institute, faculty, society or association to certify actuarial valuations.

Cession rate: proportion of premium ceded (to reinsurers) to the total gross premium.

Claim: demand by the insured for an indemnity or benefit under the policy.

Claims ratio: claims (losses) incurred as a percentage of the premium earned.

Claims settling agent: person licensed under the Insurance Act to undertake the business of settling or negotiating settlement of insurance claims under policies issued by insurers whether within or outside Uganda.

Cover: insurance provided by the insurer for the insured or reinsurer for the reinsured.

earned premium: portion of the gross premium relating to the period of insurance that has already run.

expense ratio: proportion of the amount of expenses to the amount of premiums incurred in connection with a particular class of business.

facultative reinsurance: reinsurance of an individual risk on terms and conditions agreed with the reinsurer specifically for that risk.

foreign company: company registered or incorporated under the Companies Act in which the majority of shares and actual controlling interest are held by non citizens of Uganda.

Gross premium income: total premium before deducting outgoing reinsurance premium.

Incurred claims/losses: total of paid and outstanding claims arising in a given period.

Insurance: mechanism whereby the risk of financial loss is transferred from an individual, company, organization or other entity to an insurance company.

Insurance Act: Insurance Act, (Cap 213) Laws of Uganda, 2000, as amended by the Insurance Amendment Act, 13, of 2012.

Insurance Density: premium amount per capita.

Insurance Penetration: gross premium as a percentage of the GDP.

Insured: party who has acquired the insurance and will be entitled to enforce a claim under the policy as a party to the contract.

licence: licence issued under the Insurance Act and prescribed in the Insurance Regulations, 2002.

net premium income: gross premium income less reinsurance premiums.

Policy: document evidencing the contract between the insurer and the insured.

Policyholder: person in whose name the policy is issued.

Premium: consideration paid/payable by the insured in return for the insurance cover provided by the insurer.

Reinsurance: transfer of whole or part of a risk from one insurer to another, usually larger insurer known as a reinsurer.

Reinsurance premium: amount paid by an insurer in consideration of reinsurance.

GlossARY of InsURAnCe TeRMs

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Retention: proportion of the amount of the risk that an insurer retains on his own account.

Retention ratio: proportion of net premiums to gross premiums.

Risk manager: person who does the business with regard to minimising losses arising through unforeseen events and of minimising the cost of such losses by arranging physical or financial measures through insurance or any other means.

Third Party: anyone else who is involved in a loss event, which may or may not result in a claim. For example, in motor insurance a third party may be another vehicle owner, property owner, or persons such as passengers or pedestrians.

vInsurance Regulatory Authority of Uganda Annual Insurance Market Report, 2013

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A. Reports(i) Swiss Re, Sigma Report No.3/2014

(ii) Uganda Annual Insurance Market Report 2012

(iii) Uganda Bureau of Statistics: 2013 Statistical Abstract

(iv) Insurance Players Audited Accounts and Regulatory Returns as at December 31st, 2013

B. Laws and Regulations (v) The Insurance Act, (Cap213) Laws of Uganda, 2000.

(vi) The Insurance Regulations, 2002.

(vii) The Insurance (Amendment) Act, 13, 2011.

(viii) The Insurance (Investment of Paid Up Capital and Insurance Funds) Regulations, 2008.

C. Websites(ix) Insurance Regulatory Authority of Uganda (IRA): www.ira.go.ug

(x) Ministry of Finance, Planning and Economic Development (MoFPED): www.finance.go.ug

(xi) Uganda Bureau of Statistics (UBOS): www.ubos.org

(xii) International Association of Insurance Supervisors (IAIS): www.iaisweb.org

(xiii) Uganda Insurers Association (UIA): www.uia.co.ug

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Over the years we have seen the insurance industry in Uganda register sustainable growth underpinned by a robust regulatory regime, investment in long-term drivers of growth including research & development, brand and people development. 2013 was another year of progress in that journey and the Board remains confident that this growth will be sustained in the years to come.

On behalf of the Board, allow me to congratulate Management and staff of the Insurance Regulatory Authority for providing regulatory and supervisory guidance to an Industry that has exhibited remarkable growth during the year. I also want to commend Management and staff of insurance players for bringing about renewed focus and commitment to the fundamental business principles that underpin the impressive growth. I am convinced that achieving excellent financial results is an outcome of hard work and managerial efficiency seen in the ability to strategize and execute in equal measure.

As Board, we echo our commitment to our role of providing strategic guidance to the Authority and ensure that the established laws, regulations and guidelines are adhered to by all regulated entities. Upholding both the core and the basics of good corporate governance principles is equally our key focus.

As already noted, realising 31% growth in gross written premium is not a mean achievement. However, sustaining it over years is even harder. Sustainability requires that companies adapt how they market, reconfigure processes, strategise talent to pursue market opportunities, and develop trusted, affordable and understandable products in line with the needs of the economy.

An equally important differentiation is being able to market and sell these products in a way that satisfies the demands of an increasingly informed, empowered and technologically-enabled consumer. It is those companies that will get this right that will have an opportunity to transform the way they are valued by policyholders.

I, perhaps, do not need to overemphasize the need for the industry as a whole to reaffirm the vital importance of insurance to the social and economic fabric of modern life. We must be seen, but not just heard, to provide solutions. That way, insurance will reach the priority list amidst the competing needs of a changing economy.

Another issue that is critical to the insurance industry in Uganda is adoption of social media which is creating broader networks of like-minded affinity groups. These trends will have serious implications for the design, marketing, pricing and servicing of insurance. Companies must be prepared to adapt to the demands associated with these technological shifts.

This year, penetration increased from 0.66% to 0.85% but our expectation is to increase it to 1.3% by 2016 as per our Strategic Plan. There are innumerable opportunities in the oil and gas sector, micro insurance, the expected National Health insurance scheme, the liberalised pension sector, to mention but a few. These opportunities will, however, only make sense to the industry if the players take advantage of them. That way, the potential to exceed the target

boARD CHAIRMAn’s sTATeMenT

I, perhaps, do not need to overemphasize the need for the industry as a whole to reaffirm the vital importance of insurance to the social and economic fabric of modern life. We must be seen, but not just heard, to provide solutions.

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penetration is great. The Authority is committed to continue with its facilitative approach to providing regulatory guidance and supervisory support.

I hope that around the same time next year, I will be making a statement about yet another year of achievement. For this hope to be realised, focus must be kept on our significant asset - customer trust.

Insurance is a business where the interests of the client take precedence over any single player’s self-interest and where embracing change means finding new ways to better serve clients with integrity, and fair dealing. That is a commitment that we must uphold.

I look forward to continuing this seemingly exciting, but obviously challenging, journey with you.

Hon. Gaudioso Kabondo Tindamanyire CHAIRMAn

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CHIef eXeCUTIVe offICeR’s sTATeMenT

The Insurance sector has continued to post significant growth over the years. During 2013, the Gross insurance premium written rose to Ushs 463 billion from Ushs 351.23 billion during 2012, representing a phenomenal 31% growth in the industry.

I would like to start by recounting what has been a significant year for the insurance industry, and then cite some of the challenges we face as we move ahead. For if we are to remain vibrant, growing, and relevant, we must, all together, make a continuing commitment to confront new challenges. The Insurance Regulatory Authority, in its role of ensuring sound insurance market practices has put in place a regulatory framework for Health Membership Organizations (HMOs) geared towards improving the effectiveness of their operations. This report will thus cover the operations of HMOs in addition to the traditional insurance players.

Additionally, during the year, the first ever Re-insurance Company, Uganda Reinsurance Company Ltd, was licensed and its performance in the first six months of its license (as seen in the details of this report) shows that it has great potential to significantly reduce premium flight. I urge all insurers to adhere to the compulsory cession of 15% to Uganda-Re (or even more).

The Insurance sector has continued to post significant growth over the years. During 2013, gross insurance premium written rose to Ushs 463 billion from Ushs 352.2 billion in 2012, representing a phenomenal 31% growth in the industry.

Health Membership Organisations contributed Ushs 56 billion; Non life insurance premium totaled Ushs 351.4 billion up from Ushs 313 billion registering an increase of 12.3%. Life premium on the other hand totaled Ushs 55.40 billion against Ushs 39.26 billion in 2012, posting a 41.1% increase in the volume of business.

Life business grew faster than the non life segment but continues to be less significant with a 12% (up from 10.9% in 2012) share of the market. Non-life continued to dominate the industry, taking up 76% (down from 89.1% in 2012) and HMOs accounted for 12% of the market share. Over the same period, insurance penetration level grew from 0.66% to 0.85%.

This notable progress is underpinned by the growth in the economy, a facilitative regulatory regime and gradual shift in public perception about the value of insurance, arising from among other things increased public awareness, enhanced complaints redress mechanism, product innovation and continued broadening and deepening of distribution channels.

The market dynamics are changing world over and for companies to remain relevant, they must respond to the consumer demands. During the year, a group of eight (08) companies launched agricultural insurance products aimed at providing risk solutions to a largely agrarian economy.

Other companies have developed several micro insurance products to tap into the mass market while providing protection to the most vulnerable low income population.

There were notable improvements in the claims settlement both in terms of quantum and processes, though this is still far from what is desired.

Insurance Regulatory Authority of Uganda Annual Insurance Market Report, 2013 ix

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The aggregate net incurred claims in both life and non-life is estimated at about Ushs 85.4 billion (compared to Ushs 78 billion in 2012).

Despite the progress, the Insurance sector remains caught up in crossfire of criticism. The industry has to take these critical voices seriously. There is increasing customer awareness and hence true customer focus, sustainable product solutions and good corporate governance will define a company seeking to differentiate itself from the competitors.

In the coming period, we want to see a paradigm shift and renewed commitment to transparency and fairness towards consumers - insurance companies need to develop simpler and understandable products, devote further attention to the fairness of contractual conditions and adhere to the relevant laws, regulations and guidelines.

Furthermore, companies should have a new approach towards handling complaints because “bad behavior” in this area has no place, moving forward. We strongly believe that it is only with this re-orientation that the industry can recuperate and ensconce consumers’ trust and confidence. This should be a priority of every insurance player.

The most demanding challenge for insurance players in the forthcoming period is twofold: adopting their business models to the emerging market opportunities and the existing demands, while at the same time complying with regulatory requirements and those anticipated in the new framework of Risk Based Supervision.

These challenges have implications on the companies’ specific capabilities (both human and capital) as well as their business operations. Thus, strategic interventions to build and retain capacity as well as responsive business models will be key ingredients in 2014.

While digitalization promises to make things more convenient and transparent for the customers, it also poses a challenge as far as the security of data is concerned. Additionally, the passing of the Anti-money laundering Act came in with requirements of data on customers beyond what has traditionally been documented. Since data protection is more than a purely technical matter, players must work on internal processes and train their employees to handle data with the required degree of care.

Elsewhere in this report, we present to you details of the operations and performance of the insurance industry during the year including data on premiums, claims, assets and liabilities distribution as well as indicators of financial soundness. It is my hope that you find the report informative and guiding enough.

As I end my statement, I want to note that 2013 was a good year, but maintaining this momentum in an increasingly volatile economic and social environment requires adequate preparation for changes to the regulatory environment, expanding in emerging markets for growth, improving customer experience, and implementing effective legacy modernization programs to improve agility and profitability. These should be the priorities for 2014.

I extend my appreciation to the Board for their hard work, provision of direction and support to Management towards achieving our strategic objectives.

To all staff members, thank you for the effort and commitment to the common objectives of the Authority. And to the Insurance players, let us focus on growing the Insurance subsector to regain our rightful position in the financial sector. At IRA, we are committed to our vision of ensuring a vibrant and stable insurance sector.

Alhaj Kaddunabbi Ibrahim lubega CHIef eXeCUTIVe offICeR

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The Insurance Regulatory Authority of Uganda (Authority) was established under Section 14 of the Insurance Statute, 1996 (Statute) [now, The Insurance Act, (Cap 213) Laws of Uganda, 2000].

The aim is to enable the development of the insurance market, maintain its safety and sound operation, protect the interests of insureds and their beneficiaries, and ensure the supply of high quality and transparent insurance services and products.

KEY ACTIVITIESThe Authority examined issues pertaining to financial, technical and legal supervision of the insurance industry. The Authority also advised players on corporate governance, operations, risk management, human resource issues and effectiveness of internal control systems.

Summary of activities undertaken by the Authority as per its mandate.

Regulatory Activities:

Reviewed the Insurance Act & Regulations as per Best Practice.

Proposed Amendments to the Act.

Developed Draft Insurance Appeals Tribunal Regulations.

Developed Policyholders Compensation Fund Regulations.

Approved Products, Maximum, Commission and Minimum Premium Rates.

Issued and renewed Licences for (Re)Insurers, Brokers Surveyors, Insurance Agents and HMOS.

supervisory Activities:

Undertook Off-site and On-site Inspections (full scope and focused).

Formulated of Supervisory Frameworks.

Took Regulatory Action against Non Complaint Players.

Development Activities:

Established Partnerships with Development Partners.

Public Awareness Activities

Human Resource Development.

International Relations in Insurance through the International Association of Insurance Supervisors (IAIS), The East African Insurance Supervisors Association (Eaisa) and the African Insurance Organisation (AIO).

semi-Judiciary Activities:

Reviewed Disputes Rised by Insurers and the Insured.

Made Decisions on the Complaints Filed.

THe WoRK of THe AUTHoRITY

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ACTIVITIES UNDERTAKEN BY THE AUTHORITYIn 2013, the Authority focused its efforts on financial stability and prudential matters. In order to address the challenges confronting the industry. In particular, the Authority;

(i) Embarked on the preparation of new prudential returns, new solvency framework, corporate governance and risk management.

(ii) Took significant steps to adopt a risk-based supervisory approach to evaluate the likelihood and severity of material risks affecting insurers and the robustness of the controls put in place by insurers to minimize the probability of the occurrence of such risk events and the severity of the impacts. It is envisioned that all of these initiatives will re-equip the industry to underwrite the emerging risks in the economy especially the risks associated with the oil and gas industry.

(iii) Introduced additional financial reporting measures to improve transparency and disclosures as part of the review of the financial statements filed with the Authority on a quarterly and annual basis. From analysis, clarifications are sought and/or attention is drawn to risks, non-compliances/ non-disclosures.

(iv) Discharged its regulatory functions in line with the Insurance Act, regulations and established guidelines covering such aspects as entry level requirements including those pertaining to minimum paid-up capital, ‘fit and proper’ management, and filing of quarterly returns. These have supported the Authority in carrying out its statutory functions to regulate, promote and ensure orderly growth of insurance and reinsurance business.

(v) Identified gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry.

(vi) Took pro-active steps in its developmental role for micro insurance, agricultural insurance and health insurance in Uganda.

(vii) Conducted regular offsite and onsite inspections to enforce compliance with the insurance Act, regulations and established guidelines.

(viii) Continued to promote a responsible and disciplined pro-consumer service regime through awareness campaigns and consumer education.

(ix) Issued circulars in order to enhance operational and supervisory efficiency. (The table below shows circulars issued during 2013).

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2013 CIRCULARS TO INSURANCE PLAYERS

RECORD ID TITLE DATE

1. Renewal of Agents’ Licences for the Year 2013 02-Jan-13

2. Payment of Outstanding Premiums as of 31st December 2011 08-Jan-13

3. Residency Requirements for Company Directors 10-Jan-13

4. Inspection of Branch/Agency Offices in Western and Southern Uganda 14-Jan-13

5. The Uganda’s Insurance Industry Handbook 2012-2013 17-Jan-13

6. Delayed Response to the Authority’s Correspondence 17-Jan-13

7. Interim Licensing Guidelines for HMOs and CBHFs 23-Jan-13

8. Submission of Reconciled Statements of Outstanding Premiums as of 31st December 2012

01-Feb-13

9. Licensing of Insurance Agents 01-Feb-13

10. Payment of Outstanding Premiums due to you as at 31st December 2011 01-Feb-13

11. Inspection of Branch/Agency Offices in Eastern and Northern Uganda 08-Feb-13

12. Investment Statements of Security Deposits 12-Feb-13

13. Micro Insurance Country Diagnostic Update and Development of Micro Insurance Regulations in Uganda

25-Feb-13

14. Insurance Training Levy to be Remitted to IIU 26-Feb-13

15. Approval of Minimum Premium Rates 01-Mar-13

16. Southern Union Insurance Brokers (U) Limited (SUIB) 04-Mar-13

17. Reinsurance Accounts 05-Mar-13

18. Composition of Paid up Capital of Insurance Brokers Operating in Uganda

07-Mar-13

19. Inspection of Branch/Agency Offices in Kampala, Entebbe, Mukono, Lugazi, Iganga, Jinja, Masaka, Kyotera and Mutukula

11-Mar-13

20. Submission of Actuarial Reports 12-Mar-13

21. Guideline on Reinsurance Strategy Management Procedures and Arrangements

13-Mar-13

22. Annual Reports and Financial Statements to be Furnished to the Authority

13-Mar-13

23. Remittance of Premium Collected but not Remitted 14-Mar-13

24. Insurance Industry Statistics for the Year 2012 15-Mar-13

25. Developing the Local Insurance Personnel within the Insurance Industry 19-Mar-13

26. Consumer Awareness Programmes 22-Mar-13

27. Guidelines on Reinsurance Strategy Management Procedures and Arrangements

22-Mar-13

28. Investment of Insurance Brokers’ Security Deposits 28-Mar-13

the work of the authority...

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RECORD ID TITLE DATE

28. Investment of Security Deposits 04-Apr-13

29. Operations of Southern Union Insurance Brokers (U) Ltd 15-Apr-13

30. Residency Requirements for Company Directors 29-Apr-13

31. Southern Union Insurance Brokers (U) Ltd 30-Apr-13

32. Study to Investigate Mortality, Morbidity and Disability Prevalence Rates of Insureds

30-Apr-13

33. Handling Clients 07-May-13

34. Annual Reports and Financial Statements to be Furnished to the Authority

08-May-13

35. Inspection of Companies 09-May-13

36. Submission of 1st Quarterly Reconciliation Statements 2013 10-May-13

37. Amendment of the Insurance Act, 2000 (as amended) (Act) 15-May-13

38. Submission of Quarterly Reconciliation Statements by Insurance Companies

22-May-13

39. Quarterly Returns as at 31st March 2013 24-May-13

40. Quarterly Submission of Government Securities Holding Statements 27-May-13

41. Awareness Training on Companies Act, 2012 28-May-13

42. Commission Rates 06-Jun-13

43. Submission of Quarterly Reconciliation Statements by Insurance Companies

12-Jun-13

44. Insurance Industry Baseline Survey -2013 12-Jun-13

45. Micro-Insurance Stakeholders Workshop 18-Jun-13

46. Stamp Duty on Insurance 04-Jul-13

47. Electronic Communication 16-Jul-13

48. Licensing of Insurance Companies for the Year 2014 23-Jul-13

49. Licensing of Risk Managers, Loss Assessors, Loss Adjusters and Insurance Surveyors for the Year 2014

23-Jul-13

50. Licensing of Insurance Broking Companies for the Year 2014 23-Jul-13

51. Personal Questionnaire 23-Jul-13

52. Licensing of Health Membership Organizations (HMOs) for the Year 2014 24-Jul-13

53. Guidelines on the Separation of Life and Non-Life Business 26-Jul-13

54. Revision of License Fees for all Insurance Players 12-Aug-13

55. The Insurance (Investment of Paid Up Capital and Insurance Funds) Amendment Regulations 2008

13-Aug-13

56. Published Financial Statements of Insurance Companies 23-Aug-13

57. A Guideline on Mandatory Offers of Reinsurance (Treaty/Facultative) and Fronting to Uganda Re

26-Aug-13

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58. Workshop on Consensus Building on the Draft Insurance Appeals Tribunal, Workers’ Compensation Fund Regulations and Guidance on the Operations of the Complaints Bureau

28-Aug-13

59. The 2013 Financial Reporting (FiRe) Awards 28-Aug-13

60. Claims Settled and Outstanding from January-August 2013 03-Sep-13

61. Published Financial Statements of Insurance Companies 19-Sep-13

62. Investment of Security Deposit in Government Securities 20-Sep-13

63. Payment of Premiums due to Insurers 03-Oct-13

64. Personal Questionnaire 04-Oct-13

65. Insurance Laws 08-Oct-13

66. Claims Settled and Outstanding from January-August 2013 11-Oct-13

67. Annual Return for Revenue and Expenditure 16-Oct-13

68. Annual Return for Revenue and Expenditure 24-Oct-13

69. Health Insurance/Health Membership Commission Rates 04-Nov-13

70. Submission of Reconciled Statements of Outstanding Premiums as of 31st September 2013

14-Nov-13

71. Payments to the Authority 14-Nov-13

72. Annual Contribution for the Year 2013 10-Dec-13

73. Payment of Annual Contribution to the Insurance Regulatory Authority of Uganda

30-Dec-13

key insurance industry facts...

