Starting of the microinsurance business in the country

The Insurance Regulatory Authority (IRA) will soon start licencing microinsurance companies. This initiative will enable low income earners to access insurance services at affordable prices.

Micro-insurers are required to have a minimum capital of 100 million UGX ( 30 880 USD) to start their business. As a reminder, the insurance penetration rate in Uganda stands, currently at 0.85%. For the year 2014, the overall written premiums are estimated at 500 billion UGX (154 million USD).