Competition between bank insurers and brokers in Uganda

Bancassurance activity is recent in Uganda. The legislation, allowing banks to offer insurance products, came into effect in August 2017.

In 2018, the bancassurance business reported a turnover of 26 billion UGX (6.95 million USD). For the Insurance Brokers Association, these underwritings do not come from new business. They have been diverted from the brokers' portfolios. This practice is contrary to the the spirit of the August 2017 law which introduced bancassurance with the aim of creating new business and supporting the growth of the local market.

With 0.8%, Uganda has one of the lowest penetration rates in Africa.

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