Market attempts to stabilise rates as cycle softens

The Ugandan non-life market continues to prosper, both in local currency and US dollar terms. The market was highly profitable in 2005, with almost three quarters of insurers declaring profits. Between 2001 and 2005 the average annual premium growth in US dollars was about 18%. According to Uganda Insurance Commission statistics, the market claims experience has also been excellent with loss ratios not exceeding 50% in any non-life class over the period 2001 to 2005

The number of insurers operating in the Ugandan insurance market as at 2007 was 20, down from a peak of 26 in 1997. Five of the companies are composite and 14 have non-life licences only.