Uganda Insurers Association (UIA), the umbrella organization for all insurance companies in Uganda, has unveiled the Annual Insurance Agents Awards. at their offices in Kololo.
The awards to be held under the theme Celebrating the role of an agent in the insurance cycle, will take place on Thursday 27th April, 2023 at Hotel Africana.
Speaking during the launch at their offices in Kololo on Friday, Jonan Kisakye the UIA Chief Executive Officer said that the focus is rewarding the best performing life insurance agents under theme: Celebrating the role of an agent in the insurance cycle.
“If we look at the performance, the agents, the banks and the brokers have contributed to this growth through proportions of 50% business contributed by agents 10% Business contributed by the banks and 35% of that business has been contributed by the brokers.
Obviously, this signifies the important role that the insurance agents perform in the insurance value chain, but specifically the growth that they contribute through the premiums that are written through this channel of distribution,” he said.
According to Kisakye, over the last couple of years, specifically between 2020 and 2022, the industry registered tremendous growth. Last year alone, the sector registered a growth of over almost 25% and the life side grew at a rate of almost 50%.
“The insurance value chain consists of a number of intermediaries and these intermediaries directly contribute to the growth that I talked about. Of course, the intermediaries include the brokers, they include the banks, but above all, they include the insurance agents,” he explained..
The industry is divided into two segments, with two segments, life and the non life segment with the biggest driver being medical insurance at 20%.
This is followed by individual life at 17% and motor at 15%. And those are the three leading classes of insurance that we sell as an industry.
“Now, of course when you look at the agents and they’ve given you the numbers in terms of their overall contribution, which is about 50% of our premiums, when you specifically look at the life segment, it contributed about 238 billion last year,” he added