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KEY INSURANCE INDUSTRY FACTS

Gross insurance premium written by insurance companies for life and non-life rose to Ushs 407 billion in 2013. non-life business accounted for Ushs.351.4 billion while life business accounted for Ushs.55.4 billion in 2013.

Gross premium income written by HMos amounted to Ushs 56 billion

The motor class of non-life business registered the highest premium at Ushs 101 billion.

The group life class of life business registered the highest premium at Ushs 34.5 billion.

one (1) Re-insurance company, twenty two (22) Insurance companies, twenty eight (28) Insurance brokers, one (1) Re-insurance broker, seventeen (17) loss assessors and nine hundred and ninety (990) Agents were licenced in 2013.

Ten (10) Health Membership organisations (HMos) were licensed in 2013.

Motor Third Party liability and Workers Compensation are compulsory insurance covers in Uganda.

Minimum paid-up capital requirements.

* Reinsurance company-Ushs10 billion.

* non-life insurance company- Ushs 4 billion

* life insurance company – Ushs 3 billion

* Insurance broker - Ushs 75 million

Training levy to be remitted to the Insurance Institute of Uganda is 0.5% of the gross written premium.

Mandatory minimum reinsurance cessions

* Africa Re- 5%

* Zep-Re (PTA Re)- 10%

* Uganda Re – 15%

The insurance industry employed 2,167 persons during the year 2013 compared to 1,996 person in 2012.

The gross written premium collected through brokers for life and non-life business was Ushs 138 billion (34% of gross premium written by Insurers) in 2013 compared to Ushs 133.83 billion in 2012.

loss assessors operating revenue rose from Ushs 1.7 billion during 2012 to Ushs 1.8 billion in 2013 recording an increase of 8%.

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YEAR 2009 2010 2011 2012 2013

TOTAL PREMIUM (Billions) 463

Overall Premium Growth Rate (%) 31

INSURANCE COMPANIES

Gross Insurance Premium (Ushs. Billions) 202 240 297 352 407

Gross Insurance Premium Growth Rate (%) 20.81 18.77 23.69 18.66 15.6

Non-life Gross Premium (Ushs. Billions) 182 216 262 313 351

Non-life Gross Premium Growth Rate (%) 19.9 19.12 21.22 19.34 12.3

Life Gross Premium (Ushs. Billions) 20 24 35 39 55.4

Life Gross Premium Growth Rate (%) 29.48 15.65 46.32 13.5 41.1

Health Management Organisations Gross Premium (U shs Billions)

56

ECONOMIC/DEMOGRAPHIC INDICATORS

GDP at Market Prices (Ushs Trillions) 34 37 46 53 55

GDP Growth Rate (real growth) (%) 5.2 5.6 5.9 4.4 5.1

Inflation Rate (headline) (%) 13 4 18.7 14 6.7

Total Population (millions) 30.7 32.9 34.1 34.5 35.36

The Ushs/US$ Exchange Rate (annual) 2,026 2,303.06 2,303.93 2,680.98 2,532.93

INSURANCE PENETRATION (%) 0.59 0.65 0.65 0.66 0.85

INSURANCE DENSITY ($) 3.25 3.16 3.78 3.81 5.2

2013 InDUsTRY sUMMARY sTATIsTICs

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1. NON-LIFE CLASS-WISE PREMIUM INCOME

(‘000 Ushs)

Class 2008 2009 2010 2011 2012 2013

Fire 20,427,786 27,900,084 37,966,420 43,086,465 56,934,210 62,603,177

Marine/Aviation

15,190,277 16,263,784 16,921,280 21,034,369 21,760,295 24,536,414

Motor 45,949,622 56,436,458 64,695,059 81,183,203 90,052,215 100,658,510

Public Liability

3,878,212 4,561,684 6,531,866 7,010,615 9,868,560 13,091,273

Work. Comp 6,828,289 8,272,123 10,784,347 11,496,258 13,174,484 14,201,336

Burglary 6,126,137 4,864,949 5,543,721 6,419,647 7,400,528 8,949,813

Engineering 12,822,912 14,445,061 14,216,732 18,140,551 22,969,985 19,960,960

Personal Accident

13,085,646 17,070,620 20,879,150 25,172,054 29,647,239 35,298,891

Bonds 3,350,860 4,251,889 5,748,843 5,932,554 5,898,479 7,133,529

Medical - - - - - 33,694,610

Misc. Accident

23,803,735 27,545,379 33,057,798 42,768,266 55,268,110 31,271,253

TOTAL 151,463,476 181,612,031 216,345,216 262,243,982 312,974,105 351,399,766

2. NON-LIFE CLASS-WISE REINSURANCE PREMIUM CEDED

(‘000 Ushs)

Fire 13,798,750 19,695,166 26,960,841 32,547,626 42,546,814 49,976,119

Marine/Aviation

10,909,824 10,684,739 11,697,253 13,844,379 14,496,771 16,380,261

Motor 4,583,894 3,945,107 4,809,359 6,532,993 8,719,382 11,166,923

Public Liability

2,254,461 2,789,980 4,676,748 5,062,190 6,462,443 9,568,129

Workers Compensation

2,244,708 2,444,439 2,648,659 3,104,990 3,295,744 4,560,374

Burglary 2,945,042 1,166,816 1,395,010 1,413,410 1,053,763 2,416,539

Engineering 10,855,883 12,558,064 11,283,572 13,750,202 18,662,546 15,980,452

Medical 13,124,481

Personal Accident

4,251,992 5,527,183 4,086,221 5,852,718 13,830,353 11,296,127

Bonds 830,511 1,163,901 2,519,534 3,193,068 3,361,347 3,619,139

Misc. Accident

12,921,988 16,423,296 19,964,936 26,476,770 28,944,944 14,495,288

TOTAL 65,597,053 76,398,691 90,042,133 111,778,346 141,374,107 152,556,830

sUMMARY sTATIsTICs foR non-lIfe

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3. RETENTION RATIOS

Class 2008 2009 2010 2011 2012 2013

Fire 32.45 29.41 28.99 24.46 25.27 20.17

Marine/Aviation

28.18 34.30 30.87 34.18 33.38 33.24

Motor 90.02 93.01 92.57 91.95 90.32 88.91

Public Liability 41.87 38.84 28.40 27.79 34.51 26.91


67.13 70.45 75.44 72.99 74.98 67.89

Burglary 51.93 76.02 74.84 77.98 85.76 73.00

Engineering 15.34 13.06 20.63 24.20 18.75 19.94

Medical 61.05

Personal Accident

67.51 67.62 80.43 76.75 53.35 68.08

Bonds 75.21 72.63 56.17 46.18 43.01 49.27

Misc. Accident

45.71 40.38 39.61 38.05 47.63 53.65

INDUSTRY AVERAGE

56.69 57.93 58.38 57.38 54.83 56.59

summary statistics...

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4. NET EARNED PREMIUMS

(‘000 Ushs)

Class 2008 2009 2010 2011 2012 2013

Fire 5,752,215 7,035,432 11,140,136 9,574,025 13,432,621 12,657,655

Marine/Aviation

4,339,057 4,925,141 5,289,467 6,633,342 6,959,176 7,737,237

Motor 38,553,666 48,340,976 55,029,285 68,209,610 80,932,630 84,046,683

Public Liability

1,452,714 1,536,974 2,002,243 1,949,795 3,189,647 2,877,127


4,316,445 5,329,436 7,044,793 8,158,169 9,869,219 9,497,507

Burglary 2,979,821 3,379,817 3,840,248 4,413,935 6,145,524 5,437,699

Engineering 2,217,498 1,085,618 3,549,821 3,408,916 4,055,758 3,974,179

Medical 17,109,599

Personal Accident

8,654,535 9,809,161 15,805,619 18,164,888 14,308,480 24,183,814

Bonds 2,137,655 2,858,168 3,068,991 3,039,261 2,483,109 3,488,038

Misc. Accident 9,228,510 9,147,602 11,447,504 15,458,973 22,778,380 16,621,917

TOTAL 79,632,116 93,448,325 118,218,107 139,010,914 164,154,544 183,128,112

5. NET INCURRED CLAIMS

(‘000 Ushs)

Class 2008 2009 2010 2011 2012 2013

Fire 1,316,557 1,519,505 2,693,046 3,643,148 3,845,430 1,270,358

Marine/Aviation

1,777,958 1,512,996 3,932,618 2,978,902 2,214,626 2,901,658

Motor 17,976,622 19,282,990 23,640,655 26,371,434 30,419,014 33,772,310

Public Liability 704,987 679,721 172,308 610,469 866,675 2,574


1,844,567 2,254,186 4,839,799 3,005,808 3,839,555 3,146,222

Burglary 1,136,176 887,295 2,220,833 3,613,145 1,361,519 3,210,106

Engineering 430,634 587,291 1,527,999 2,430,462 2,733,291 (24,730)

Medical 12,794,537

Personal Accident

2,724,334 4,973,359 5,338,730 7,631,712 6,248,614 6,937,503

Bonds 78,509 438,074 112,927 609,273 1,248,536 1,466,865

Misc. Accident 5,310,477 4,601,738 7,768,380 8,282,324 13,376,206 7,453,487

TOTAL 33,300,821 36,737,155 52,247,295 59,176,677 66,153,466 72,930,890

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6. LOSS RATIOS

Class 2008 2009 2010 2011 2012 2013

Fire 22.89 21.60 24.17 28.63 28.63 10.04

Marine/Aviation

40.98 30.72 74.35 44.91 31.82 37.50

Motor 46.63 39.89 42.96 38.66 37.59 40.18

Public Liability 48.53 44.22 8.61 31.31 27.17 0.09


42.73 42.30 68.70 36.84 38.90 33.13

Burglary 38.13 26.25 57.83 81.86 22.15 59.03

Engineering 18.42 54.10 44.98 71.30 67.39 (0.62)

Medical 74.78

Personal Accident

31.48 50.70 33.78 42.01 43.67 30.68

Bonds 3.67 15.33 3.68 20.05 50.28 42.05

Misc. Accident 57.54 50.31 67.26 53.58 58.72 54.45

Industry Average

41.82 39.31 44.20 42.57 40.30 39.83

7. UNDERWRITING PROFIT/LOSS

(‘000 Ushs)

Year 2008 2009 2010 2011 2012 2013

Underwriting profit

10,030,873

19,348,412

16,305,246 12,113,916 13,490,512 23,394,673

% Change - 92.89 (15.73) (25.71) 11.36 73.4

8. NON LIFE EXPENSES

(‘000 Ushs)

2009 2010 2011 2012 2013

Total Commission Expense 23,101,152 25,416,929 32,350,707 38,519,309 40,298,799

Total Management Expenses

41,242,339 50,712,417 56,625,100 73,915,383 80,034,696

Total Expenses 64,343,491 76,129,346 88,975,807 112,434,691 120,333,495

Gross Premium 181,612,031 215,706,464 262,243,989 312,964,768 351,389,019

Commission Expense Ratio 12.72 11.78 12.34 12.31 11.47

Management Expenses Ratio

22.71 23.51 21.59 23.62 22.78

Expense Ratio 35.43 35.29 33.93 35.93 34.25


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SUMMARY STATISTICS FOR LIFE

1) life insurance premium income by line of business(Ushs.‘000)

Class 2009 2010 2011 2012 2013

Life Individual 1,854,299 2,483,999 3,771,033 5,753,930 8,745,951

Life Group 13,975,868 16,522,876 25,658,618 26,951,749 34,501,557

Medical - - - - 4,040,438

DAP 4,611,833 4,631,943 5,157,042 6,551,645 8,119,047

TOTAL 20,442,000 23,637,818 34,586,693 39,257,324 55,406,993

2) life insurance premium ceded by line of business(Ushs.‘000)

Class 2009 2010 2011 2012 2013

Life Individual 86,243 246,281 509,555 119,218 190,529

Life Group 1,946,459 2,794,865 3,705,060 5,429,903 8,558064

Medical - 3,424,735

DAP - - - - -

TOTAL 2,032,702 3,041,146 4,214,615 5,549,121 12,173,328

3) life retention ratio by line of business (%)

Class 2009 2010 2011 2012 2013

Life Individual 95.35 90.09 86.49 97.93 97.82

Life Group 86.07 83.08 85.56 79.85 75.20

Medical 15.24

DAP 100.00 100.00 100.00 100.00 100

AVERAGE 90.06 87.13 87.81 85.86 78.03

4) life net earned premiums by line of business(Ushs.‘000’)

Class 2009 2010 2011 2012 2013

Life Individual 1,768,056 182,688 3,261,478 5,634,712 8,555,422

Life Group 12,029,409 13,727,011 21,953,558 21,521,846 25,943,493

Medical - - - - -

DAP 4,611,833 4,631,943 5,157,042 6,551,645 8,119,047

TOTAL 18,409,298 18,541,642 30,372,078 33,708,203 43,233,665

5) life net incurred claims by line of business(Ushs.‘000’)

Class 2009 2010 2011 2012 2013

Life Individual 210,246 351,263 401,799 701,748 826,897

Life Group 3,432,085 4,283,535 8,088,466 7,358,084 8,799,736

Medical -

DAP 1,625,507 8,268,133 8,459,926 3,685,964 2,845,903

TOTAL 5,267,838 12,902,931 16,950,191 11,745,796 12,472,536

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6) life loss ratios

Class 2009 2010 2011 2012 2013

Life Individual 11.89 15.70 12.32 12.45 9.67

Life Group 28.53 31.21 36.84 34.19 33.92

Medical - - - - -

DAP 35.25 178.50 164.05 56.26 35.05

INDUSTRY AVERAGE 28.62 62.65 55.81 34.85 28.85

7) life expense ratios(Ushs.‘000’)

2009 2010 2011 2012 2013

Total Commission Expense 4,228,402 2,062,244 4,382,059 4,966,150 6,826,441

Total Management Expenses 8,424,293 7,821,201 16,046,250 14,495,458 21,866,086

Total Expenses 12,652,695 9,883,445 20,428,309 19,461,608 28,692,527

Gross Premium 20,442,000 22,824,202 34,586,693 38,284,423 55,406,933

Commission Expense Ratio 20.68 9.04 12.67 12.97 12.32

Management Expenses Ratio 41.21 34.27 46.39 37.86 39.46

Expense Ratio 61.90 43.30 59.06 50.83 51.79

UGANDA RE-INSURANCE COMPANY(Ushs.‘000’)

Class Gross Premium

Retrocession

Net Premium

Net Incurred

Claims

Commission Paid

Manag’t Expenses

Underwriting profit

Fire 105,018 35,706 69,312 1,139 3,996 67,519 13,384

Burglary - - - - - - -

Personal Accident

30,248 10,284 19,964 328 1,151 19,447 3,855


- - - -

P. Liability 11,779 4,005 7,774 128 448 7,573 1,503

Marine/Av. 26,665 9,066 17,599 289 1,015 17,144 3,398

Motor 147,912 50,290 97,622 1,603 5,628 95,097 18,850

Bonds 44,912 15,270 29,642 487 1,709 28,875 5,725

Engineering 206,106 70,076 136,030 2,236 7,842 132,512

26,267

Medical -

Miscell. 65,585 22,299 711 2,495 42,167 8,358

TOTAL 638,225 216,996 377,943 6,921 24,284 410,334 81,340


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PERFORMANCE OF HEALTH MANAGEMENT ORGANISATIONS:2013**

(Ushs.‘000’)

Total Income 59,221,789

Income 55,949,848

Other Income 3,271,941

Cost Sales 46,260,588

Gross profit 9,689,260

Operating Expenses 2,882,303

Profit After Tax (154,672)

** 7 /10 Firms submitted information

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SUMMARY STATISTICS FOR INSURANCE BROKERS AND LOSS ADJUSTERS

BROKERS STATISTICS-2013 (Ushs.‘000’)

Premium Payable (Total Premium Generated) 138,223,178

Premium paid (Prem. Collected) 117,781,412

Commission Receivable 23,668,224

Commission Received 19,364,061

Gross Commission 25,634,676

INSURANCE BROKERS’ STATISTICS- 2013 (Ushs.‘000’)

Gross Commission Total Income Operating Expenses Profit/loss After Tax

(Ug. shs) (Ug. shs) (Ug. shs) Taxation (Ug. shs)

25,634,676 26,750,487 22,957,797 1,415,876

INSURANCE BROKERS’ RATIOS-2013

Gross Commission Operating Expenses Profit/loss after

to total Income to total Income tax to total income

99.93 96.23 19.67

LOSS ADJUSTERS STATISTICS-2013

2012 2013 % change

Operating Revenue 1,671,549,478 1,813,564,128 8.5

Profit After Tax (35,248,319) 62,827,297 278


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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS AT 31 ST DECEMBER 2013

NON-LIFE BUSINESS 2013 LIFE BUSINESS 2013

Ushs ‘000 Ushs ‘000

AsseTs AsseTs

Property, Plant and equipments

47,790,145 Property,Plant and Equipments 4,263,613

Investment Properties 64,279,864 Investment Properties 22,695,000

Available for sale Investments 112,705,292 Available for sale Investments 30,130,080

Held to Maturity Investments 74,908,885 Investment in Quoted Shares 1,868,394

Investment in Associated Companies

23,054,661 Investment in Unquoted Shares 1,713,347

Deferred Tax Assets 4,534,352 Held to Maturity Investments 48,578,120

other Investments 1,723,413 Deferred Tax Asset 1,142,715

Premium Recievables 88,712,501 Other Investments 1,003,600

Reinsurance Premiums Receivable

23,312,866 Tax Recoverable Deposits -

Reinsurers share of Insurance liabilities

128,724,575 Premium Recievables 2,044,353

Group balances/Related Parties

16,114,919 Group Balances/Related Parties 90,872

other Debtors 11,679,065 Due from Reinsurers 2,494,986

other Receivables 15,883,766 Reinsurers share of Insurance Liabilities

1,315,776

Cash and Cash equivalents 24,764,084 Other Debtors 2,532,151

ToTAl AsseTs 638,188,388 Other Receivables 4,795,817

Cash and Bank Balances 11,015,010

less non-CURRenT lIAbIlITIes ToTAl AsseTs 135,683,834

shareholders loans -

borrowing/Inter fund account - less non-CURRenT lIAbIlITIes

Deferred taxation 7,006,351 Deposit Administration Fund -

Unexpired risk reserve 135,681,310 Deferred taxation 7,875,813

outstanding claim reserve 110,453,645 Long term life fund 32,524,900

Claims Incurred but not Reported

20,172,005 Outstanding claim reserves 12,527,133

ToTAl non-CURRenT lIAbIlITIes

(273,313,311) Unearned premium reserves 426,446


(53,354,292)

less CURRenT lIAbIlITIes

Reinsurance premiums payable

52,787,237 less CURRenT lIAbIlITIes

sundry Creditors 16,258,917 Reinsurance premium payable 1,267,663

Group balances/Related parties

6,580,173 Payables under DAP 27,933,102

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) AS AT 31 ST DECEMBER 2013

NON-LIFE BUSINESS 2013 LIFE BUSINESS 2013

Ushs ‘000 Ushs ‘000

Provision of tax 1,347,313 Premium payable -

bank overdraft/loans 4,935,536 Sundry Creditors 3,040,743

other loans - Group balances/Related parties 7,420,325

Premium payable 1,783,656 Other Creditors/payables 7,684,984

other creditors 32,701,467 Provision for tax 63,106

ToTAl CURRenT lIAbIlITIes(116,394,299) Reinsurance creditors 365,968

neT AsseTs 248,480,778 Inter Fund account (2,622,796)

Managed Funds 6,914,875

sHAReHolDeRs fUnDs Commission payable to agents -

Paid- up share Capital 66,259,978 Bank Overdraft/Loans 4,664,400

share Premium 7,313,261 Accrued Expenses -

Retained earnings 92,956,115 ToTAl CURRenT lIAbIlITIes -56,732,370

Revaluation Resrves 20,287,274 neT AsseTs 25,597,172

Contingency Resrves 44,305,011 sHAReHolDeRs fUnDs

Capital Reserves 8,794,106 Paid- up Share Capital 24,591,250

Minority Interest 683,938 Fair Value Reserves 874,519

other Reserves 2,307,600 Retained Earnings (6,079,860)

Proposed Dividends Payable 5,573,495 Contingency Resrves 2,570,494

ToTAl sHAReHolDeRs fUnDs

248,480,778 Capital Reserves -

Other Reserves 3,640,769

ToTAl sHAReHolDeRs fUnDs 25,597,172


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HMOs BUSINESS 2013

ConsolIDATeD sTATeMenT of fInAnCIAl PosITIon (bAlAnCe sHeeT)

Ug Shs ‘000 Ug Shs ‘000

AsseTs less CURRenT lIAbIlITIes

Property, Plant and Equipments 5,002,267 Trade Payables 7,849,694

Available for sale Investments 2,427,771 Sundry Creditors 1,189,596

Held to Maturity Investments 1,374,245

Group balances/Related parties

2,977,672

Deferred Tax Asset 1,419,959

Other Creditors/payables 2,213,388

Other Investments 675,220 Provision for tax 77,036

Tax Recoverable Deposits 507,887 Bank Overdraft/Loans 642,473

Inventory Stocks 148,697

ToTAl CURRenT lIAbIlITIes

-14,949,859

Group Balances/Related Parties

813,014

neT AsseTs (4,857,012)

Trade Receivables 6,312,733

Other Receivables 6,295,890 sHAReHolDeRs fUnDs

Cash and Bank Balances 2,212,650 Paid- up Share Capital 7,155,584

ToTAl AsseTs 27,190,333 Retained Earnings (13,561,013)

Share Premium 589,800

less non-CURRenT lIAbIlITIes

Other Reserves 958,617

Deferred Taxation50,168 ToTAl sHAReHolDeRs

fUnDs(4,857,012)

long term liabilities 1,715,911

Unearned premium reserves 15,331,407


(17,097,486)

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GLOBALPERSPECTIVE

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1.1 WoRlD InsURAnCe PReMIUM GRoWTH sloWeD In 2013According to the Swiss Re, Sigma Report No.3/2014, direct premiums written in the global insurance industry grew by 1.4% in 2013 to USD 4 641 billion, down from 2.5% growth in 2012. Emerging markets’ premiums were up 7.4% in 2013, slightly stronger than in the previous year. In the advanced markets, however, premium growth stagnated at 0.3%.

