Insurance Sector Has Experienced Significant Growth, Surpassing Telecom And Banking Sectors

Uganda’s insurance sector has seen significant growth in savings over the past five years, outperforming both the telecom and banking sectors.

The Uganda insurance sector has registered   tremendous progress of savings   by ugandans overt the last five years. The sector is now  considered to be among the most growing compared to both telecom and banking sector. This was disclosed at the 9^th annual general assembly  which has been organized this morning to assess the performance since    last year.

The annual general assembly attracted various player in the economy which included the banking sector ,insurance and lawyer to assess its performance over time.Speaking at the same  assembly the chief fiancé officers John Golooba highlighted the 34 percentage  growth rate after its  investment capital standing at 3.3 trillion shillngs.since 2024 the industry has also regesered 173 billion profitability .He has mentioned of accumulating 61 dollar clients .

Speaking at the same AGM the managing director one  of the players old mutual  James Kisesi   has attributed the  growth of 3.3 trillion shillings to financial literacy and the effect of the regulator where many Ugandans had  lost their money plus the benefits being consistence.

He has aslo praised the insurance saving where the clients are benefiting from the various benefits  apart from retirement plus other benefits.

Meanwhile the sector head of investment Godfrey Bokomeko praised the various achievements from capital market authority citing various products introduced on the markets including shares and umbrella truest fund which was mearnt accumulate 3.1 trillion.