Insurance Regulatory Authority says 143 players will conduct insurance business in Uganda in 2025.

The Insurance Regulatory Authority of Uganda (IRA) has authorized a total of 143 industry players to conduct insurance business, effective January 2, 2025.

The players include two reinsurance companies, 20 non-life insurance companies, nine life insurance companies, four micro insurance companies, one Health Membership Organisations (HMO), six reinsurance brokers and 49 insurance brokers.

The others are 20 bancassurance agents, 11 loss assessors, three loss adjustors, three loss assessor and loss adjustors, six loss assessors and risk advisors, five loss adjustors and risk advisors, three risk advisors, loss adjustor and loss assessors and one risk advisor.

This is an increase from 139 authorized over the same period in 2024.

The growth attributed to the conducive and supportive regulatory environment created by IRA has facilitated Kenbright Insurance Brokers' transition to Kenbright Reinsurance Brokers, an indication that new entrants in Uganda's insurance market space are encouraged.

The regulator has in the past urged insurance players to innovate so as to remain relevant amid the changing dynamics of the insurance sector.

The formal insurance uptake in Uganda is still at 1% despite several strides made.