Global life insurance premiums written were USD 2 608 billion, with growth slowing to 0.7% from 2.3% in 2012. Growth was solid in Latin America and Africa, and resumed in China and India. Global non-life premium growth slowed to 2.3% in 2013 from 2.7% in 2012, with total premiums of USD 2 033 billion. The advanced markets barely moved, with premiums up just 1.1% (2012: +1.5%) due to stagnation in Western Europe and a slowdown in advanced Asia. In Oceania growth remained solid at 5.1% and in North America it was roughly unchanged at 1.9%. The emerging markets continued to drive global growth.

1.2 AfRICAn InsURAnCe InDUsTRY GRoWTHAfRICA

Premium Volume (in Millions of UsD)

World Market share

Premiums( in % of GDP)

Premiums( per Capita in UsD)

Total business 72,425 3% 3.5 66.3

life business 49,939 1.9% 2.42 45.8

non life business 22,485 1.1% 1.09 20.6

1.2.1 life insurance in AfricaLife insurance premiums in Africa maintained strong growth of 13% in 2013, little changed from 2012. In South Africa, the region’s dominant market accounting for about 90% of volumes, premiums were up 13%, also around the same as in 2012. Growth was based on increases in new policies and additions to recurring premiums for individual in-force policies. In particular, annuities had strong growth in both single and recurring premiums. Data availability for the rest of Africa is limited. Premiums in Morocco, the second largest market, are estimated to have fallen by 4.5% in 2013 (2012: +13%), while in Kenya premiums rose 14%. The latest available data for others countries is 2012, or even 2011. Generally the numbers suggest that premiums grew in most African countries.

The African insurance market has strong growth potential. Even South Africa, where penetration is high, has a large insurance gap. Premium growth is likely to be sustained by increases in annuity sales. In the rest of sub-Saharan Africa, very low insurance penetration, strong economic growth, increasing disposable incomes and favourable demographics will continue to boost demand. In addition, the rising awareness of the usefulness of insurance and the broader use of micro insurance in combination with innovative distribution models will support insurance growth.

1.2.2 non-life insurance in Africa Non-life premiums in Africa are estimated to have increased by 2.1% in 2013 (2012: +4.4%). Data are only available for a few countries, but stagnating premium volume in South Africa was the main driver for the weak growth estimate. South African non-life insurers were challenged by weak real economic activity. Estimated premiums written in 2013 rose by only 0.3%, well below the average annual growth of more than 5% recorded in the previous decade.

1. GlobAl PeRsPeCTIVe

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Market penetration of selected African countriesThe market penetration of selected African countries is shown in table here below for comparison purposes.

AFRICA: DENSITY AND PENETRATION IN SELECTED COUNTRIES

Selected Countries Premium Volume( in Millions USD)

Premiums( in % of GDP)

Premiums( per Capita in USD)

south Africa 54,121 15.4 1,025

Morocco 3,180 3.0 97

namibia 944 7.7 409

Tunisia 830 1.8 77

Angola 1,136 0.8 55

Algeria 1,440 0.8 39

Kenya 1,520 3.4 35

Uganda 183 0.85 5.2

INSURANCE INDUSTRY, ECONOMY AND PERFORMANCE


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2.1 Insurance and the economyEconomic fundamentals strongly suggest that there is a tremendous potential for the insurance sector to attain a high growth level. Insurance penetration depends on the level of economic activity, risk awareness among the people and the deepening of the financial system. With a large population and an untapped market, insurance industry has a huge growth potential.

The improved performance in the domestic economy has had an impact on the insurance industry. Higher per capita income, domestic savings and availability of more instruments for investment of surplus funds continues to facilitate growth in the activities of insurance services. Consumer awareness is gradually improving and competition has brought more products and improved customer service.

The financial performance of the industry is mostly assessed by the Authority through financial ratios such as the claims ratio, the retention ratio, underwriting profit and investment income ratios. The average ratios of the industry are discussed in chapter 3.

2.2 Industry structureAs at December 2013, the Authority had licensed (6) six composite insurance companies, (14)fourteen non-life insurance firms, (2) two life assurance companies and (1) one reinsurance company. The industry also had (28) twenty eight brokerage firms, (1) one reinsurance brokerage company (17) seventeen loss adjusters and (990) nine hundred and ninety insurance agents. The summary of all the licensed insurance entities is availabe in appendices (I-IV).

There have been remarkable changes in the structure which will impact on competitiveness, efficiency and the growth of the industry. Apart from it, separation of Life and Non-life business is expected to further change the industry landscape.

2.3 Performance of the Industry

2.3.1 Insurance CompaniesAlthough a greater percentage of total industry premiums are generated from the non-life sector, the percentage growth in premiums from life assurers far outweighs that of the non-life sector. For instance, whereas the non-life sector grew by 12.3% in 2013, the life business recorded a remarkable growth of 41.1%. In other words, the growth rate of the life sector is more than thrice that of the non-life business.

Despite the enhanced growth in premiums from both sectors of the industry, insurance penetration continues to be far below the desired benchmark. The contribution of total insurance premiums to GDP, which measures insurance penetration, in real terms, was 0.85% as against 15.4% in South Africa and 3.4% in Kenya. The Table below shows the gross premium income, growth rate and insurance penetration in Uganda from 2009 to 2013.

Table: Gross Premium Income and Insurance Penetration

Year Premium Income (Ushs) Growth Rate (%) Insurance Penetration (%)

2009 202,054,031 20.81 0.59

2010 239,983,035 18.77 0.65

2011 296,830,675 23.69 0.65

2012 352,231,429 18.66 0.66

2013* 461,262,909 31 0.85

source: Insurance Regulatory Authority of Uganda Annual Reports for 2009 -2013

*2013 industry performance includes HMOs figures

2. InsURAnCe InDUsTRY, eConoMY AnD PeRfoRMAnCe


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2.4 Market shareInsurers

MARKET SHARE BY GROSS PREMIUM: NON LIFE BUSINESS

RANK FIRM Ug Shs ‘000 (%)

1 Jubilee 83,440,086 23.7

2 UAP 56,952,416 16.2

3 AIG 50,125,404 14.3

4 Goldstar 21,402,981 6.1

5 Lion 19,106,385 5.4

6 ICEA 17,666,291 5.0

7 Phoenix of Ug.

14,521,089 4.1

8 APA 12,510,825 3.6

9 Swico 10,860,779 3.1

10 Excel 10,708,292 3.0

11 E. A. Underwriters

10,280,778 2.9

12 National Insurance

8,739,194 2.5

13 Britam 8,645,728 2.5

14 NIKO 8,256,832 2.3

15 TransAfrica 8,129,916 2.3

16 FICO 5,059,886 1.4

17 PAX 2,815,300 0.8

18 Leads 1,010,090 0.3

19 Rio 721,076 0.2

20 NOVA 446,418 0.1

TOTAL 351,399,766 100

global perspective...

MARKET SHARE BY NET EARNED PREMIUM: NON LIFE BUSINESS


1 UAP 34,990,051 19.1

2 AIG 29,860,205 16.3

3 Jubilee 27,374,966 14.9

4 Lion 11,303,245 6.2

5 ICEA 10,497,115 5.7

6 SWICO 9,543,824 5.2

7 Phoenix of Ug. 8,697,206 4.7


6,718,601 3.7

9 APA 6,703,253 3.7

10 Goldstar 6,147,335 3.4

11 NIKO 5,360,115 2.9

12 Excel 5,338,323 2.9

13 TransAfrica 5,245,583 2.8

14 FICO 4,154,525 2.3


3,977,378 2.2

16 Britam 2,431,842 1.3

17 PAX 2,184,900 1.2

18 Leads 1,74,179 1

19 Rio 645,740 0.4

20 NOVA 159,726 0.1

TOTAL 183,128,112 100


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MARKET SHARE BY GROSS PREMIUM-2013: LIFE BUSINESS


1 Liberty Life Assurance 20,301,416 36.6

2 ICEA 12,314,204 22.2

3 Sanlam 8,511,949 15.4

4 UAP 6,312,405 11.4

5 Jubilee 5,025,674 9.1

6 National Insurance 1,816,695 3.3

7 Britam 569,311 1.1

8 Goldstar 535,339 1.0

TOTAL 55,406,993 100

MARKeT sHARe bY neT eARneD PReMIUM-2013: LIFE BUSINESS


1 liberty life Assurance 14,169,166 32.8

2 ICeA 11,702,758 27.1

3 UAP 6,048,111 14

4 Jubilee 4,296,426 10

5 sanlam 4,894,316 11.3

6 national Insurance 1,654,269 3.8

7 britam 265,984 0.6

8 Goldstar 202,635 0.5

ToTAl 43,233,665 100

MARKET SHARE BY GROSS PREMIUM: NON LIFE BUSINESS

RANK FIRM AMOUNT (%)

1 Jubilee 83,440,086 23.7

2 UAP 56,952,416 16.2

3 AIG 50,125,404 14.3

4 Goldstar 21,402,981 6.1

5 Lion 19,106,385 5.4

6 ICEA 17,666,291 5.0

7 Phoenix of Ug. 14,521,089 4.1

8 APA 12,510,825 3.6

9 Swico 10,860,779 3.1

10 Excel 10,708,292 3.0


10,280,778 2.9


8,739,194 2.5

13 Britam 8,634,968 2.5

14 NIKO 8,256,832 2.3

15 TransAfrica 8,129,916 2.3

16 FICO 5,059,886 1.4

17 PAX 2,815,300 0.8

18 Leads 1,010,090 0.3

19 Rio 721,076 0.2

20 NOVA 446,418 0.1

TOTAL 351,389,006 100


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MARKET SHARE BY NET EARNED PREMIUM: NON LIFE BUSINESS


1 UAP 34,990,051 19.1

2 AIG 29,860,205 16.3

3 Jubilee 27,374,966 14.9

4 Lion 11,303,245 6.2

5 ICEA 10,497,115 5.7

6 SWICO 9,543,824 5.2

7 Phoenix of Ug. 8,697,206 4.7

8 National Insurance 6,718,601 3.7

9 APA 6,703,253 3.7

10 Goldstar 6,147,335 3.4

11 NIKO 5,360,115 2.9

12 Excel 5,338,323 2.9

13 TransAfrica 5,245,583 2.8

14 FICO 4,154,525 2.3

15 E. A. Underwriters 3,977,378 2.2

16 Britam 2,431,842 1.3

17 PAX 2,184,900 1.2

18 Leads 1,74,179 1

19 Rio 645,740 0.4

20 NOVA 159,726 0.1

TOTAL 183,128,112 100

HEALTH MANAGEMENT ORGANISATIONS BY MARKET SHARE:2013 (‘000)

RANK HMO Income (%)

1 AAR 22,574,309 40

2 International Air Ambulance 19,876,279 36

3 St. Catherine’s Clinic Limited 5,890,403 11

4 Kadic health Foundation Limited 2,733,091 5

5 Case Medcare Centre 2,510,887 4

6 International Health Network Limited 1,786,417 3

7 International Medical Link 578,461 1

8 Exceed Health Care Uganda** -

9 Intergrated Community Based Initiative** -

10 Kampala International Medical Centre** -

TOTAL 55,949,848 100

insurance industry, economy and performance...


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BROKERAGE FIRMS BY MARKET SHARE 2013

No.

Broking firm

Gross Commission(Ug. Shs)

Market Share (%)

1 Marsh Uganda Ltd 6,421,463,000 25

2 AON 6,340,368,000 24.7

3 Kiboko Financial Services 1,474,126,000 5.8

4 Liaison 1,052,032,982 4.1

5 Five Star 955,518,168 3.7

6 Padre Pio 788,048,720 3.1

7 Interstate 781,921,000 3.1

8 Rock 722,526,337 2.8

9 Eagle Africa 717,610,000 2.8

10 Balaji 698,002,000 2.7

11 The Inter-Continental 643,724,883 2.5

12 Gras Savoye Uganda 634,660,000 2.5

13 Legacy 620,374,000 2.4

14 Clarkson 442,153,293 1.7

15 Chancery Wright 417,968,000 1.6

16 BTB Insurance Brokers 402,650,267 1.6

17 Universal Galaxy 345,625,339 1.3

18 Neon 337,425,887 1.3

19 Guardian Re 317,682,379 1.2

20 Hillcrest 273,576,496 1.1

21 Avenue 209,236,235 0.8

22 Davie and Josh 213,110,732 0.8

23 Radiant 173,533,000 0.7

24 Abacus 162,784,929 0.6

25 Pentad 138,437,418 0.5

26 HS Jutley 114,752,000 0.4

27 Vital 96,716,152 0.4

28 Bartlett 74,844,313 0.3

29 Corporate 63,804,829 0.2

Total 25,634,676,359 100


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LOSS ADJUSTERS BY MARKET SHARE 2013 (‘000)


1 General Adjusters 411,578 22.7

2 Multiple 394,427 21.7

3 Aliwali 180,209 9.9

4 Zolm 172,006 9.5

5 Futures Property Consultants 122,098 6.7

6 Bengal 121,717 6.7

7 Mclaren 118,895 6.6

8 Protectors 107,098 5.9

9 Ask Corporate Consults Ltd 104,818 5.8

10 Elit Liability Management 107,066 5.9

11 ADR Limited 71,384 3.9

12 Crown 68,087 3.8

13 S.M. Cathan 47,216 2.6

14 Nathwani & Taylor 39,775 2.2

15 Five Motors 36,517 2.0

16 Fox Limited 25,948 1.4

17 Intertech 11,220 0.6

Total 1,813,564 100

FINANCIAL OVERVIEW

insurance industry, economy and performance...


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The financial performance and condition of players continued to improve in the period under review.

Insurance Companies The industry reported record aggregate premium levels amounting to Ushs 407 billion. Non-life

business accounted for Ushs 351.4 billion while life business accounted for Ushs 55.4 billion in 2013.

Reinsurance premium ceded for non life business amounted to Ushs 152 billion, while reinsurance premium ceded for life business amounted to Ushs 12.2 billion in 2013.

Net earned premium for the industry in the year ended 31 December 2013 was Ushs 183 billion for non life business and 43 billion for life business, up 11.5% and 28.2% from the previous year respectively. While motor insurance continued to dominate, the increase in net earned premium in respect to non life business was primarily driven by personal accident insurance (Ushs 22 billion), recording 57% increase in the year ended 31 December 2013 compared to Ushs 14.3 billion in 2012. Net earned premium for the motor vehicle class of business in the year ended 31 December 2013 was Ushs 84 billion, up 4% from the previous year (Ushs 81 billion).

Net incurred claims for the industry in the year ended 31 December 2013 were Ushs 73 billion for non life business and Ushs 12.5 billion for life business, up 10.2% and 6.2% respectively from the previous year.

The loss ratio for the industry in the year ended 31 December 2013 was 39.8% for non life business, down from 40.3% in the previous year while the loss ratio for life business was 28.8%, down from 34.8% in the previous year.

Non-life expense ratio in the year ended 31 December 2013 was 34.3%, down from 35.9% in the previous year. For life business the expense ratio increased from 50.8% during 2012 to 51.8% in 2013.

Non life underwriting result in the year ended 31 December 2013 was Ushs 23.4 billion, compared to Ushs 13.5 billion for the previous year. The higher underwriting result (73% increase) was mainly due to higher net earned premium in the year ended 31 December 2013.

Investment income for the industry in the year ended 31 December 2013 was Ushs 26 billion, up 29% from the previous year (Ushs 20.12 billion). Stability is however of great importance. While insurers would benefit from an increase in interest rates through improved investment returns, a sudden, significant rate increase could present threats.

A sudden increase in general interest rate levels would increase unrealized losses in insurer fixed income portfolios and, at the same time, could prompt policyholders to surrender contracts for higher yield elsewhere. In such a circumstance, insurers could be forced to liquidate fixed income investments at a loss in order to fund contract surrender payments.

Total industry net profit after tax for the industry in the year ended 31 December 2013 was Ushs 36 billion, up 38.5% from the previous year (Ushs 26 billion).

The total assets for the industry as at 31 December 2013 were Ushs 774 billion, up 18% from the previous year (Ushs 657 billion). Non life business accounted for Ushs 638.2 billion (82.4%) total industry assets during the period under review. Industry assets were offset by liabilities of Ushs 500 billion, up 16% from the previous year (Ushs 430 billion). Industry net assets as at 31 December 2013 were Ushs 274 billion, up 21% from the previous year (Ushs 227 billion).

Health Management organisations (HMos)Out of 10 HMOs licensed, 7 recorded direct incomes of 56 billion. High costs of sales amounting

to 46.3 billion and operating expenses of 2.9 billion had a substantive negative impact on profitability.

3. fInAnCIAl oVeRVIeW


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Total net loss after tax in the year ended 31 December 2013 was Ushs 155 million

The total assets as at 31 December 2013 amounted to Ushs 27.2 billion while total liabilities amounted to Ushs 32 billion.

MARKET CONDUCT, COMPLAINTS AND CONSUMER EDUCATION


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4.1 Market ConductGrowing competition has exposed the industry to harmful practices such as undercutting, unethical underwriting and marketing practices and the excessive dependence on credit.

The industry has also witnessed increased complaints against virtually every insurer from the general public. Lack of confidence among Ugandans about insurers’ willingness to pay legitimate claims, especially with respect to the motor vehicle third party insurance remains a challenge.

4.2 ComplaintsDuring the period under review, the Complaints Bureau received 113 complaints from the general public against various insurers for reasons such as: (i) differences between benefits promised by insurers and from what is stated in policy documents; (ii) insurers failure to stop deductions of premiums after policy has been surrendered; (iii) payment of low surrender values; and (iv) delays in paying claims. The table below shows the number of complaints.

NATURE AND NUMBER OF COMPLAINTS 2013Nature No of CasesBreach of policy conditions 53

Delay in handling claims 32

Complaints from intermediaries 6

Quantum 19

Non remittance of premium 3

TOTAL 113

source: Insurance Regulatory Authority of Uganda

The Complaints Bureau provides an important dispute resolution platform particularly for low value claims. Its capacity must therefore be increased to reduce delays in complaints handling.

4.3 Consumer educationThe Authority undertook regional awareness seminars and participated in annual trade shows to further enlighten the public about the benefits of insurance. During the seminars, it was established that solely concentrating on consolidating existing markets is not enough to increase penetration. Further growth will be achieved through strengthening existing points of service, developing new products and channels of distribution as well as frontline employee empowerment.

