KAMPALA, Uganda — Absa Bank Uganda led the country’s bancassurance market in 2024, according to a report by the Insurance Regulatory Authority (IRA). The report showed the sector generated 225 billion Ugandan shillings ($60.6 million) in Gross Written Premium (GWP), up from 179 billion shillings in 2023.

The IRA’s fourth-quarter report indicated that bancassurance, the selling of insurance products by banks, contributed 12.56% to the overall insurance industry in 2024. Since its introduction, bancassurance has become a significant channel for banks to broaden their customer offerings by integrating insurance with traditional banking services.

Absa Bank Uganda recorded 39.2 billion shillings in total premiums, giving it the largest market share. Stanbic Bank followed with 38.5 billion shillings, and Centenary Bank with 36.6 billion shillings.

Absa Bank attributed its 13% growth rate and 17.46% market share to its diverse product range, experienced staff, marketing strategies, and customer service.

Bancassurance in Uganda began in 2017 following amendments to the Financial Institutions Act in 2016. The IRA supervises the partnerships between banks and insurance companies that allow banks to sell insurance products.

Absa Uganda’s life insurance products contributed 34.1 billion shillings to its GWP, a year-on-year increase of 8.8%. Non-life products grew by 46.6% to 5.2 billion shillings, driven by motor insurance, fire, and related risks.

Josephine Mutabuza Hakiza, Absa Bank Uganda’s Head of Bancassurance, credited the bank’s performance to continuous innovation, dedicated employees, strong partnerships, and a focus on customer satisfaction.

“The bank’s success can be attributed to our strategic approach to bancassurance, focusing on innovation to deliver customer-centric products and services. By leveraging our branch network and digital platforms, we have been able to reach a wider customer base, offering them a range of affordable and convenient insurance products tailored to their needs,” Hakiza said.

In May 2023, Absa Bank partnered with UAP Old Mutual to launch the Absa Medical Insurance policy, targeting self-employed and non-salaried individuals to increase health insurance access. The policy covers critical illness, inpatient and outpatient care, optical, dental, maternity, disability, funeral expenses, a wellness program, and international travel coverage within East Africa and beyond.

Absa Bank Uganda also offers other insurance products, including education and endowment plans, family protection, and non-life solutions such as motor, fire, domestic, and professional indemnity insurance.