National reinsurers are missing at the market

According to the Chairman of the Uganda Insurers Association, the absence of national reinsurers is costing the country an annual loss of 45 billion UGX (26 million USD). Out of the 100 billion UGX (58 million USD) in insurance premiums collected on the national market, about 45% are ceded to foreign reinsurers.

The insurers' association is asking the authorities to take the necessary steps so that the newly set up company, Uganda Reinsurance Company, benefit from compulsory cessions as is the case for PTA Reinsurance Company and African Reinsurance Company.