4. MARKeT ConDUCT, CoMPlAInTs AnD ConsUMeR eDUCATIon


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SUPERVISION AND REGULATION

11Insurance Regulatory Authority of Uganda Annual Insurance Market Report, 2013

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5.1 supervision: onsite Inspections

InsurersOnsite inspections involved 11 insurance companies, 32 Branches and 250 agencies. Major inspection findings among companies included:

Outstanding Reinsurance Premiums.

Increasing Premium Receivables.

Unclear outsourcing agreements.

Absence of business plans and marketing strategies for the companies.

Non remittance of premiums by brokers.

Delays in Claim processing and Settlement.

Premium rate undercutting.

Use of unlicensed agencies.

Use of unsuitable agency premises.

brokers For the year 2013, nine (9) insurance brokers were inspected. It was observed that receivables from brokers to insurers remained unreconciled and old balances remained outstanding outside permissible periods. Differences between balances of counter parties showed an increasing trend majorly due to build up of outstanding premiums from large brokerage firms. In effect, more work needs to be done to improve premium collection, remittance and financial reporting.

Brokerage firms continued to facilitate the placement and purchase of insurance, accounting for 34% of the gross life and non life insurance premium. There is a need to further understand the specific needs of clients, and to strengthen client broker relationships.

5.2 supervision: offsite InspectionsDuring the period under review, offsite inspections pointed to the need to:

Strengthen financial reporting in respect to obtaining consistent, accurate and timely statistical, financial and reinsurance information.

Reduce exposure to short term risks including under reserving, insufficient capital and insufficient liquidity.

Support self regulation to ensure timely intervention and enforcement actions at industry and insurer levels.

Make provisions for ensuring sound operations for companies on run-off basis, wind up and legal protection of policyholders.

5.3 licensing

5.3.1 Change in licensing PeriodTraditionally, the licensing period for all insurance entities were in the month of September. However, new changes were introduced as follows:

Agents, loss assessors, adjustors, surveyors and HMOs must be licensed by November of every year. Agents are to be considered for licensing in lieu of approval of their parent company and the licenses issued simultaneously.

5. sUPeRVIsIon AnD ReGUlATIon


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Insurance companies are to be licensed in December. All insurance entities must be duly licensed by 01st January.

5.3.2 Clearance lettersIn view of increasing outstanding premiums and the associated credit risks, a new licencing requirement for brokers to acquire clearance from insurers was introduced. Once the broker is cleared by an insurer for a stipulated period, the outstanding balances for that period will be disregarded as grounds for complaint by the IRA should any disagreements arise.

5.4 Addressing structural liquidity MismatchesThe primary focus of the Authority so far has been to develop guidelines to ensure insurance companies have sufficient liquidity buffers to survive a specified stress period over a defined time horizon.

By focusing on liquidity buffers, there is a risk of overlooking some of the structural mismatches between assets and liabilities. In other words, the regulations prepare for liquidity distress rather than prevent it. To tackle liquidity mismatches, the Authority has resolved to draw up a supervisory standard that require insurers to hold an amount of stable funding based on the liquidity profile of assets.

5.5 CompetitionCompetitive pressure has led some insurers to turn to unsound practices (uneconomic pricing and cash flow underwriting) in order to obtain market shares. Under such context greater consideration will be given to insurance consumer protection measures including:

Increased standards for capital and solvency requirements,

Prudent investment and reserving rules,

Establishment of an effective information system based on clear accounting and reporting rules,

Improvement of market transparency and information towards consumers and consumer education,

Establishment of Policy Holders Compensation Fund.

5.6 Deepening Regional IntegrationAs far as the prospects for a deeper regional integration over the next two years are concerned, there are concerns about barriers to cross-border trade in insurance services and the slow pace of the process of regional integration. The Authority’s regional initiatives envisage progress if political and corporate decision-makers’ are committed to creating a larger regional marketplace.

supervision and regulation...


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The Authority will continue to support insurance growth by enforcing current compulsory schemes and exploring additional ones, support micro-insurance, build regulatory capacity for distribution as well as consumer awareness and education.

6.1 DistributionTo target different customer segments, banc assurance and brokerage firms are expected to be the major distribution channels. Banks should be able to capture a disproportionate share of growing life insurance sales whereas brokers may benefit from their superior product expertise and increasing acceptance of commercial lines.

6.2 Micro insuranceDeveloping regulations for micro-insurance is critical to the introduction of micro-insurance products. During the period under review, the Authority with the support of GIZ (German Federal Enterprise for International Cooperation) undertook a diagnostic micro insurance study, a premise upon which micro insurance regulations are being developed.

6.3 Product InnovationIn the year 2013, insurers introduced a number of new products to the market. The challenge remains in making these products profitable and available to clients (Table below shows products introduced in the market).

6. MARKeT AnD PRoDUCT DeVeloPMenT

The Authority will continue to support insurance growth by enforcing current compulsory schemes and exploring additional ones, support micro-insurance, build regulatory capacity for distribution as well as consumer awareness and education.


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NEW PRODUCTS IN THE MARKET

TYPE OF INSURANCE PRODUCT

Agriculture Insurance Kungula AgrInsurance.

weather index insurance Multi-peril insurance Greenhouse insurance Single Animal livestock insurance

Property Insurance Domestic Package and Office Combined policy

Business Comprehensive Policy

Health Insurance Corporate Medical Insurance policy

Individual/Family Medical Insurance

Femina

A-plus Care Insurance Policy

Diaspora Special Assistance Plan

Life Insurance Endowment Power Plan

Personal Accident UAP Musabaaze Sure

Life and Health MTN Life Care Product

market and product development...

The move of the Authority to adopt a risk-based approach in its supervision is not only timely but significant in improving accounting and records keeping standards of the industry as well as the governance and riskmanagement structures.


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Overall, the industry registered positive growth in respect to premium and investment income.

However, excessive attention on marketing to grow premiums without a proportionate allocation of resources towards the management of investment portfolios may have a negative effect on investment income. Declining growth rate of investment income in respect to life business during the period under review further rationalizes the forthcoming separation of Life and non life with requisite personnel for their investment operations and underwriting activities.

It will also be necessary for companies to properly re-capitalize in order to take on large business risks especially in the emerging oil and gas sector without compromising their solvency state. The move of the Authority to adopt a risk-based approach in its supervision is not only timely but significant in improving accounting, governance and risk management structures.

The key areas that need strengthening include:(i) Supervision in respect to solvency regulation including: 1) capitalization; 2) pricing and products;

3) investments; 4) reinsurance; 5) reserves; 6) asset-liability matching; 7) transactions with affiliates; and 8) management.

(ii) Regulatory intervention in respect to insurers in financial distress, the management of mergers, acquisitions and insurer receiverships as well as insolvency guaranty mechanisms that cover a portion of the claims of insolvent insurers.

(iii) Regulation of insurer market practices, such as product design, marketing and claims adjustment.

(iv) Streamlining the insurer broker relationship

(v) Reducing barriers to insurance market development and ensuring consumer protection.

(vi) Cross border and group wide supervision of insurance entities. The Authority is working with other insurance regulators to create a mechanism that will:

allow access to information regarding any entity within the insurance holding company system;

provide regulators with information about corporate governance at the individual regulated insurer and group levels;

provide reporting by the insurers on material risks within the insurance holding company system that could pose enterprise risk to the insurer and examination authority on a top-down basis with respect to enterprise-wide risks; and

provide for participation by insurance regulators in forums for regulators of various jurisdictions in which the legal entities of groups operate.

In addition, the Authority has taken keen interest in personal, operational and business risks in the industry. Mechanisms have been set up to enhance supervision in respect to:

(i) Improving the process of offsite and onsite supervision;

(ii) asset valuation;

(iii) Remittance of collected premiums;

(iv) Adequacy of claims reserves;

(v) Tracking capital adequacy;

(vi) The process of revocation, suspension and re-licensing of companies;

(vii) Related party transactions (loans, outsourcing agreements, investments and technical assistance agreements);

(viii) Management of mergers, acquisitions and insurer receivership;

(vii) Management of insolvency guarantee mechanisms that cover a portion of the claims of insolvent companies.

7. ConClUsIons AnD PolICY ReCoMMenDATIons


ww

w.i

ra.g

o.u

g

17Insurance Regulatory Authority of Uganda Annual Insurance Market Report, 2013

GLOBA

L PERSPECTIV

EIN

SURA

NCE IN

DU

STRY, ECO

NO

MY & PERFO

RMA

NCE

FINA

NCIA

L OV

ERVIEW

MA

RKET CON

DU

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INTS

SUPERV

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AN

D REGU

LATION

MA

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D PRO

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CT D

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S AN

D PO

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ENDATIO

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DETA

ILED STATISTICA

L TA

BLES

DeTAIleD sTATIsTICAl TAbles

18In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

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ort,

2013

NO

N-L

IFE

GR

OSS

PR

EMIU

M -2

013

(A

mou

nt U

shs.

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0)

No.

Com

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e Bu

rglar

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Accid

ent

Wor

k. Co

mp

P.Lia

bilit

y M

arin

e/Av

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otor

Bo

nds

Engi

neer

ing

Med

ical

Misc

ell.

2013

Tota

l 20

12 To

tal

1 Ju

bile

e 17,

973,8

61

1,002

,861

3,9

17,04

4 1,9

10,73

5 2,0

73,6

10

5,84

3,811

17,31

0,24

4 1,3

05,78

7 4,

853,3

62

19,74

5,971

7,5

02,8

00

83,4

40,0

86

81,4

57,24

0

2 AI

G 10

,283,3

61

-

14,35

4,95

6 3,2

35,38

0 2,9

55,5

63

2,278

,275

11,42

7,410

-

19

4,00

9 -

5,39

6,45

0 50

,125,4

04

45,4

37,76

3

3 UA

P 11,

612,5

41

3,702

,775

3,312

,926

2,232

,877

4,

435,4

67

2,573

,617

13

,694

,745

-

2,460

,265

12,37

4,33

6 55

2,867

56

,952

,416

40

,913

,515

4 E.

A.

Unde

rwrit

ers

2,211,

455

75,13

0 1,7

56,72

5 37

2,487

19

1,677

2,4

02,0

15

1

,811,

041

304

146,

019

-

1,313

,925

10,28

0,77

8 12

,001

,041

5 Go

ldst

ar

4,66

1,785

39

5,09

4 1,1

40,70

5 1,4

86,9

86

1,059

,550

2,179

,303

5,03

1,987

-

2,8

84,5

46

-

2,563

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21

,402

,981

19

,777,5

87

6 Lio

n 3,5

33,23

5 83

,374

1,647

,732

738,

930

688,

963

645,

556

6,138

,767

683,3

23

610,

835

-

4,33

5,67

0 19

,106,

385

17,17

8,41

7

7 Ph

oeni

x of U

g.

2,082

,130

368,

559

561,8

48

433,1

31

66,27

4 1,6

08,8

77

5

,815

,573

75

5,84

3 69

3,273

-

2,1

35,5

81

14,5

21,0

89

13,10

8,22

5

8 IC

EA

2,282

,224

1,052

,433

2,8

16,22

9 1,0

62,5

99

721,7

96

1,546

,092

4,

844,1

58

-

1,348

,249

1,528

,324

464,1

87

17,66

6,29

1 16

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,241

9 Na

tiona

l In

sura

nce

915,4

96

43,92

8 1,0

85,8

83

2,514

32

,608

1,3

36,8

66

3,943

,453

16

,330

361,6

34

-

1,000

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8,

739,1

94

7,179

,018

10

Tran

sAfri

ca

885,

333

-

229,

399

530,

603

118,6

91

1,387

,859

2,8

09,6

99

229,

607

396,

266

-

1,542

,459

8,1

29,9

16

6,30

4,07

5

11 Sw

ico

808,

052

100,

486

969,

568

1,041

,985

40

,376

403,0

20

4,34

8,31

5 1,5

90,27

7 29

,340

-

1,529

,360

10,8

60,77

9 9,

665,

017

12

Exce

l 45

3,952

-

-

-

-

23

,614

6,

977,5

81

2,420

,390

524,

693

-

308,

062

10,70

8,29

2 8,1

72,8

64

13

FICO

84

9,143

41

,254

77,0

2415

4,04

8 71

,726

142,3

64

2,892

,452

2,7

83

235,

619

-

7593

,473

5,

059,

886

5,413

,870

14

APA

2,210

,696

1,6

33,13

8 28

4,20

6 69

0,61

5 24

8,60

4 1,9

45,28

0 4,

248,

547

-

874,

655

45,97

9 32

9,105

12,5

10,8

25

11,03

9,37

8

15

NIKO

38

4,85

7 78

,600

1,9

71,33

9 20

2,899

114

,212

190,

592

4,23

8,63

2 2,7

98

198,

735

-

874,1

68

8,25

6,83

2 7,1

30,5

68

16

Lead

s 47

,988

37

,069

6,

455

25,8

33

-

-

649,

692

83,5

42

159,

511

-

-

1,010

,090

4,

847,8

40

17

PAX

394,

489

7,367

81

2,198

17,

141

7,700

56

9 1,0

74,75

9 -

73

,645

-

42

7,432

2,8

15,30

0 2,5

19,53

4

18

Rio

31

,344

22,4

99

2,600

4,1

38

400

3,155

58

4,73

9 42

,545

1,2

60

28

,396

721,0

76

803,0

54

19

NOV

A 43

,090

-

-

-

-

18

,855

17

9,53

9 -

-

-

20

4,93

4 44

6,41

8 15

4,74

6

20

Brit

am

938,1

45

305,

246

506,1

02

58,4

35

264,

056

6,69

42,6

37,17

7 -

3,9

15,0

44

-

14,8

29

8,64

5,72

8 2,8

81,11

2

T

OTAL

62

,603

,177

8,94

9,81

3 3

5,45

2,93

9 14

,201

,336

13

,091

,273

24

,536

,414

10

0,65

8,51

0 7,1

33,5

29

19,9

60,9

60

33,6

94,6

10

31,11

7,205

35

1,399

,766

3

12,9

74,10

5

19In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

NO

N-L

IFE

INSU

RAN

CE P

REM

IUM

CED

ED-2

013

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

Fir

e B

urgl

ary

P. A

ccid

ent

Wor

k.Com

p P.L

iabilit

y M

arin

e/Av

. M

otor

Bo

nds

Engi

neer

ing

Med

ical

Misc

ell.

2013

Tota

l 20

12 To

tal

1 Ju

bile

e 16

,538,

940

686,1

64

3,393

,887

1,1

46,4

41

1,874

,546

5,

256,

976

562,2

92

1,263

,973

4,39

1,004

11,

847,5

83

5,65

0,13

4 52

,611,

940

55,4

10,76

6

2 AI

G 9,1

22,70

7 -

1,0

11,38

4 1,7

74,0

06

2,724

,371

2,281

,296

834,

584

-

171,7

81

-

1,245

,574

19

,165,

703

17,46

9,03

3

3 UA

P 7,6

49,6

92

541,6

42

578,

758

27,6

80

2,756

,570

37

9,79

3 27

6,188

-

1,1

88,12

6 12

9,950

41

7,115

13

,945,

514

12,8

68,55

1

4 E.

A.

Unde

rwrit

ers

2,124

,991

20

,943

1,311,

076

32,19

1 57

,183

2,020

,937

12

6,149

21

3 10

6,67

4 -

31

1,512

6,1

11,86

9 8,

310,

958

5 Go

ldst

ar

4,60

8,30

6 36

1,786

1,0

90,6

94

1,325

,978

746,

309

1,572

,347

404,

692

-

2,663

,046

-

2,3

33,25

5 15

,106,

413

13,8

54,10

2

6 Lio

n 2,5

68,78

8 -

83

2,531

68

,184

499,

515

288,

086

637,3

78

648,

392

567,6

16

-

1,473

,658

7,5

84,14

8 6,

862,3

76

7 Ph

oenix

of

Ug.

1,903

,529

6,1

18

84,13

5 9,

845

2,098

97

5,63

8 59

7,581

69

8,35

8 63

8,40

1 -

72

0,48

2 5,

636,1

85

4,26

4,95

4

8 IC

EA

1,174

,653

29

9,85

3 81

4,30

3 40

,447

50

4,27

6 1,1

46,0

82

899,

887

86

6,41

2 1,1

46,24

3 35

1,023

7,2

43,17

9 6,

451,5

55

9 Na

tiona

l In

sura

nce

429,9

39

-

28,5

63

-

-

766,

788

71,92

7 8,

203

-

-

263,6

97

1,569

,117

1,137

,628

10

Tran

sAfri

ca

821,1

83

-

35,39

1 4,

604

(5,27

0)54

9,00

1 15

6,92

8 88

,766

261,3

90

-

341,8

98

2,253

,891

2,0

04,14

4

11

Swico

12

9,06

0 11,

077

-

44,6

58

-

67,30

7 15

6,32

6 20

4,06

8 6,1

25

-

229,

505

848,1

26

814,

424

12

Exce

l 14

5,26

4 -

-

-

-

7,5

56

3,788

,956

77

4,52

4 16

7,901

-

98

,580

4,

982,7

81

3,415

,314

13

FICO

14

8,197

5,4

28

10,55

5 -

10

,555

38,26

6 24

1,524

83

6 21

8,55

9 -

33

3,661

1,0

07,5

81

1,436

,508

14

APA

1,300

,195

452,3

56

78,4

79

168,

742

79,22

5 92

5,488

1,3

85,77

4

666,

452

705

52,0

88

5,109

,504

2,7

60,5

86

15

NIK

O 26

0,33

7 25

,068

1,5

76,92

8 -

87

,504

66

,979

227,6

57

(18,12

1)17

8,70

4 -

51

8,38

0 2,9

23,4

36

2,056

,957

16

Lead

s 26

,824

(9

3,330

)(13

,501

)(8

2,402

)-

-

29

,515

(5

0,07

3)(6

,992

)-

-

(18

9,959

)1,1

43,10

5

17

PAX

253,2

59

2,000

19

,636

-

2,3

91

18,12

2 16

1,397

-

21

,247

-

27,5

06

505,

558

521,8

99

18

Rio

14

6,185

14

6,185

51

,044

19

NOV

A 37

,723

-

-

-

-

27,8

43

-

-

-

-

119,8

06

185,

372

16,10

3

20

Brit

am

732,5

32

97,4

34

416,

306

-

228,

856

(8,24

4)46

1,983

-

3,8

74,0

06

-

7,414

5,

810,

287

524,1

00

T

OTAL

49

,976

,119

2,41

6,53

9 11

,269

,125

4,56

0,37

4 9,

568,

129

16,3

80,2

61

11,16

6,92

3 3,

619,

139

15,9

80,4

52

13,12

4,48

1 14

,495

,288

15

2,55

6,83

0 14

1,374

,107

20In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

NO

N-L

IFE

NET

PRE

MIU

M -2

013

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

Fi

re

Burg

lary

P.

Acci

dent

W

ork.

Co

mp

P.Lia

bilit

y M

arin

e/Av

. M

otor

Bo

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neer

ing

Med

ical

M

iscel

l. 2

013

Tota

l 20

12 To

tal

1 Ju

bile

e 1,4

34,92

1 31

6,69

7 52

3,157

76

4,29

4 19

9,06

4 58

6,83

5 16

,747,9

52

41,8

14

462,3

58

7,898

,388

1,852

,666

30

,828

,146

26,0

46,4

74

2 AI

G 1,1

60,6

54

-

13,34

3,572

1,4

61,37

4 23

1,192

(3

,021

)10

,592

,826

-

22

,228

-

4,150

,876

30

,959

,701

27,9

68,73

0

3 UA

P 3,9

62,8

49

3,161

,133

2,734

,168

2,205

,197

1,678

,897

2,1

93,8

24

13,4

18,55

7 -

1,2

72,13

9 12

,244,

386

135,

752

43,0

06,9

02

28,0

44,9

64

4 E.

A.

