Measures to expand the Ugandan insurance market

The Insurance Regulatory Authority of Uganda (IRA) is expecting an improvement in the performance of the Ugandan insurance market by 2023.

To this end, the IRA has set objectives for the year 2023, including:

• the finalization of the Motor Insurance Bill
• the implementation of the International Financial Reporting Standard (IFRS) 17
• the automation of the supervisory authority's monitoring operations
• the introduction of compulsory marine insurance
• the initiation of insurance awareness campaigns