Increase of paid up capital

The Uganda Insurance Commission has proposed the increase of the minimum paid up capital for local brokers, insurers and reinsurers. This change is supposed to strengthen the sector and increase the penetration rate.

Insurers will rise their capital from 1 to 5 billion UGX (356 000 to 1 780 000 USD) in non-life insurance, while reinsurers will have to go from 5 to 10 billion UGX (1.7 to 3.5 million USD). Ugandan law currently requires the lowest minimum capital in the Eastern Africa.