Unde

rwrit

ers

86,4

64

54,18

7 44

5,64

9 34

0,29

6 13

4,49

4 38

1,078

1,6

84,8

92

91

39,34

5 -

1,0

02,4

13

4,168

,909

3,6

90,0

83

5 Go

ldst

ar

53,4

79

33,30

8 50

,011

161,0

08

313,2

41

606,

956

4,62

7,295

-

22

1,500

-

22

9,77

0 6,

296,

568

5,923

,485

6 Lio

n 96

4,44

7 83

,374

815,

201

670,

746

189,4

48

357,4

70

5,50

1,389

34

,931

43

,219

-

2,862

,012

11,

522,2

37

10,31

6,04

1

7 Ph

oenix

of U

g. 17

8,60

1 36

2,441

47

7,713

42

3,286

64

,176

633,2

39

5,21

7,992

57

,485

54

,872

-

1,4

15,0

99

8,88

4,90

4 8,

843,2

71

8 IC

EA

1,107

,571

75

2,580

2,0

01,92

6 1,0

22,15

2 21

7,520

40

0,01

0 3,9

44,27

1 -

48

1,837

38

2,081

113

,164

10,4

23,11

2 10

,537,6

86

9 Na

tiona

l In

sura

nce

485,

557

43,92

8 1,0

57,32

0 2,5

14

32,6

08

570,

078

3,871

,526

8,1

27

361,6

34

-

736,

785

7,170

,077

6,

041,3

90

10

Tran

sAfri

ca

64,15

0 -

19

4,00

8 52

5,999

12

3,961

83

8,85

8 2,6

52,77

1 14

0,84

1 13

4,87

6 -

1,2

00,5

61

5,87

6,02

5 4,

299,9

31

11 Sw

ico

678,

992

89,4

09

969,

568

997,3

27

40,37

6 33

5,71

3 4,1

91,9

89

1,386

,209

23,21

5 -

1,2

99,8

55

10,0

12,6

53

8,85

0,59

3

12

Exce

l 30

8,68

8 -

-

-

-

16

,058

3,1

88,6

25

1,645

,866

35

6,79

2 -

20

9,482

5,

725,

511

4,75

7,550

13

FICO

70

0,94

6 35

,826

66

,469

154,

048

61,17

1 10

4,09

8 2,6

50,92

8 1,9

47

17,06

0 -

25

9,81

2 4,

052,3

05

3,977

,362

14

APA

910,

501

1,180

,782

205,

727

521,8

73

169,

379

1,019

,792

2,862

,773

-

208,

203

45,27

4 27

7,017

7,4

01,32

1 8,

278,

792

15

NIKO

12

4,52

0 53

,532

394,

411

202,8

99

26,70

8 12

3,613

4,

010,

975

20,9

19

20,0

31

-

355,

788

5,33

3,396

5,

073,6

11

16

Lead

s 21

,164

130,

399

19,9

56

108,

235

-

-

620,

177

133,6

15

166,

503

-

-

1,200

,049

3,7

04,73

5

17

PAX

141,2

30

5,36

7 79

2,562

17,

141

5,30

9 (17

,553)

**91

3,362

-

52

,398

-

399,9

26

2,309

,742

1,997

,635

18

Rio

31,34

4 22

,499

2,6

00

400

3,155

-

438,

554

42,5

45

1,260

-

28

,396

574,

891

752,0

10

19

NOVA

5,

367

-

-

-

-

(8,9

88)

179,

539

-

-

-

85,12

8 26

1,046

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214,1

94

1,136

4,

514,

501

3,526

,671

9 N

atio

nal

Insu

ranc

e 2,5

06

(8,0

20)

336,

749

8,92

4 34

,433

(11

5,34

8)62

7,740

-

5,9

17

-

138,

960

1,031

,861

1,0

01,6

80

10

Tran

sAfri

ca

54,31

0 -

2,0

00

352,7

76

-

1,324

,912

16

1,594

4,

755

20,5

48

-

314,

219

2,235

,114

1,822

,506

11 Sw

ico

109,

332

4,07

1 34

5,958

54

,175

11,50

0 37

,911

1,212

,513

29

,224

31,75

2 -

57

,893

1,8

94,32

9 2,2

46,9

92

12

Exc

el

21,97

7 -

-

-

-

2,0

83

690,

121

208,

392

5,172

-

23

,907

95

1,652

82

1,142

13

FICO

6,1

42

-

30,0

00

-

3,797

12

,518

94

4,165

-

8,

560

-

230,

683

1,235

,865

1,0

45,97

5

14

APA

46

3,137

50

7,943

97

,662

27

2,659

78

0 25

7,740

1,4

84,0

91

-

3,174

25

,082

44

,076

3,1

56,34

4 4,

345,1

46

15

NIK

O 18

3,882

6,

528

105,

591

110,4

58

105

16,13

8 1,6

79,5

06

788,

051

19,19

8 -

(7

71,4

47)

2,138

,010

1,7

60,9

83

16

Lead

s (8

,593

)

41,2

98

54,6

22

46,9

88

-

-

174,9

52

270,

118

(123,6

20)

-

-

455,

765

1,372

,670

17

PAX

(22,3

00)

(4,6

00)

(42,2

30)

150

(490

)-

40

9,07

8 -

3,6

52

-

24,6

57

367,9

17

425,

575

18

Rio

(4

,025

)7,2

26

30,0

40

-

33

,241

29,6

98

19

NOV

A -

-

-

-

-

-

3,5

40

-

-

-

72,37

9 75

,919

16

,103

20

Brit

am

34,8

44

50,39

8 4,

078

2,333

(18

,790)

(609

)88

1,420

-

(2

,170)

-

16,10

3 96

7,607

95

1,144

To

tal

1,270

,358

3

,210

,106

6,93

7,503

3,1

46,2

22

2,57

4 2,

901,6

58

33,7

72,3

10

1,466

,865

(2

4,73

0)12

,794

,537

7,4

53,4

87

72,9

30,8

90

66,15

3,46

6

25In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

NO

N-L

IFE

LOSS

RAT

IOS-

2013

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

Fi

re

Burg

lary

P.

Acc

iden

t W

ork.

Co

mp

P.Li

abili

ty

Mar

ine/

Av.

Mot

or

Bon

ds

Eng

inee

ring

Med

ical

M

iscel

l. 2

013

Tota

l 20

12 To

tal

1 Ju

bile

e 44

.51

39.5

7 17.

77

151.0

9 (2

.54)

41.72

47

.16

357.7

8 14

.61

73.33

66

.12

57.4

2 54

.32

2 AI

G 12

.35

-

30.36

19

.46

(90.

48)

828.

05

56.4

7 -

20

.48

-87

.54

42.4

4 43

.14

3 UA

P (0

.78)

74.4

9 34

.96

(7.4

8)(7

.96)

(10.5

0)34

.07

-

(11.23

)77

.83

1,442

.38

43.76

44

.36

4 E.

A.

Unde

rwrit

ers

(60.

39)

37.0

2 20

.67

4.42

(7

.06)

52.8

1 28

.44

-

43.6

4 -

(8.4

3)14

.99

23.72

5 Go

ldst

ar

109.

35

18.19

18

2.67

29.0

5 37

.43

22.5

1 30

.62

-

19.6

1 -

33.38

33

.21

36.76

6 Lio

n (4

8.35

)(18

.56)

9.33

10

8.72

41

.25

24.55

54

.40

(1.22

)9.

83

-44

.84

34.6

5 34

.88

7 Ph

oenix

of U

g. 59

.89

33.31

16

.36

70.9

3 13

.71

56.4

0 42

.18

-

18.5

1 -

34.15

41

.59

39.0

3

8 IC

EA

10.0

8 70

.05

44.5

0 17.

26

39.8

1 60

.96

57.4

0 -

6.

35

42.5

1 0.

90

43.0

1 38

.23

9 N

atio

nal

Insu

ranc

e 0.

55

(17.92

)37

.75

549.

51

132.8

8 (2

7.73)

16.35

-

2.6

4 -

17.19

15

.36

17.39

10

Tran

sAfri

ca

28.6

7 -

0.

96

68.94

-

19

0.63

6.

99

5.69

10

.95

-33

.30

42.6

1 44

.85

11 Sw

ico

18.24

4.

31

37.4

6 5.

02

35.39

11.

79

28.78

2.3

7 50

.10

-5.

88

19.8

5 25

.61

12

Exc

el

9.19

-

-

-

-

8.61

20

.51

15.8

4 2.0

9 -

16.22

17.

83

17.20

13

FICO

0.

97

-

(30.

10)

-

5.92

8.25

34

.82

-

38.15

-

59.79

29

.75

28.79

14

APA

77

.47

55.16

50

.85

59.19

0.

51

23.9

6 52

.58

-

1.41

68.22

20

.08

47.0

9 57

.42

15

NIK

O 16

4.52

12

.19

15.8

1 62

.20

0.39

15

.20

41.4

5 1,8

00.27

12

3.58

-(7

31.4

9)39

.89

36.12

16

Lead

s (2

2.51)

43.29

12

0.78

54

.96

-

-

16.6

2 83

.89

(84.

75)

--

25

.40

32.4

9

17

PAX

(13.8

8)(10

4.12)

(5.92

)0.

75

(11.18

)-

42

.01

-

7.94

-8.

81

16.8

4 22

.29

18

Rio

(10

.88)

194.

04

-

--

-

7.3

0 -

-

-

-

5.15

4.57

19

NOV

A -

-

-

--

-

3.2

9 -

-

1.00

133.6

0 47

.53

21.8

7

20

Brit

am

28.0

6 33

.47

4.56

6.

23

(65.

21)

(12.4

7)45

.32

-

(4.74

)-

277.6

4 39

.79

56.14

T

OTAL

10

.04

59.0

3 30

.68

33.13

0.

09

37.5

0 40

.18

42.0

5 (0

.62)

74.7

8 54

.45

39.8

3 40

.30

26In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

NO

N-L

IFE

UN

DER

WRI

TIN

G PR

OFI

T/LO

SS-2

013

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

F

ire

Bur

glar

y P.

Ac

cide

nt

Wor

k.

Com

p P.L

iabi

lity

Mar

ine/

Av.

Mot

or

Bon

ds

Eng

inee

ring

Med

ical

M

iscel

l. 20

13 To

tal

201

2 To

tal

1 Ju

bile

e 90

4,139

15

8,192

47

6,87

6 (4

46,22

9)61

,981

27

9,55

5 4,

584,

576

59,0

86

442,4

70

1,364

,576

51

8,56

7 8,

403,7

89

6,149

,219

2 AI

G (1,

353,2

84)

-

6,156

,648

85

9,191

26

,062

(9

86,9

87)

3,484

,860

-

(15

7,778

)-

(1,

220,

591)

6,80

8,121

1,9

08,0

52

3 UA

P 64

8,06

3 62

,029

43

9,73

9 95

3,015

14

1,823

87

8,44

9 1,9

82,13

4 -

35

8,85

1 28

9,952

(2

,302,3

14)

3,451

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1,381

,611

4 E.

A.

Unde

rwrit

ers

318,

335

(10,0

78)

(27,3

09)

62,77

2 56

,487

(3

0,57

1)(15

0,86

5)15

,838

6,

357

-

305,

555

546,

521

1,096

,145

5 Go

ldst

ar

681,6

95

70,6

78

135,

081

168,1

25

31,25

1 73

,996

18

8,51

3 -

64

0,48

7 -

32

2,815

2,3

12,6

41

2,315

,710

6 Li

on

1,406

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45

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24

0,93

5 (3

27,16

0)(2

1,890

)36

,719

(221

,317)

81,0

50

316,

302

-

(91,2

58)

1,465

,859

64

0,72

0

7 Ph

oenix

of

Ug.

252,6

67

42,26

3 10

3,063

(10

0,81

3)13

,762

45,75

2 59

1,499

27

,905

110

,915

-

38

3,047

1,4

70,0

60

1,654

,219

8 IC

EA

419,

777

(175,

282)

811,2

89

470,

944

(21,6

89)

(137,5

73)

(279

,326)

-

(31,2

49)

(86,

264)

93,8

69

1,064

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83

0,27

6

9 Na

tiona

l In

sura

nce

32,9

50

14,76

7 (3

49,37

3)(9

,469

)(3

6,52

2)19

5,21

5 54

,393

(3,6

60)

(97,3

98)

-

(14,23

3)(2

13,33

0)174

,379

10

Tran

sAfri

ca

(41,5

10)

-

139,

009

(27,6

99)

64,0

77

(1,02

5,67

7)1,2

86,94

5 22

,294

123,6

28

-

211,8

63

752,9

30

585,

023

11 Sw

ico

64,6

18

27,30

0 15

1,232

34

1,872

(6

7,331

)76

,586

42

,236

215,9

76

(41,5

23)

-

200,

539

1,011,

505

506,

397

12

Exce

l 48

,147

-

-

-

-

13,28

7 22

,616

19

,193

3,897

-

(15

,260)

91,8

80

34,4

23

13

FICO

63

,348

12,4

40

(174,

215)

232,8

62

8,81

0 30

,635

(16

1,200

)7,5

78

(47,2

44)

-

(117,5

05)

(144,

491)

(662

,457

)

14

APA

(260

,944)

14,6

17

13,4

82

22,6

95

90,34

8 41

7,296

38

6,167

-

12

1,786

(4

,211)

76,9

94

878,

230

757,5

30

15

NIKO

(3

01,0

27)

253

(610

,115)

(53,5

53)

(41,3

30)

(23,3

03)

(149,1

06)

(1,21

4,68

8)(3

,663

)-

23

8,74

9 (2

,157,7

83)

(1,37

2,209

)

16

Lead

s 24

,858

(5

5,962

)(2

5,486

)(5

5,38

2)-

7,7

49

350,

117

(67,3

04)

123,1

65

-

911

30

2,666

32

,471

17

PAX

(178,

300)

3,822

(2

1,195

)5,4

52

(958

)(17

,814

)(7

5,26

2)-

(5

,917

)-

(4

6,65

4)(3

36,8

26)

(331

,319)

18

Rio

37,8

26

7,906

1,0

44

3,711

172

875

246,

228

132,5

41

730

21

,380

452,4

13

(113,5

86)

19

NOVA

(5

,992

)

-

-

-

-

13,4

53

(247

,651

)-

-

-

(19

5,61

8)(4

35,8

08)

(198,

782)

20

Brita

m

(105,

342)

(30,

544)

(17,74

4)14

,933

(6

0,98

4)10

,778

(420

,129)

-

(1,70

4,62

4)-

(16

,285)

(2,32

9,941

)(1,

897,3

10)

To

tal

2,656

,986

18

7,917

7,4

42,9

61

2,115

,267

244,

069

(141,5

80)

11,51

5,428

(7

04,19

1)15

9,192

1,5

64,0

53

(1,64

5,429

)23

,394,

673

13,4

90,5

12

27In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

NO

N-L

IFE

EXPE

NSE

RAT

IOS-

2013

No.

Col

umn2

Co

mm

issio

n M

anag

emen

t To

tal

Gro

ss

Exp

ense

Rat

io

ME/

C

omm

issio

n/

Co

mpa

ny

(C )

Expe

nses

(ME)

(C

+ M

E)

Prem

ium

[(

C+M

E)/G

ross

Pr

em]%

G

ross

pre

m

Gros

s pre

m

1 Ju

bile

e 7,5

89,5

48

7,306

,410

14

,895

,958

83

,440

,086

17.

85

8.76

9.1

0

2 AI

G 2,8

72,8

77

7,506

,056

10

,378,

933

50,12

5,407

20

.71

14.97

5.

73

3 UA

P 7,6

76,9

05

15,4

35,72

0 23

,112,6

25

56,9

52,4

15

40.5

8 27

.10

13.4

8

4 E.

A. U

nder

writ

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1,071

,007

2,9

43,5

48

4,01

4,55

5 10

,280,

778

39.0

5 28

.63

10.4

2

5 Go

ldst

ar

2,821

,312

3,460

,912

6,

282,2

24

21,4

02,9

81

29.35

16

.17

13.18

6 Lio

n 3,1

74,30

6 5,1

52,6

12

8,32

6,91

8 19

,106,

391

43.5

8 26

.97

16.6

1

7 Ph

oeni

x of U

g.

2,218

,723

3,159

,470

5,

378,1

93

14,5

21,0

89

37.0

4 21

.76

15.28

8 IC

EA

2,964

,833

4,

223,5

32

7,188

,365

17,66

6,29

2 40

.69

23.9

1 16

.78

9 Na

tiona

l Ins

uran

ce

843,5

71

5,166

,623

6,

010,

194

8,73

9,194

68

.77

59.12

9.

65

10

Tran

sAfri

ca

377,0

57

1,880

,455

2,2

57,5

12

8,129

,916

27

.77

23.13

4.

64

11 SW

ICO

2,038

,770

4,77

0,15

1 6,

808,

921

10,8

60,77

9 62

.69

43.92

18

.77

12

Exce

l 1,3

54,8

13

2,998

,586

4,

353,3

99

10,70

8,29

5 40

.65

28.0

0 12

.65

13

FICO

78

4,21

1 2,5

86,5

01

3,370

,712

5,05

9,88

6 66

.62

51.12

15

.50

14

APA

1,726

,383

2,041

,090

3,7

67,4

73

12,5

10,8

22

30.11

16

.31

13.8

0

15

NIKO

94

7,370

4,

947,8

32

5,89

5,20

2 8,

256,

832

71.4

0 59

.92

11.47

16

Lead

s 13

8,05

8 96

7,572

1,1

05,6

30

1,010

,090

10

9.46

95.79

13

.67

17

PAX

487,1

12

1,450

,808

1,9

37,92

0 2,8

15,30

0 68

.84

51.53

17.

30

18

Rio

145,

658

535,

603

681,2

61

721,0

78

94.4

8 74

.28

20.20

19

NOVA

70

,622

49

3,499

56

4,121

44

6,42

0 12

6.37

110

.55

15.8

2

20

Brita

m

995,

663

3,007

,716

4,00

3,379

8,

634,

968

46.36

34

.83

11.53

TO

TAL

40,2

98,7

99

80,0

34,6

96

120,

333,

495

351,3

89,0

19

34.2

5 22

.78

11.4

7

28In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

LIFE

GRO

SS P

REM

IUM

-20

13(A

mou

nt U

shs.

‘000

)

No.

Com

pany

Li

fe In

divi

dual

Li

fe G

roup

M

edic

al

Depo

sit A

dmin

20

13 To

tal

2012

Tota

l

1 Lib

erty

Life

Ass

uran

ce

-

20,30

1,416

-

-

20

,301,4

16

13,15

3,595

2 IC

EA

5,54

4,44

0 1,9

60,34

7 -

4,

809,4

17

12,31

4,20

4 9,

288,

423

3 UA

P -

5,

362,4

87

-

949,9

18

6,31

2,405

5,

846,

263

4 Na

tiona

l Ins

uran

ce

295,

631

486,

402

-

1,034

,662

1,8

16,6

95

1,689

,723

5 Ju

bile

e 2,1

65,6

78

1,534

,946

-

1,325

,050

5,

025,

674

3,464

,836

6 Sa

nlam

74

0,20

2 3,7

31,30

9 4,

040,

438

-

8,51

1,949

5,

070,

170

7 Go

ldst

ar

-

535,

339

-

-

535,

339

337,3

92

8 Br

itam

-

58

9,31

1 -

-

58

9,31

1 40

6,92

2

TO

TAL

8,74

5,95

1 34

,501

,557

4,

040,

438

8,11

9,04

7 55

,406

,993

3

9,25

7,324

LIFE

INSU

RAN

CE P

REM

IUM

CED

ED -2

013

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

L

ife In

divi

dual

L

ife G

roup

M

edic

al

Depo

sit A

dmin

20

13 To

tal

2012

Tota

l

1 Li

bert

y Li

fe A

ssur

ance

-

6,

132,

250

-

-

6,13

2,25

0 1,7

64,0

50

2 IC

EA

148,

513

462,9

33

-

-

611,4

46

630,

607

3 UA

P -

26

4,29

4 -

-

26

4,29

4 54

5,72

3

4 Na

tiona

l Ins

uran

ce

28,70

2 13

3,724

-

-

16

2,426

17,

338

5 Ju

bile

e 13

,314

715,9

34

-

-

729,

248

673,6

29

6 Sa

nlam

-

19

2,898

3,4

24,73

5 -

3,6

17,63

3 1,5

21,12

3

7 Go

ldst

ar

-

332,7

04

-

-

332,7

04

220,

502

8 Br

itam

-

32

3,327

-

-

32

3,327

17

6,149

TO

TAL

190,

529

8,55

8,06

4 3,

424,

735

-

12,17

3,32

8 5,

549,

121

29In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

LIFE

NET

PRE

MIU

M -2

013

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

L

ife In

divi

dual

Li

fe G

roup

M

edic

al

Depo

sit A

dmin

20

13 To

tal

2012

Tota

l

1 Li

berty

Life

Ass

uran

ce

-

14,16

9,16

6 -

-

14

,169,

166

11,3

89,5

45

2 IC

EA

5,39

5,927

1,4

97,4

14

-

4,80

9,417

11,

702,7

58

8,65

7,816

3 U

AP

-

5,09

8,193

-

94

9,918

6,

048,1

11 5,

300,

540

4 N

atio

nal I

nsur

ance

26

6,92

9 35

2,678

-

1,0

34,6

62

1,654

,269

1,672

,385

5 Ju

bile

e 2,1

52,36

4 81

9,01

2 -

1,3

25,0

50

4,29

6,42

6 2,7

91,20

7

6 S

anlam

74

0,20

2 3,5

38,4

11 61

5,70

3 -

4,

894,

316

3,549

,047

7 G

olds

tar

-

202,6

35

-

-

202,6

35

116,8

900

8 Br

itam

-

26

5,984

-

-

26

5,984

23

0,77

3

T

OTAL

8,55

5,42

2 25

,943

,493

61

5,70

3 8,

119,

047

43,2

33,6

65

33,7

08,2

03

LIFE

REI

NSU

RAN

CE R

ATIO

S -2

013

No.

