Report on Uptake of Insurance Services in Uganda 2018
The findings of the FinScope survey conducted in 2018 show that formal insurance uptake in Uganda is at 1%. Current insurance penetration in Uganda is also estimated at 1%. The low level of formal insurance uptake is attributable to public mistrust, low public awareness and a narrow insurance product range – especially for low income earners.
Uptake of formal insurance was 6% in Kenya, 9% in Rwanda and 15% in Tanzania. This means that uptake of formal insurance in Uganda is the lowest in the region.