Africa UGrowth 27 August 2025 0 Comments

Brokers Tighten Hold on Uganda’s Insurance Market as Commissions Rise 6% in Q2 2025

The Insurance Regulatory Authority boss, Alhaj Kaddunabi Ibrahim Lubega.

Uganda’s brokerage sector for both insurance and reinsurance recorded another quarter of steady growth in Q2 2025, with leading firms increasing commissions and maintaining — in some cases, expanding — market share.

The Insurance Regulatory Authority (IRA) data shows brokers collectively placed UGX 321.47 billion in insurance business and UGX 42.82 billion in commissions, up from UGX 40.37 billion in Q2 2024.

Brokers’ contribution to the industry’s total gross written premium (GWP) edged up to 27.15% from 26.9% in the same period last year. In reinsurance, brokers placed UGX 42.58 billion in business, earning UGX 1.70 billion in commissions, compared to UGX 1.51 billion last year.

Insurance Brokers: Minet Holds Lead, Afrisafe Gains Ground

The insurance brokerage market remained dominated by the same key players, though changes in earnings and market share show the competitive field is shifting.

Minet Uganda Insurance Broker retained the top spot with a 19.27% market share despite a slight drop from 19.89% last year. Commissions rose 2.78% to UGX 8.25 billion.

Afrisafe Insurance Brokers & Risk Consultants strengthened its position, boosting commissions by 7.41% to UGX 7.68 billion, lifting market share from 17.73% to 17.94%.

Clarkson Insurance Brokers suffered the sharpest fall, with commissions plunging 47.26% from UGX 6.87 billion to UGX 3.62 billion, shrinking market share from 17.00% to 8.46%.

ARIS Risk Solutions & Insurance Brokers posted an 11.48% rise in commissions to UGX 2.45 billion, increasing share from 5.45% to 5.73%.

MIC Global Risks Insurance Brokers entered the top five for the first time with UGX 2.07 billion in commissions (4.84% market share), replacing Willis Towers Watson Uganda.

Broker (Insurance)	Premiums Collected (UGX)	Gross Commission (UGX)	YoY Commission	Market Share
Minet Uganda Insurance Broker	55,516,378,904	8,252,467,551	+2.78%	19.27%
Afrisafe Insurance Brokers & Risk Consultants	37,480,936,121	7,682,123,578	+7.41%	17.94%
Clarkson Insurance Brokers	17,944,013,383	3,622,662,523	−47.26%	8.46%
ARIS Risk Solutions & Insurance Brokers	18,956,580,649	2,451,865,070	+11.48%	5.73%
Willis Towers Watson Uganda	30,381,933,366	2,203,221,074	−10.66%	5.15%
Radiant Insurance Brokers	1,486,908,564	2,176,345,023	+874.10%	5.08%
Marsh Insurance Brokers	15,367,870,103	2,089,435,844	−12.73%	4.88%
MIC Global Risks Insurance Brokers	18,309,696,197	2,073,214,652	+24.85%	4.84%
Padre Pio Insurance Brokers	9,496,961,276	2,007,653,101	+9.67%	4.69%
Liaison Uganda (Insurance Brokers)	7,200,713,230	1,275,053,358	+55.14%	2.98%

Reinsurance Brokers: Guardian Surges, Sky Stumbles

The reinsurance brokerage segment saw the biggest market share swing at the top.

Guardian Reinsurance Brokers grew commissions 41.32% to UGX 943.90 million, boosting market share from 44.28% to 55.52%.

Sky Reinsurance Broker saw commissions drop 34.47% from UGX 742.96 million to UGX 486.85 million, losing over 20 percentage points of market share — from 49.27% to 28.64%.

Minet Uganda Reinsurance Brokers emerged as a stronger competitor, with UGX 135.27 million in commissions, gaining a 7.96% market share from zero last year.

MINERVA Re-Insurance Broker Limited modestly increased commissions by 14.48% to UGX 111.16 million, with market share up slightly to 6.54%.

Kenbright Reinsurance Brokers of Uganda entered the top five with UGX 22.87 million in commissions, holding a 1.35% share.

Re-Insurance Brokers – Key Metrics (Q2 2025, Uganda)

Broker	Premiums Collected (UGX bn)	Gross Commission (UGX bn)	YoY Commission %	Market Share (Q2’25)
Guardian Reinsurance Brokers	14.8	0.9	+41.3%	55.52%
Sky Reinsurance Broker	6.5	0.5	−34.5%	28.64%
Minet Uganda Reinsurance Brokers	1.0	0.1	n/a	7.96%
MINERVA Re-Insurance Broker Ltd	2.3	0.1	+14.5%	6.54%
Kenbright Reinsurance Brokers (Uganda)	1.0	0.0	n/a	1.35%
Shield Africa Reinsurance Brokerage	0.0	0.0	n/a	0.00%

Totals (Q2 2025): Premiums collected ≈ 25.6 UGX bn; Gross commission ≈ 1.7 UGX bn; Segment contribution to industry GWP: 2.52%.

Comparative Insights

Insurance vs Reinsurance: While the insurance brokerage market grew steadily, the reinsurance segment saw more dramatic shifts, particularly in the top two positions.
Guardian’s dominance in reinsurance expanded sharply at Sky’s expense, suggesting a shift in major reinsurance accounts.
New entrants (MIC Global Risks in insurance and Kenbright in reinsurance) point to competitive openings at the lower end of the top five.
Flat GWP figures across most players suggest growth in commissions is largely from better terms rather than higher placement volumes.

Outlook

The rest of 2025 is likely to see:

More volatility in reinsurance rankings as players aggressively chase big-ticket accounts.
Sustained competition in the insurance top tier, with Afrisafe steadily closing in on Minet.
Commission pressure as insurers push back on rates, forcing brokers to focus on value-added services to maintain revenue.

With over UGX 1 trillion in industry GWP and brokers intermediating nearly 30% of it, the sector’s performance in H2 2025 will be a key barometer of the industry’s competitive health.