Com

pany

L

ife In

divi

dual

L

ife G

roup

M

edic

al

Dep

osit

Adm

in

2013

Tota

l 20

12 To

tal

1 Li

berty

Life

Ass

uran

ce

-

30.21

-

-

30.21

13

.41

2 IC

EA

2.68

23.6

1 -

-

4.97

6.

79

3 U

AP

-

4.93

-

-

4.19

9.33

4 N

atio

nal I

nsur

ance

9.

71

27.4

9 -

-

8.94

1.0

3

5 Ju

bile

e 0.

61

46.6

4 -

-

14.5

1 19

.44

6 S

anlam

-

5.1

7 84

.76

-

42.5

0 30

.00

7 G

olds

tar

-

62.15

-

-

62.15

65

.35

8 B

ritam

-

54

.87

-

54.8

7 43

.29

TO

TAL

2.18

24

.80

84.7

6 -

21

.97

14.14

30In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

LIFE

RET

ENTI

ON

RAT

IOS

-20

13

No.

Com

pany

Li

fe In

divi

dual

Li

fe G

roup

M

edic

al

Dep

osit

Adm

in

201

3 To

tal

2012

Tota

l

1 Lib

erty

Life

Ass

uran

ce

-

69.79

-

-

69.79

86

.59

2 IC

EA

97.32

76

.39

-10

0.00

95

.03

93.21

3 UA

P -

95

.07

-10

0.00

95

.81

90.6

7

4 Na

tiona

l Ins

uran

ce

90.29

72

.51

-10

0.00

91

.06

98.97

5 Ju

bile

e 99

.39

53.36

-

100.

00

85.4

9 80

.56

6 Sa

nlam

10

0.00

94

.83

15.24

-

57

.50

70

7 Go

ldst

ar

-

37.8

5 -

-

37.8

5 34

.65

8 Br

itam

-

45

.13

--

45

.13

56.71

T

OTAL

97

.82

75.2

0 15

.24

100.

00

78.0

3 85

.86

LIFE

NET

INCU

RRED

CLA

IMS

-20

13

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

Li

fe In

divi

dual

Li

fe G

roup

M

edic

al

Depo

sit A

dmin

20

13 To

tal

2012

Tota

l

1 Lib

erty

Life

Ass

uran

ce

-

3,513

,597

-

-

3,5

13,5

97

3,281

,008

2 IC

EA

700,

175

1,432

,613

-

2,4

99,6

88

4,63

2,476

4,1

94,94

1

3 UA

P -

62

5,25

1 -

21

1,892

83

7,143

1,7

00,0

77

4 Na

tiona

l Ins

uran

ce

86,25

1 80

,093

-

(19

0,91

3)(2

4,56

9)1,1

65,0

04

5 Ju

bile

e 40

,471

60

,158

-

325,

236

425,

865

223,2

09

6 Sa

nlam

2,943

,555

2,943

,555

1,059

,610

7 Go

ldst

ar

-

55,74

9 -

-

55

,749

22,78

2

8 B

ritam

-

88

,720

-

-

88,72

0 99

,165

TO

TAL

826,

897

8,79

9,73

6 -

2,

845,

903

12,4

72,5

36

11,74

5,79

6

31In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

LIF

E N

ET E

ARN

ED P

REM

IUM

-20

13

(Am

ount

Ush

s. ‘0

00)

No.

Com

pany

Life

Indi

vidu

alLi

fe G

roup

Med

ical

Depo

sit A

dmin

2013

Tota

l 2

012

Tota

l

1 Lib

erty

Life

Ass

uran

ce

-

14,16

9,166

-

14,16

9,166

11,

389,

545

2 IC

EA

5,39

5,927

1,4

97,4

14

4,

809,4

17

11,70

2,758

8,

657,8

16

3 UA

P -

5,

098,1

93

94

9,918

6,

048,1

11 5,

300,

540

4 Na

tiona

l Ins

uran

ce

266,

929

352,6

78

1,0

34,6

62

1,654

,269

1,672

,385

5 Ju

bile

e 2,1

52,36

4 81

9,01

2 -

1,3

25,0

50

4,29

6,42

6 2,7

91,20

7

6 Sa

nlam

74

0,20

2 3,5

38,4

11 61

5,70

3 -

4,

894,

316

3,549

,047

7 Go

ldst

ar

-

202,6

35

-

20

2,635

116

,890

8 Br

itam

-

26

5,984

-

265,9

84

230,

773

TO

TAL

8,55

5,42

2 25

,943

,493

61

5,70

3 8,

119,

047

43,2

33,6

65

33,7

08,2

03

LIFE

LOSS

RAT

IOS

-20

13

No.

Com

pany

Life

Indi

vidu

al L

ife G

roup

Med

ical

Dep

osit

Adm

in20

13 To

tal

201

2 To

tal

1 Li

berty

Life

Ass

uran

ce

-

24.8

0

-

24.8

0 28

.81

2 IC

EA

12.9

8 95

.67

-

51.97

39

.58

48.4

5

3 UA

P -

12

.26

22

.31

13.8

4 32

.07

4 N

atio

nal I

nsur

ance

32

.31

22.71

(18.4

5)(1.

49)

69.6

6

5 Ju

bile

e 1.8

8 7.3

5

24.55

9.9

1 8.

00

6 S

anlam

-

83

.19

-

60

.14

29.8

6

7 G

olds

tar

-

27.5

1

-

20.9

6 9.

87

8 B

ritam

-

33

.36

-

33

.36

42.97

T

OTAL

9.

67

33.9

2

35.0

5 28

.85

34.8

5

32In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

Life

exp

ense

ratio

s-20

13

No.

C

omm

issio

n M

anag

emen

t To

tal

Gros

s Ex

pens

e Ra

tio

ME/

Co

mm

issio

n/

Co

mpa

ny

(C )

Expe

nses

(ME)

(C

+ M

E)

Prem

ium

[(

C+M

E)/G

ross

Pre

m]%

Gr

oss p

rem

Gr

oss p

rem

1 Lib

erty

Life

As

sura

nce

1,626

,127

5,51

3,039

7,1

39,16

6 20

,301,4

16

35.17

27

.16

8.01

2 IC

EA

1,902

,759

3,390

,300

5,29

3,059

12

,314,

204

42.9

8 27

.53

15.4

5

3 UA

P 1,4

89,39

1 1,9

29,39

0 3,4

18,78

1 6,

312,4

05

54.16

30

.57

23.5

9

4 Na

tiona

l Ins

uran

ce

93,0

77

3,114

,718

3,207

,795

1,816

,695

17

6.57

17

1.45

5.12

5 Ju

bile

e 82

2,489

69

6,22

8 1,5

18,71

7 5,

025,

674

30.22

13

.85

16.37

6 Sa

nlam

75

2,262

6,

849,

308

7,601

,570

8,

511,9

49

89.30

80.4

78.

84

7 Go

ldst

ar

79,31

1 17

3,920

25

3,231

53

5,33

9 47

.3032

.49

14.8

2

8 Br

itam

61

,025

19

9,183

26

0,20

8 58

9,31

1 44

.1533

.80

10.36

T

OTAL

6,

826,

441

21,8

66,0

86

28,6

92,5

27

55,4

06,9

93

51.7

9 39

.46

12.3

2

STA

TEM

ENT

OF R

EINS

URAN

CE/R

ETRO

CESS

ION

PREM

IUM

NON

LIF

E FO

R TH

E YE

AR E

NDIN

G 31

ST D

ECEM

BER

2013

(‘0

00)

FIRM

No.

AIG

F

ICO

APA

NIKO

LION

JUBI

LEE

TRAN

SAFR

ICA

RIO

SWIC

OEX

CEL

ICEA

Inw

ard

Rein

sura

nce

Prem

ium

-

-

-

Trea

ty1

-

675,9

05

-

-

-

-

Facu

ltativ

e2

167,7

37

69

6,80

6

2,591

,699

2,3

57,0

01

475,4

70

-

138,

439

-

-

Tota

l (1+

2)3

167,7

37

675,9

05

696,

806

-

2,591

,699

2,3

57,0

01

475,4

70

-

138,

439

-

-

Rein

sura

ne P

rem

ium

Ced

ed to

Loca

l

Rein

sura

nce

by

Trea

ty4

-

443,2

13

-

-

-

-

-

Facu

ltativ

e5

85,0

78

435,

693

250,

640

58

8,46

9 1,0

87,0

52

584,

865

6,1

69

-

-

Tota

l (4+

5)6

85,0

78

878,

906

250

,640

-

58

8,46

9 1,0

87,0

52

584,

865

-

6,169

-

-

Over

seas

- ins

uran

ce b

y way

of

Trea

ty7

12,15

6,24

3 12

8,67

5 2,7

13,27

0 -

354,

457

37,7

77,4

06

1,669

,024

794,

903

354

,568

7,2

43,17

9.73

Facu

ltativ

e8

4,73

2,879

3,453

,227

14,

378,

357

-

47

,053

-

33In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

FIRM

No.

AIG

F

ICO

APA

NIKO

LION

JUBI

LEE

TRAN

SAFR

ICA

RIO

SWIC

OEX

CEL

ICEA

Tota

l (7+

8)9

16,8

89,12

2 12

8,67

5 2,7

13,27

0 -

3,8

07,6

84

52,1

55,76

3 1,6

69,0

24

-

841,9

56

354,

568

7,243

,179.

73

Tota

l Rei

nsur

ance

Pre

miu

m C

eded

(6+9

)10

16,97

4,20

0 1,0

07,5

81

2,963

,910

-

4,

396,1

53

53,24

2,815

2,2

53,8

89

-

848,1

25

354,

568

7,243

,179.

73

Man

dato

ry C

essio

ns

Unde

r Sec

.64(

1) (a

)11

2,19

1,507

85

,783

523,0

43

17

7,124

18

,930

,920

83,4

51

79

,492

-

-

Unde

r Sec

.64(

1) (b

)12

-

35

4,24

6 2,1

03,4

36

166,

902

34

2,039

-

-

Unde

r Sec

.64(

1) (C

)13

Tota

l (11+

12)

142,1

91,5

07

85,78

3 52

3,043

-

53

1,370

2

1,034

,355

250,

354

-

421,5

31

-

-

STAT

EMEN

T OF

REI

NSUR

ANCE

/RET

ROCE

SSIO

N PR

EMIU

M N

ON L

IFE

FOR

THE

YEAR

END

ING

31ST

DEC

EMBE

R 20

13 (‘

000)

FIRM

No.

NIC

LEAD

SNO

VAPA

XEA

UUA

PBR

ITAM

PHEO

NIX

GOLD

STAR

TOTA

L

Inw

ard

Rein

sura

nce

Prem

ium

Trea

ty1

-

-

-

-

-

-

675,9

05

Facu

ltativ

e2

-

-

514,

903

-

-

806,1

53

-

7,748

,208

Tota

l (1+

2)3

-

-

-

-

514,

903

-

-

806,1

53

-

8,42

4,113

Rein

sura

ne P

rem

ium

Ced

ed to

Loca

l

-

Rein

sura

nce

by

-

Trea

ty4

54,8

83

-

-

-

-

-

-

498,

096

Facu

ltativ

e5

79

,886

2,0

11,56

3 -

1,9

12,92

6.12

1,234

,104

-

8,27

6,44

5

Tota

l (4+

5)6

54,8

83

-

-

79,8

86

2,011,

563

-

1,912

,926.1

2 1,2

34,10

4 -

8,

774,

541

Over

seas

- ins

uran

ce b

y way

of

-

Trea

ty7

731,2

25

4256

711,3

64,5

79

5,08

3,401

1,4

81,0

66.0

5 3,0

63,8

63

11,99

7,758

87

,339,

289

Facu

ltativ

e8

783,0

07

-

2,735

,727

9618

524

2,416

,290.

24

3,1

08,6

55

41,27

3,719

Tota

l (7+

8)9

1,514

,232

-

-

425,

671

4,100

,306

14,70

1,925

3,8

97,35

63,0

63,8

63

15,10

6,41

3 12

8,61

3,008

Tota

l Rei

nsur

ance

Pre

miu

m C

eded

(6+9

)10

1,569

,115

-

-

505,

557

6,111,

869

14,70

1,925

5,

810,

282

4,29

7,967

15

,106,

413

137,3

87,5

49

Man

dato

ry C

essio

ns

-

Unde

r Sec

.64(

1) (a

)11

63

,851

44

3,537

-

19

3,182

.53

180,

228

755,

321

23,70

7,439

Un

der S

ec.6

4(1)

(b)

12

-

796,

541

-

-

360,

455

1,510

,641

5,

634,

260

Unde

r Sec

.64(

1) (C

)13

-

23

1,090

23

1,090

Tota

l (11+

12)

14-

-

-

63

,851

1,2

40,0

78

-

193,1

82.53

54

0,68

3 2,2

65,9

62

29,34

1,699

34In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

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2013

STAT

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INCU

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NON

LIFE

INSU

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FOR

THE

YEAR

END

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0 FO

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Claim

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118

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1,137

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3,316

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13

29,8

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21

2,027

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1

7,122

2

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Claim

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ding

as at

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End

of

Curre

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nclu

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8,81

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7,779

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44

4,08

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1

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Claim

s Ous

tand

ing

at th

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edin

g Ye

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9,74

7,610

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2,975

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4,51

6,71

6 27

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246,

620

46,9

30

1,5

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9

Incu

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Claim

s (1+

2-3)

418

,065

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1,228

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3,156

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-

5,82

8,88

2 43

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50

1,867

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13,6

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2,4

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Busin

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aid5

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2,526

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Claim

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as at

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end

of th

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Year

6-

7,5

00

-

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1,189

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030

Claim

s Out

stan

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as at

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end

of th

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Year

7-

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1,019

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Incu

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Claim

s (5+

6-7)

8-

7,5

00

-

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811,8

77

-

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Outw

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uran

ce B

usin

ess -

Claim

s Pa

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(6,4

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-

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1,362

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16

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10

-

-

(577

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Claim

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stan

ding

as at

the

end

of th

e Cu

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Year

104,

708,

394

-

-

-

3,798

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28

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1,7

83,6

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-

-

Claim

s Out

stan

ding

as at

the

end

of th

e pr

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ing

Year

115,

745,4

15-

-

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2,6

25,75

9 18

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1,8

05,5

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Incu

rred

Claim

s (9+

10-11

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(7,4

66,0

19)

-

-

-

189,4

13

5,81

0,117

21

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-

(5

77,20

3)

Net B

usin

ess -

Claim

s Paid

(1+5

+9)

1312

,563

,981

1,1

37,72

4 3

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252

-

4,22

0,35

2 13

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11 2,0

27,0

56

17,12

2 2,0

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6

Claim

s Out

stan

ding

as at

the

end

of th

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Year

(2+6

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144,1

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6 85

5,27

9 2,8

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-

2,796

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12,5

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0 43

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1,4

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64

Claim

s Out

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ding

as at

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of th

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ing

Year

(3+7

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154,

002,1

95

757,1

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2,97

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-

2,9

10,6

14

9,926

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2,445

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46

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1,5

21,78

9

Incu

rred

Claim

s (13

+14-

15)

1612

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1,235

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3,1

56,34

4 -

4,1

05,9

98

15,71

7,847

1,8

89,0

79

13,6

22

1,911,

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35In

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Regu

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utho

rity

of U

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a A

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STAT

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NON

LIFE

INSU

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FOR

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s Pa

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1,399

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1,588

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51

6,65

7 -

60

4,27

4 2,3

13,0

67

19,9

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12

1,090

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3,0

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7,127

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Claim

s Out

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End

of C

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nclu

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258

5,103

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56

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221,7

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746

2,954

3,4

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1,767

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759,

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Claim

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d of

th

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Year

367

7,927

5,

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4,34

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4 67

6,96

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75

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627,8

46

17,81

2,492

58

5,82

6 2,9

56,72

3 14

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391

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Incu

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Claim

s (1+

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41,3

06,22

5 7,7

62,5

29.5

2 83

1,249

53

6,22

7 -

58

4,95

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16

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2,287

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7,610

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2,186

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Busin

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642,5

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Claim

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Claim

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the

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Year

7-

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Incu

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Claim

s (5+

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Claim

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Year

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69

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Claim

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Net B

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Claim

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Claim

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end

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Year

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1458

5,103

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56

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54

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Claim

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1567

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75

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2,956

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1,479

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Incu

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Claim

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15)

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58

4,95

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36In

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nce

Regu

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utho

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of U

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13 (4

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Com

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Defe

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94

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53In

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55In

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57In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

UGANDA RE 2013

PARTICULARS Shs.(‘000)

A: SHARE CAPITAL:

Authorised 9,000,000

Issued and Fully Paid Up 6,443,000

B: RESERVES:

Contingency 12,764

Capital 2,577

Revaluation

Retained Earnings 36,196

Share Deposits

Fair Value Gains

General

Share Premium 225,000

Share Application Funds

Minority Interest

SHAREHOLDERS FUNDS 6,719,537

OTHER RESERVES

Insurance Funds

Proposed Dividends Payable

Revenue Reserves

Share Deposit

Minority Interest

Long term Group Balances

CAPITAL EMPLOYED 6,719,537

Represented by:

C: NON CURRENT ASSETS:

Land and Buildings

Motor Vehicles 58,500

Office Equipment

Computer Equipment 4,227

Furniture, Fixtures & Fittings

Deferred Tax Asset 45,310

Prepaid Lease Rentals

Intangible Asset

Leasehold Improvements

Work in Progress

108,037

58In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013


UGANDA RE 2013


D: INVESTMENTS:

Government Securities 717,732

Fixed Deposits 5,499,182

Other Investments (Specify):

Investment In Associates

Statutory Deposits

Unquoted Shares

Quoted Shares

Mortgages

Investment Property

Corporate Bond

Long Term Investment

6,216,914

E CURRENT ASSETS

Premium Outstanding 146,813

Retrocessionaire Premiums Receivable 27,125

Retrocessionaires Share of Reinsurance Liabilities and Reserves

39,227

Sundry Debtors 561,510

Group/Related Parties

Other Current Assets 36,969

Cash in Bank and at Hand 164,714

976,358

F CURRENT LIABILITIES

Bank Loans/Overdraft

Other Loans

Premiums Payable 46,150

Retrocessionaires Premiums Payable 404,888

Sundry Creditors/Payables

Other Ceditors/Payables 25,195

Group/Related Parties

Provision for Tax 48,099

524,332

G NON CURRENT LIABILITIES

Shareholders Loan

Finance Lease Obligation

Deferred Taxation

Borrowing/Inter Fund Account

59In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013


UGANDA RE 2013


H UNDERWRITING RESERVES

Unearned Premium Reserve 57,440

Outstanding Claims Reserves

Claims Incurred But Not Reported

57,440

NET ASSETS 6,719,537

60In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

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61In

sura

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Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

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62In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

INSURANCE BROKERS’ STATISTICS-2013

No. Broking firm Gross Commission

Total Income Operating Expenses

Profit/loss After

(Ug. Shs) (Ug. Shs) (Ug. Shs) taxation (Ug. Shs)

