Uganda’s insurance sector continues to show strong growth, with gross written premiums rising from UGX 1.44 trillion in 2022 to UGX 1.6 trillion in 2023—an 11.29% increase—according to the Insurance Regulatory Authority of Uganda’s (IRA) latest performance report.
Despite these gains, insurance penetration remains low, with only 4.5% of Ugandans covered as of 2022.
To close this gap, the sector is increasingly relying on innovative distribution models—chief among them, bancassurance. This model, which leverages partnerships between banks and insurers, has significantly expanded insurance accessibility by simplifying product distribution through trusted banking networks. Gross written premiums through bancassurance grew from UGX 142.7 billion in 2022 to UGX 179.48 billion in 2023, marking a 25.77% increase.
Equity Bank Uganda has emerged as a leader in this space, integrating insurance offerings into its financial services to serve a broader segment of Ugandans. The bank’s approach aligns with the national push to improve insurance uptake by utilising existing financial infrastructure to reach underserved populations.
One of Equity’s flagship initiatives is Equi-Life, a health insurance product tailored for low-income Ugandans, or omuntu wawansi. For a monthly premium of just UGX 3,000, members receive UGX 50,000 per day for up to 20 days after hospital discharge—offering critical financial relief in a country where nearly 70% of the population lives on less than $2 per day.
By designing affordable, inclusive products and leveraging its nationwide reach, Equity Bank is advancing both financial inclusion and risk management in Uganda. Its efforts are helping shift public perception of insurance from an optional expense to a crucial tool for financial security.
The future of Uganda’s insurance sector lies in such collaborative, accessible models. Through strategic innovations like Equi-Life, the industry is not only expanding coverage but also contributing to broader economic resilience and social protection across the country.