1 Marsh Uganda Ltd 6,421,463,000 6,439,169,000 6,196,469,000 165,156,000

2 AON 6,340,368,000 7,188,755,000 6,136,515,000 835,591,000

3 Rock 722,526,337 722,592,088 543,377,624 104,425,499

4 Liaison 1,052,032,982 1,052,032,982 943,189,608 (69,407,260)

5 Five Star 955,518,168 1,010,578,435 947,358,962 45,343,027

6 Interstate 781,921,000 781,945,793 636,943,000 83,281,000

7 Eagle Africa 717,610,000 719,838,000 899,670,000 (153,710,000)

8 The Inter-Continental

643,724,883 650,641,383 620,611,218 20,146,023

9 Universal Galaxy 345,625,339 352,877,560 352,576,797 30,659,918

10 Chancery Wright 417,968,000 445,869,000 329,059,000 63,045,000

11 Vital 96,716,152 101,213,917 97,351,341 2,190,932

12 BTB Insurance Brokers

402,650,267 501,340,256 135,262,756 100,169,730

13 Clarkson 442,153,293 443,733,793 410,976,315 15,714,644

14 Abacus 162,784,929 167,670,853 134,893,989 12,525,345

15 Corporate 63,804,829 63,804,829 66,687,125 (3,684,876)

16 Padre Pio 788,048,720 818,051,352 754,635,059 39,036,672

17 Guardian Re 317,682,379 325,857,521 272,315,911 52,876,916

18 Davie and Josh 213,110,732 213,110,732 168,490,269 44,620,463

19 Radiant 173,533,000 175,733,000 140,161,000 25,598,000

20 Neon 337,425,887 308,183,917 267,206,775 28,399,142

21 Hillcrest 273,576,496 274,049,621 196,557,645 21,507,573

22 Legacy 620,374,000 648,046,000 577,762,000 15,219,000

23 Bartlett 74,844,313 74,856,146 147,520,032 (84,822,672)

24 Balaji 698,002,000 698,002,000 621,671,000 43,976,000

25 Avenue 209,236,235 194,924,702 182,135,944 8,014,631

26 Pentad 138,437,418 147,296,564 199,312,033 (52,015,469)

27 Gras Savoye Uganda 634,660,000 639,441,000 750,521,000 (111,080,000)

28 HS Jutley 114,752,000 114,836,000 83,252,000 22,583,000

29 Kiboko Financial Services

1,474,126,000 1,476,036,000 145,315,000 103,193,000

TOTAL 25,634,676,359 26,750,487,444 22,957,797,403 1,408,552,238

63In

sura

nce

Regu

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ry A

utho

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of U

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a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

INSURANCE BROKERS’ RATIOS-2013

No Broking Firm Gross Commission Operating Expenses Profit/Loss After

To Total Income To Total Income Tax To Total Income

1 Marsh 99.73 96.23 2.56

2 AON 88.20 85.36 11.62

3 Rock 99.99 75.20 14.45

4 Liaison 100 89.65 (6.60)

5 Five Star 94.55 93.74 4.49

6 Interstate 100 81.46 10.65

7 P.R.P Insurance Services

99.69 124.98 (21.35)

8 The Inter-Continental 98.94 95.38 3.10

9 Universal Galaxy 97.94 99.91 8.69

10 Chancery Wright 93.74 73.80 14.14

11 Vital 95.56 96.18 2.16

12 Bid Insurance 80.31 26.98 19.98

13 Clarkson 99.64 92.62 3.54

14 Abacus 97.09 80.45 7.47

15 Corporate 100.00 104.52 (5.78)

16 Padre Pio 96.33 92.25 4.77

17 Guardian Re 97.49 83.57 16.23

18 Davie and Josh 100 79.06 20.94

19 Radiant 98.75 79.76 14.57

20 Neon 109.49 86.70 9.21

21 Hillcrest 99.83 71.72 7.85

22 Legacy 95.73 89.15 2.35

23 Bartlett 99.98 197.07 (113.31)

24 Balaji 100 89.06 6.30

25 Avenue 107.34 93.44 4.11

26 Pentad 93.99 135.31 (35.31)

27 Gras Savoye Uganda 99.25 117.37 (17.37)

28 HS Jutley 99.93 72.50 19.67

29 Kiboko Financial Services

99.87 9.84 6.99

TOTAL 95.82 85.82 5.26

64In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

LOSS ADJUSTERS STATISTICS-2013

OPERATING REVENUE PROFIT AFTER TAX

2012 2013 % change

2012 2013 % change

1 Multiple 361,455,314 394,427,229 9.12 15,379,593 26,195,991 70

2 Bengal 135,049,474 121,717,058 (9.87) 5,763,932 5,181,596 (10)

3 Aliwali 230,408,773 180,209,240 (21.79) 6,812,292 19,534,897 187

4 Protectors 102,450,552 107,098,550 4.54 176,435 (1,447,812) (921)

5 Mclaren 166,566,150 118,895,112 (28.62) (4,006,547) (13,116,609) 227

6 Crown 55,441,800 68,086,927 22.81 (1,415,446) (2,390,782) 69

7 Five Motors 34,270,500 36,517,000 6.56 917,707 (3,188,527) (447)

8 Intertech 26,763,400 11,220,000 (58.08) 2,107,923 (6,443,281) (406)

9 General Adjusters

301,202,000 411,578,000 36.65 (90,322,000) 24,318,000 (127)

10 Nathwani & Taylor

78,715,000 39,775,000 (49.47) 7,895,200 -187,018 (102)

11 Zolm 146,339,683 172,006,312 17.54 35,768,318 12,943,500 (64)

12 Ask Corporate Consults Ltd

- 104,818,000 - 1,120,000 -

13 S.M. Cathan 32,886,832 47,215,700 43.57 (11,957,166) 307,342 (103)

14 Futures Property Consultants

82,277,859 122,097,711 48.40 (9,577,190) 5,225,713 (155)

15 Elit Liability Management

41,043,082 107,066,423 160.86 9,228,315 (8,497,407) (192)

16 ADR Limited 58,554,000 71,383,888 21.91 1,544,000 17,646,938 1,043

17 Fox Limited - 25,947,924 - - (7,828,927) -

Total 1,671,549,478 1,813,564,128 8.50 (32,879,759) 62,827,297 (291.08)

65In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

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ort,

2013

LIST OF APPENDICES

66In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

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o.ug

06/

06/

1997

5Fi

rst I

nsur

ance

Com

pany

Ltd

.M

s. G

ugul

ethu

Ngw

enya

Ros

e(G

ener

al M

anag

er)

Plot

1 K

yado

ndo

Road

P.

O. B

ox 5

245

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-

3428

63/2

3375

0

Fax:

+25

6 (0

) 4

14-3

459

23

E-m

ail:

fico@

fico.

co.u

g

04

/05/

1992

6G

oldS

tar

Insu

ranc

e C

ompa

ny

Ltd.

Mr.

Azi

m T

hara

ni

(Man

agin

g D

irect

or)

6th

Floo

r, C

rane

Cha

mbe

rsPl

ot 3

8, K

ampa

la R

oad

P.O

. Box

778

1K

AM

PALA

Tel:

+25

6 (0

) 4

14-2

5011

0/1

Fax:

+25

6 (0

) 4

14-2

5495

6Em

ail:g

olds

tar@

gold

star

insu

ranc

e.co

m

23/0

9/19

94

67In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

7In

sura

nce

Com

pany

of E

ast

Afr

ica

(U)

Ltd.

Mr.

John

Kar

ionj

i (

Man

agin

g D

irect

or)

Rwen

zori

Cou

rts

Nak

aser

o Ro

adP.

O. B

ox 3

3953

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-

3475

35/2

3233

7Fa

x: +

256

(0)

414

-34

7534

Emai

l:ice

a@af

rica

onlin

e.co

.ug

Web

site

: ww

w.ic

ea.c

o.ug

05/

08

/199

9

8Le

ads

Insu

ranc

e Lt

d.

Mr.

Sam

B P

hiri

(Chi

ef E

xecu

tive

Off

icer

)1s

t Flo

or K

ing

Fahd

Pla

zaPl

ot 5

2, K

ampa

la R

oad

P.O

. Box

261

91K

AM

PALA

Tel:

+25

6 (0

) 4

14-2

5328

3/4

/5Fa

x: +

256

(0)

414

- 25

328

6Em

ail:

lead

s@ut

lonl

ine.

co.u

g

09/

09/

1999

9Li

bert

y Li

fe A

ssur

ance

U

gand

a Lt

d.Jo

seph

Alm

eida

(Gen

eral

Man

ager

)In

vest

men

t Hou

se 2

nd F

loor

Pl

ot N

o. 1

Dun

das

Road

Kol

olo

P. O

. Box

229

38

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-2

3379

4/5

Fax:

+25

6 (0

) 4

14-2

3290

3Em

ail:

Alm

eida

j@st

anbi

c.co

mW

ebsi

te: w

ww

.libe

rty.

co.z

a

06/

09/

200

5

10Li

on A

ssur

ance

Com

pany

Ltd

. M

r. N

ewto

n Ja

zire

(M

anag

ing

Dire

ctor

)Pl

ot 5

0 W

inds

or C

resc

ent

Kol

olo(

adja

cent

to M

etro

pole

H

otel

) P.

O. B

ox 7

658

,KA

MPA

LA

Tel:

+25

6 (0

) 4

14-3

414

50/

2356

87/8

Fax:

+25

6 (0

) 31

2-26

280

4Em

ail:

insu

re@

lion.

co.u

g

03/

06/

198

8

11N

atio

nal I

nsur

ance

C

orpo

ratio

n Lt

d.M

r. Fo

laya

n Ba

yo(M

anag

ing

Dire

ctor

).

Plot

3 P

ilkin

gton

Roa

dP.

O. B

ox 7

134

KA

MPA

LA

Tel.

+25

6 (0

) 4

14-2

580

01/

5Fa

x: +

256

(0)

414

-259

925

Emai

l:nic

@ni

c.co

.ug

Web

site

: ww

w.n

ic.c

o.ug

20/1

1/20

00

12N

IKO

Insu

ranc

e (U

gand

a)

Ltd.

Mr.

Rona

ld Z

aake

(M

anag

ing

Dire

ctor

) Pl

ot 2

Par

klan

e U

pper

Kol

olo

Nea

r Lu

gogo

Indo

or S

tadi

um

P.O

. Box

24

256

KA

MPA

LA

Tel.

+25

6 (0

) 31

2-26

472

0/1

/2Fa

x: +

256

(0)

312-

264

723

Emai

l: rz

ake@

nico

insu

ranc

e.co

.ug

Web

site

: ww

w.n

icom

w.c

om

18/1

0/1

996

13Pa

x In

sura

nce

Com

pany

Ltd

Mr.

John

Car

ruth

ers

( C

hief

Exe

cutiv

e O

ffic

er)

Plot

3,

Col

ville

Str

eet,

Plat

inum

Ju

bile

e H

ouse

P.O

Box

70

30K

AM

PALA

Tel:

+25

6 (0

) 4

14-6

6156

0Em

ail:

pico

@af

rica

onlin

e.co

.ug

18/0

9/20

07

68In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

7In

sura

nce

Com

pany

of E

ast

Afr

ica

(U)

Ltd.

Mr.

John

Kar

ionj

i (

Man

agin

g D

irect

or)

Rwen

zori

Cou

rts

Nak

aser

o Ro

adP.

O. B

ox 3

3953

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-

3475

35/2

3233

7Fa

x: +

256

(0)

414

-34

7534

Emai

l:ice

a@af

rica

onlin

e.co

.ug

Web

site

: ww

w.ic

ea.c

o.ug

05/

08

/199

9

8Le

ads

Insu

ranc

e Lt

d.

Mr.

Sam

B P

hiri

(Chi

ef E

xecu

tive

Off

icer

)1s

t Flo

or K

ing

Fahd

Pla

zaPl

ot 5

2, K

ampa

la R

oad

P.O

. Box

261

91K

AM

PALA

Tel:

+25

6 (0

) 4

14-2

5328

3/4

/5Fa

x: +

256

(0)

414

- 25

328

6Em

ail:

lead

s@ut

lonl

ine.

co.u

g

09/

09/

1999

9Li

bert

y Li

fe A

ssur

ance

U

gand

a Lt

d.Jo

seph

Alm

eida

(Gen

eral

Man

ager

)In

vest

men

t Hou

se 2

nd F

loor

Pl

ot N

o. 1

Dun

das

Road

Kol

olo

P. O

. Box

229

38

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-2

3379

4/5

Fax:

+25

6 (0

) 4

14-2

3290

3Em

ail:

Alm

eida

j@st

anbi

c.co

mW

ebsi

te: w

ww

.libe

rty.

co.z

a

06/

09/

200

5

10Li

on A

ssur

ance

Com

pany

Ltd

. M

r. N

ewto

n Ja

zire

(M

anag

ing

Dire

ctor

)Pl

ot 5

0 W

inds

or C

resc

ent

Kol

olo(

adja

cent

to M

etro

pole

H

otel

) P.

O. B

ox 7

658

,KA

MPA

LA

Tel:

+25

6 (0

) 4

14-3

414

50/

2356

87/8

Fax:

+25

6 (0

) 31

2-26

280

4Em

ail:

insu

re@

lion.

co.u

g

03/

06/

198

8

11N

atio

nal I

nsur

ance

C

orpo

ratio

n Lt

d.M

r. Fo

laya

n Ba

yo(M

anag

ing

Dire

ctor

).

Plot

3 P

ilkin

gton

Roa

dP.

O. B

ox 7

134

KA

MPA

LA

Tel.

+25

6 (0

) 4

14-2

580

01/

5Fa

x: +

256

(0)

414

-259

925

Emai

l:nic

@ni

c.co

.ug

Web

site

: ww

w.n

ic.c

o.ug

20/1

1/20

00

12N

IKO

Insu

ranc

e (U

gand

a)

Ltd.

Mr.

Rona

ld Z

aake

(M

anag

ing

Dire

ctor

) Pl

ot 2

Par

klan

e U

pper

Kol

olo

Nea

r Lu

gogo

Indo

or S

tadi

um

P.O

. Box

24

256

KA

MPA

LA

Tel.

+25

6 (0

) 31

2-26

472

0/1

/2Fa

x: +

256

(0)

312-

264

723

Emai

l: rz

ake@

nico

insu

ranc

e.co

.ug

Web

site

: ww

w.n

icom

w.c

om

18/1

0/1

996

13Pa

x In

sura

nce

Com

pany

Ltd

Mr.

John

Car

ruth

ers

( C

hief

Exe

cutiv

e O

ffic

er)

Plot

3,

Col

ville

Str

eet,

Plat

inum

Ju

bile

e H

ouse

P.O

Box

70

30K

AM

PALA

Tel:

+25

6 (0

) 4

14-6

6156

0Em

ail:

pico

@af

rica

onlin

e.co

.ug

18/0

9/20

07

14Ph

oeni

x of

Uga

nda

Ass

uran

ce

Com

pany

Ltd

.M

r. V

. Par

thas

arat

hi(G

ener

al M

anag

er)

8th

Flo

or, W

orke

rs H

ouse

Pi

lkin

gton

Roa

dP.

O. B

ox 7

014

9K

AM

PALA

Tel:

+25

6 (0

) 4

14-

3496

59/3

496

60/3

496

62Fa

x: +

256

(0)

414

-34

9662

E-m

ail:

info

@ph

oeni

xuga

nda.

com

08

/11/

200

0

69In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

15Ri

o In

sura

nce

Com

pany

Ltd

.M

r. Ro

gers

Ddu

ngu

Kiy

onga

(Man

agin

g D

irect

or)

Plot

20

, Kam

pala

Roa

dRa

dian

t Hou

seP.

O. B

ox 5

710

, K

AM

PALA

Tel:

+25

6 (0

) 4

14-

3412

64

/230

469

Fax:

+25

6 (0

) 31

2-26

1475

Emai

l : r

ioin

sco@

afri

caon

line.

co.u

g

10/0

1/19

90

16St

atew

ide

Insu

ranc

e C

ompa

ny L

td.

Mr.

J.W.M

. Kiw

anuk

a(M

anag

ing

Dire

ctor

)Pl

ot 1

, Bom

bo R

oad,

Sur

e H

ouse

P.O

. Box

939

3K

AM

PALA

Tel:

+25

6 (0

) 0

414

-34

5996

Fax:

+25

6 (0

) 0

414

-34

340

3Em

ail:s

wic

o@in

foco

m.c

o.ug

12/1

1/19

81

17Th

e Ju

bile

e In

sura

nce

Com

pany

of U

gand

a Lt

d.M

r. D

eepa

k Pa

ndey

(Chi

ef E

xecu

tive

Off

icer

)Ju

bile

e In

sura

nce

Cen

tre,

Plo

t 14

, Pa

rlia

men

tary

Ave

nue,

P.

O. B

ox 1

023

4K

AM

PALA

Tel:

+25

6 (0

) 4

14-3

1170

1Fa

x: +

256

(0)

414

-258

539

Emai

l:jic

ug@

jubi

leeu

gand

a.co

mW

ebsi

te: w

ww

.jubi

leei

nsur

ance

.co

m

23/0

7/19

91

18Tr

ansA

fric

a A

ssur

ance

C

ompa

ny L

td.

Mr.

Sidd

arth

Iyer

(Chi

ef E

xecu

tive

Off

icer

)Pl

ot 1

3/15

, Kim

athi

Ave

nue,

2nd

Fl

oor,

Impa

la H

’se

P.O

. Box

760

1K

AM

PALA

Tel.

+25

6 (0

) 4

14-

2514

11/3

40

535

Fax:

+25

6 (0

) 4

14-2

5451

1Em

ail:t

aacl

@sp

acen

et.c

o.ug

18/0

8/1

992

19U

AP

Insu

ranc

e U

gand

a Lt

d.M

r. M

unga

i Zip

orra

h W

aith

ira

(Man

agin

g D

irect

or)

1 K

imat

hi A

venu

eP.

O. B

ox 7

185

KA

MPA

LA

Tel.

+25

6 (0

) 4

14-3

3270

0Fa

x: +

256

(0)

414

- 25

638

8Em

ail:u

ap@

uapi

nsur

ance

.co.

ugW

ebsi

te: u

apin

sura

nce.

co.u

g

29/0

6/19

71

20Sa

nlam

Life

Insu

ranc

e (U

) Lt

dM

s. E

lizab

eth

Mar

guri

te D

e W

aal

(Chi

ef E

xecu

tive

Off

icer

)Pl

ot 3

Nak

aser

o H

ill R

oad

P.O

. Box

254

95Te

l: +

256

(0)

417

-726

526

Fax:

+25

6 (0

) 4

17-7

2652

7w

ww

.san

lam

.co.

ug

3/11

/20

09

21Br

itam

Insu

ranc

e C

ompa

ny

(Uga

nda)

Ltd

Mr.

Alla

n M

afab

i(G

ener

al M

anag

er)

Cou

rse

Vie

w T

ower

s,1s

t Flo

orPl

ot 2

1, Y

usuf

Lul

e Ro

adTe

l: +

256

(0)

417

-70

260

0Fa

x: +

256

(0)

417

-70

2610

Emai

l: br

itam

@br

itam

.co.

ug

26/7

/20

10

22N

ova

Insu

ranc

e C

ompa

ny L

tdM

r. K

. B. D

ave

(Chi

ef E

xecu

tive

Off

icer

)5t

h Fl

oor,

DT

B C

ente

rPl

ot 1

7/19

Kam

pala

Roa

dP.

O B

ox 2

487

6, K

ampa

la

Tel:

+25

6 (0

) 4

14-2

3299

5,

070

0-2

1296

3Fa

x: +

256

(0)

414

-232

996

Emai

l: no

vain

s.co

@gm

ail.c

om

23/0

5/20

12

23U

gand

a Re

insu

ranc

e C

ompa

ny L

td.

Mr.

Har

oon

Mot

ara

(Chi

ef E

xecu

tve

Off

icer

)Pl

ot 6

, Cop

pice

Roa

d, K

olol

oP.

O. B

ox 7

371,

Kam

pala

Tel:

+25

6 (0

) 4

1711

7860

,M

ob: +

256

(0)

751

7869

03

E-m

ail:

hmot

ara@

ugan

dare

.com

11/0

8/2

00

5

70In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

App

endi

x II

: Li

cens

ed In

sura

nce

Bro

kers

in 2

013

Nam

e of

Com

pany

Nam

e &

Tit

le o

f the

C. E

. OA

ddre

ssTe

leph

one/

Fax/

E-m

ail

Dat

e of

Inco

rpor

atio

n

1A

bacu

s In

sura

nce

Brok

ers

(U)

Ltd

Mr.

Kitu

mba

Edw

ard

(Man

agin

g D

irect

or)

Suite

10

7, 2

nd F

loor

, The

Pla

za/

Rege

ncy

Suite

s, P

lot 2

/23

Kam

pala

Roa

dP.

O. B

ox 3

032

K

AM

PALA

Tel:

+25

6 (0

) 31

2-26

568

0/1

Fax:

+25

6 (0

) 31

2-26

5410

Emai

l: ad

min

@ab

acus

insu

ranc

e.co

.ug

13/1

2/20

06

2M

arsh

(U

) Lt

d.M

r. Kw

ame

Ejal

u (M

anag

ing

Dire

ctor

)A

lexa

nder

For

bes

Hou

se, P

lot 7

, Ba

ndal

i Ris

e Bu

golo

obi

P.O

. Box

319

0K

AM

PALA

Tel:

+25

6 (0

) 4

14–2

204

85

Fax:

+25

6 (0

) 4

14-2

218

53Em

ail:

afor

bes@

afor

bes.

co.u

g W

ebsi

te: a

lexa

nder

forb

es.c

om

27/0

2/19

97

3A

ON

Uga

nda

Ltd.

Mr.

Mau

rice

Am

ogol

a (M

anag

ing

Dire

ctor

)Pl

ot 1

1/13

Low

er K

olol

o Te

rrac

e K

olol

o (f

orm

er A

ir U

gand

a O

ffic

es)

P.O

. Box

313

2 K

AM

PALA

Tel:

+25

6 (0

) 31

2-22

910

0Fa

x: +

256

(0)

312-

2292

34Em

ail:A

on_U

gand

a@ao

n.co

.ug

10/0

2/19

82

4BT

B In

sura

nce

Brok

ers

(U)

Ltd

Mr.

Fran

k M

. Kiz

ito(G

ener

al M

anag

er)

5th

Floo

r, W

orke

rs H

ouse

P.O

. Box

371

62K

AM

PALA

Tel:

+25

6 (0

) 4

14-4

340

14Fa

x: 0

414

-289

701

Emai

l: bi

dins

@ut

lonl

ine.

co.u

g

07/

06/

200

4

5C

hanc

ery

Wri

ght I

nsur

ance

Br

oker

s (U

) Lt

d.M

r. G

race

Sek

akom

o K

iwan

uka

(Gen

eral

Man

ager

)5t

h F

loor

, Im

pala

Hou

se,

Kim

athi

Ave

nue

P.O

. Box

256

72K

AM

PALA

Tel.

+25

6 (0

) 4

14-

348

46

4/2

358

65Fa

x: +

256

(0)

414

-34

834

1Em

ail:c

hanc

ery@

afri

caon

line.

co.u

g W

ebsi

te: w

ww

.cha

ncer

ywri

ght.

com

16/0

4/1

998

6C

lark

son

Not

cutt

Ins.

Bro

kers

(U

) Lt

d.M

r. M

uhoo

zi C

harl

es(C

ount

ry M

anag

er)

Plot

27A

Ban

dari

Ris

e Bu

golo

bi

P.O

. Box

230

8

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-

2566

58/2

354

99Fa

x: +

256

(0)

414

-256

658

Emai

l: cl

arks

on@

afri

caon

line.

co.u

g W

ebsi

te: w

ww

.cla

rkno

t.co

m

25/0

5/20

04

71In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

7C

orpo

rate

Inve

stm

ent B

roke

rs

(U)

Ltd

Pete

r K

ased

de(C

hief

Exe

cutiv

e O

ffic

er)

Plot

3 K

ampa

la R

oad

Stat

ion

Hou

se 1

st F

loor

Sui

te1

P.O

. Box

222

69

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-

258

490

/258

492

Fax:

+25

6 (0

) 4

14-2

584

90

15/1

2/20

06

8D

avie

& J

osh

Insu

ranc

e Br

oker

s Lt

dM

r. K

aruh

anga

Dic

k (

Exec

utiv

e D

irect

or)

Plot

48

Bom

bo R

oad,

ESA

MI

Build

ing

P.O

Box

30

451

K

AM

PALA

Tel:

+25

6 (0

) 31

2-11

2097

24/0

1/20

09

9Fi

ve S

tar

Insu

ranc

e Se

rvic

es

Ltd.

Mr.

Aar

if K

arim

(Man

agin

g D

irect

or)

Plot

121

9, N

amul

i Roa

d, B

ukot

oP.

O. B

ox 2

3035

, K

AM

PALA

Tel:

+25

6 (0

) 4

14-3

490

89/9

0Fa

x: +

256

(0)0

414

-234

897

Emai

l: in

fo@

fives

taru

g.co

m

20/0

5/19

96

10In

ters

tate

Insu

ranc

e Se

rvic

es

Ltd.

Mr.

Step

hen

Mpa

gi(G

ener

al M

anag

er)

Plot

4, F

lat N

o. 1

Kim

athi

Ave

nue

P.O

. Box

499

9K

AM

PALA

Tel:

+25

6 (0

) 4

14-2

5827

5Fa

x:0

414

- 23

5126

Emai

l: in

ters

tate

@ut

lonl

ine.

co.u

g

30/0

1/19

71

11Li

aiso

n U

gand

a Lt

dM

s M

uchu

ra C

arol

ine

(Gen

eral

Man

ager

)Li

aiso

n H

ouse

Pl

ot 4

4 L

umum

ba A

venu

e P.

O. B

ox 2

260

7 K

AM

PALA

Tel:

+25

6 (0

) 0

414

-423

398

Emai

l: in

fo@

ug.li

aiso

ngro

up.n

etW

ebsi

te: l

iais

ongr

oup.

net

08

/07/

1993

12Pe

ntad

Insu

ranc

e Se

rvic

es L

tdM

r. K

ihug

uru

G

(Chi

ef E

xecu

tive

offic

er)

2nd

Floo

r Re

genc

y Pl

aza

Plot

30

, Lug

oogo

-by-

Pass

P.O

. Box

367

35K

ampa

la

Tel:

+25

6 (0

) 31

3-55

5555

Emai

l: co

nsul

t@pe

ntad

.co.

ug

13Ea

gle

Afr

ica

(U)

Ltd

Mr.

Fran

cis

Ruta

buzw

a(E

xecu

tive

Dire

ctor

)Pl

ot 5

9 N

krum

ah R

dP.

O. B

ox 2

44

07

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-3

48

515

Fax:

+25

6 (0

) 4

14-2

5567

8Em

ail:

info

@pr

pins

uram

ce.c

o.ug

26/0

6/19

97

14Pa

dre

Pio

Ions

uran

ce B

roke

rs

Ltd

Iren

e K

ego

(Chi

ef E

xecu

tive

offic

er)

Plot

12A

Tuf

fnel

l Dri

ve

Kam

wok

ya

P.O

. Box

74

46

KA

MPA

LA

Tel:

+25

6 (0

) 31

2-22

84

682

Emai

l: pa

drep

io@

utlo

nlin

e.co

.ug

21/1

2/20

05

72In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

15Ra

dian

t Ins

uran

ce B

roke

rs

(20

09)

Ltd

Mr.

M. D

oss

Jam

es

(Chi

ef E

xecu

tive

Off

icer

)Pl

ot 2

2, S

pear

Hou

se 3

rd F

loor

P.

O. B

ox 7

356

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-3

7125

015

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09

16Ro

ck In

sura

nce

Serv

ices

Ltd

.La

timer

Muk

asa

(Exe

cutiv

e D

irect

or)

Plot

15,

Cle

men

t Hill

Roa

d 2n

d Fl

oor,

Cot

ton

Hou

seP.

O. B

ox 2

88

10, K

’LA

Tel:

+25

6 (0

) 4

14-2

3333

9Fa

x: +

256

(0)

312-

2627

98Em

ail:

rock

@ro

ckin

sura

nce.

co.u

g

17/0

6/19

99

17Th

e In

terc

ontin

enta

l In

sura

nce

Brok

ers

Ltd.

Mr.

God

frey

Mas

embe

(Exe

cutiv

e D

irect

or)

Plot

No.

129

, Old

Kiir

a Ro

adP.

O. B

ox 8

060

, K’L

ATe

l: +

256

(0)

414

-54

1963

Fax:

+25

6 (0

) 4

14-5

419

64

Emai

l: iib

@in

foco

m.c

o.ug

30/0

8/1

982

18U

nive

rsal

Gal

axy

Insu

ranc

e Br

oker

s Lt

d.M

r. Ra

man

lal J

. Pat

el(M

anag

ing

Dire

ctor

)Ra

ja C

ham

bers

Gro

und

Floo

r, Su

ite 3

,Pa

rlia

men

t Ave

nue

P.O

. Box

323

6, K

’LA

Tel:

+25

6 (0

) 4

14-3

48

132

Fax:

+25

6 (0

) 4

14-2

3218

9Em

ail:u

nive

rsal

gala

xy@

sitic

able

.co

.ug

14/0

4/1

992

19V

ital I

nsur

ance

Ser

vice

s Lt

d.M

r. A

.S. K

intu

(Exe

cutiv

eDire

ctor

)A

mba

ssad

or H

ouse

Plot

56/

60 K

ampa

la R

oad

Suite

No.

22C

P.O

. Box

792

, K

’LA

Tel:

+25

6 (0

) 4

14-

2323

39Fa

x: +

256

(0)

414

-232

339

Emai

l: s

erik

a2vi

s@ya

hoo.

com

13/0

9/19

93

20G

uard

ian

Rein

sura

nce

Brok

ers

Ltd

Ms.

Noo

r Bi

rung

i(M

anag

ing

Dire

ctor

)4

th F

loor

, Met

ropo

litan

Hou

se,

Plot

8-1

0, E

nteb

be R

oad.

P.O

. Box

24

674

, K’L

A

Tel:

+25

6 (0

) 4

14-3

493

45

2/0

5/20

07

21H

ilcre

st C

ompa

ny L

tdM

r. Pe

ter

Ngo

bi(M

anag

ing

Dire

ctor

)1s

t Flo

or, A

mad

inda

Hou

seK

ampa

la R

oad

P.O

Box

828

8

Tel:

+25

6 (0

) 4

14-2

360

15/

7027

974

738

/01/

2010

22Le

gacy

Insu

ranc

e Se

rvic

es L

tdM

r. La

wre

nce

K. S

send

agire

(Gen

eral

Man

ager

)Pl

ot 2

4/2

6 En

tebb

e Ro

adG

anes

h Pl

aza,

Lev

el 2

P.O

Box

26

47,

KA

MPA

LA

Tel:+

256-

414

-34

1553

11/1

1/20

09

23Ba

laji

Insu

ranc

e Lt

dM

r. V

arun

Pun

jabi

(Chi

ef E

xecu

tive

Off

icer

)M

urta

la C

ourt

s G

roun

d Fl

oor

Plot

33

Lum

umba

Ave

nue

P O

Box

729

1 K

AM

PALA

Tel:

+25

6 (0

)774

44

1452

E-m

ail:v

arun

25@

hotm

ail.c

om6/

9/20

10

24G

ras

Savo

yeM

r. Ro

nald

Mus

oke

(Gen

eral

Man

ager

)1s

t Flo

or S

tudi

o H

ouse

5 Ba

ndal

i Ris

e, B

ugol

obi

P.O

.Box

716

6, K

ampa

la

Tel:+

256

(0)

752

757

376

01/

10/2

013

73In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

25N

eon

Inc.

Ltd

Mr.

Ndi

ho J

osep

h (C

hief

Exe

cuitv

e O

ffic

er)

Plot

731

/732

Maw

anda

Roa

dP.

O. B

ox 3

7414

Kam

pala

Tel:

+25

6 (0

) 0

414

-534

351

E-m

ail:

info

@ne

onin

sura

nce.

co.u

g

5/0

1/20

10

26A

venu

e In

sura

nce

Brok

ers

Ltd

Mrs

. Lyd

ia K

amuk

ama

(Ope

ratio

ns M

anag

er)

Plot

20

, 7th

Str

eet I

ndus

tria

l A

rea

P.O

Box

376

82, K

ampa

la

Tel:

+25

6 (0

) 75

2-21

051

6E-

mai

l: av

enue

insu

ranc

e@gm

ail.

com

4/8

/20

10

27Ba

rtle

tt A

fric

a Lt

dM

r. M

ark

Twin

amuk

ye(C

hief

Exe

cuitv

e O

ffic

er)

Plot

1 K

imat

hi A

venu

e3r

d Fl

oor,

UA

P Bu

ildin

gP.

O. B

ox 3

3087

, Kam

pala

Tel:

+25

6 (0

) 4

1425

900

3Fa

x: +

256

(0)

414

2590

01

21/1

2/20

10

28H

S Ju

tley

Brok

ers

(U)

Ltd

Mrs

. Rut

h N

duhu

kire

(Gen

eral

Man

ager

)Rw

enzo

ri T

ower

s, R

oom

6, 5

th

Floo

r N

akas

ero

Road

P.O

.Box

736

82, K

ampa

la

Tel:

+25

6 (0

) 31

3673

459

E-m

ail:

ruth

@hs

jutle

y.co

m23

/03/

2012

29K

ibok

o Fi

nanc

ial S

ervi

ces

Mr.

Sam

uel K

alin

da(P

rinc

ipal

Off

icer

)K

ibok

o H

ouse

Plot

28

B U

MA

Sh

ow g

roun

ds B

ox 3

7376

, K

ampa

la

Tel:

+25

6 (0

) 4

1710

094

1E-

mai

l: kf

s@ki

boko

.co.

ug20

/11/

2012

74In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

App

endi

x II

I: L

icen

sed

Loss

Ass

esso

rs in

20

13

Nam

e of

Com

pany

Nam

e &

Tit

le o

f the

C.E

.OA

ddre

ssTe

leph

one/

Fax/

E-m

ail

Dat

e of

Inco

rpor

atio

n

1A

liwal

i Dia

mon

d En

gine

ers

Eng.

G.W

. Nny

anzi

(Chi

ef E

xecu

tive)

Dam

asca

n Pl

aza,

Nak

ulab

ye –

H

oim

a Rd

P.O

. Box

865

6K

AM

PALA

Tel.

+25

6 (0

)312

-10

6933

M

ob: +

256

(0)

772-

457

148

Emai

l :

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11/0

5/19

88

2Be

ngal

Tra

ding

Com

pany

(U

) Lt

dPr

adip

Kum

ar D

as

(Man

agin

g D

irect

or)

Plot

96/

98 W

illia

m s

tree

tP.

O. B

ox 3

031

9K

AM

PALA

Tel:

+25

6 (0

) 71

2-98

3233

Emai

l: dp

radi

pkum

ar@

yaho

o.co

m

24/1

1/20

03

3C

row

n A

sses

sors

and

C

onsu

ltant

s Lt

d.En

g. A

dam

M. S

ebbi

t(M

anag

ing

Dire

ctor

)Te

ache

rs’ H

ouse

, Plo

t 28

/30

Bom

bo

Rd, 2

nd F

loor

, Roo

m 2

01

P.O

. Box

14

04

1K

AM

PALA

Tel:

+25

6 (0

)414

-235

930

Mob

: +25

6 (0

)772

-421

253

02/

07/

200

2

4Fi

ve M

otor

s (U

) Lt

d.K

hair

ul Is

lam

(Man

agin

g D

irect

or)

Plot

174

3/79

3 Bl

ock

214

Bu

koto

Kis

asi R

oad

P.O

. Box

126

36

KA

MPA

LA

Tel:

+25

6 (0

)772

-533

833

Emai

l: K

hais

lam

@sp

acen

et.c

o.ug

13

/03/

200

3

5G

ener

al A

djus

ters

(U

) Lt

d.G

.K. M

acha

ria

(Man

agin

g D

irect

or)

Plot

45

Kam

wok

ya S

tree

t/K

olol

o P.

O. B

ox 2

6355

, KA

MPA

LATe

l: +

256

(0)7

754

574

40

30/4

/20

08

6In

tert

ech

Glo

bal

Ass

esso

rs L

td.

Eng.

Ism

ail K

imul

i(M

anag

ing

Dire

ctor

)Pl

ot 1

677,

Blo

ck 2

44

, Muy

enga

P.O

. Box

10

076

KA

MPA

LA

Tel/

Fax:

+25

6 (0

) 4

14-5

1029

6Em

ail:

glob

al@

inte

rtec

heltd

.com

W

ebsi

te: w

ww

.inte

rtec

heltd

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19/0

5/20

05

7M

cLar

ens

Youn

g In

tern

atio

nal L

tdB.

N. B

hatt

acha

rya

(Man

agin

g D

irect

or)

Plot

14

Mar

tin R

oad,

Old

Kam

pala

P.O

. Box

227

81

KA

MPA

LA

Tel:

+25

6 (0

) 4

14-

2554

79Fa

x: +

256

(0)4

14-2

5969

9Em

ail:

mcl

aren

s@st

arco

m.c

o.ug

02/

09/

94

8M

ultip

le C

onsu

lt N

etw

ork

Ltd.

Badr

u M

usok

e(C

hief

Exe

cutiv

e O

ffic

er)

Plot

10

55, I

nsur

ance

Cen

tre

Nsa

mby

a H

ill, G

aba

Road

P.O

. Box

225

46

KA

MPA

LA

Tel:.

+25

6 (0

) 4

14-

510

070

Fax:

+25

6 (0

) 4

14-5

100

70

Emai

l: m

cn@

utlo

nlin

e.co

.ug

12/0

4/1

999

9Pr

otec

tors

Inte

rnat

iona

l Lt

d.J.

B M

ujuz

i(M

anag

ing

Dire

ctor

)Pl

ot 1

84

6 Bu

koto

Tra

ding

Cen

tre

Kam

wok

ya

P O

Box

122

98

KA

MPA

LA

Tel+

256

(0)4

14-2

586

49

Fax:

+25

6 (0

) 4

14-2

5865

9Em

ail:p

rote

ctor

sug@

afri

caon

line.

co.u

g

8/0

1/20

02

75In

sura

nce

Regu

lato

ry A

utho

rity

of U

gand

a A

nnua

l Ins

uran

ce M

arke

t Rep

ort,

2013

10S.

M. C

atha

nM

r. M

ugis

ha A

llan

(Man

agin

g Pa

rtne

r)Sk

as H

ouse

Pl

ot 1

80

Nam

uwon

go R

oad

P O

Box

265

09

KA

MPA

LA

Tel+

256

(0)4

14-0

20-0

9024

6 Em

ail:

smca

than

@co

nsul

tant

s.co

m15

/2/2

00

8

11Z

olm

Mr.

Dol

ole

Cha

rles

(Man

agin

g D

irect

or)

Plot

27

Sir

Apo

llo K

aggw

a Ro

ad

Suit

206

Opp

osite

Glo

bal T

rust

Ban

k P

O B

ox 1

6255

W

ande

geya

K

AM

PALA

Tel:

+25

6 (0

) 4

14-5

3571

8

E-m

ail:

zolm

@zo

lmin

tern

atio

nal.

com

15/2

/20

08

12A

SK C

orpo

rate

C

onsu

ltant

s Li

mite

dM

r. A

buba

ker

Sem

ambo

(Chi

ef E

xecu

tive

Off

icer

)Bu

sine

ss G

arde

n Bu

ildin

gPl

ot 1

496

, Blo

ck 2

9Ky

eban

do R

oad

Kam

wok

yaP.

O. B

ox 2

344

2, K

AM

PALA

Tel:

+25

6 (0

) 4

14-5

9273

8Em

ail:i

nfo@

askc

orpo

rate

cons

ults

.co

m

14/0

8/2

011

13A

DR

Lim

ited

Mr.

Am

on A

rina

itwe

(Chi

ef E

xecu

tive

Off

icer

)Pl

ot 7

79, 2

nd F

loor

Res

cue

Rapi

d Re

spon

se B

uild

ing

P.O

. Box

14

167,

MEN

GO

Tel:

+25

6 (0

)782

7555

43

ww

w. A

drlim

ited.

com

12/1

0/2

010

14El

it Li

abili

ty M

anag

emen

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gala

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dP.

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ox 4

79 K

AM

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33,

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11K

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6 (0

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Mr.

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12

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624

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454

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gand

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256

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250

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Fax:

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6 (0

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14 3

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02

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bula

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ef E

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ot 4

686,

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ugu

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amuw

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P. O

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817

7K

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la, U

gand

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Tel:

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6 (0

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6 (0

) 4

14 3

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4In

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734

79K

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atio

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of U

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. Box

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la U

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Tel:

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6 4

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304

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+25

6 4

14 5

00

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6

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Emai

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fo@

uaib

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gand

a A

ssoc

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Eng

inee

ring

Val

uers

and

Los

s A

sses

sors

P.O

Box

350

5, K

ampa

laTe

l: +

256

(0)

772-

48

370

5


ww

w.i

ra.g

o.u

g

noTes

INSURANCE REGULATORY AUTHORITY OF UGANDA

Annual InsuranceMarket Report,

2013

InsURAnCe ReGUlAToRY AUTHoRITY of UGAnDAPlot 5, Kyadondo Road,

Legacy Towers, Block B, 2nd FloorP.O. Box 22855, Kampala, Uganda

Tel: (256) 414 346712/ 253564, (256) 312 346712/ 253564,

Fax: (256) 414 349260Toll Free: 0800 124 124

annual insurance market report, 2013annual insurance market report, 2013 vision a vibrant and secure...

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