Absa Bank Uganda has cemented its dominance in the country’s booming bancassurance market, recording UGX 39.2 billion in gross written premiums (GWP) in 2024.
This performance, highlighted in the Insurance Regulatory Authority’s (IRA) Q4 report, places Absa at the top of Uganda’s bancassurance sector with a 17.46% market share.
Bancassurance—an integrated model where banks sell insurance products—has become a game-changer for the financial sector.
Since its introduction in Uganda in 2017, the product has seen exponential growth, transforming how banks add value to their customer offerings.
According to the IRA report, bancassurance contributed 12.56% of the insurance industry’s total premiums in Q4 2024, up from UGX 179 billion in 2023 to UGX 225 billion in 2024.
Absa Bank’s year-on-year growth of 13% was attributed to its experienced team, dynamic product suite, and aggressive marketing strategy.
“The bank’s success can be attributed to our strategic approach to bancassurance,” said Josephine Mutabuza Hakiza, Head of Bancassurance at Absa Uganda. “We focus on innovation to deliver customer-centric products through our branches and digital channels.”
Life insurance remained the core revenue driver, contributing UGX 34.1 billion to Absa’s GWP—a solid 8.8% year-on-year increase.
The bank’s non-life portfolio, however, showed even stronger momentum, surging 46.6% to UGX 5.2 billion. Key contributors in this category included motor insurance, fire and allied perils, and domestic cover.
In 2023, Absa made a strategic partnership with UAP Old Mutual, launching the Absa Medical Insurance policy tailored for self-employed and non-salaried individuals.
The comprehensive cover includes inpatient, outpatient, maternity, optical, dental, critical illness, disability, and funeral benefits, plus international travel coverage across East Africa.
The bank’s expanding insurance offerings also include:
- Education Plan
- Endowment Plans
- Family Protection Plan
- Executive Motor Comprehensive Insurance
- Fire and Allied Perils
- Professional Indemnity Insurance
- Domestic Package Insurance
Absa’s growth trajectory reflects a broader industry trend: banks are becoming key players in insurance delivery, especially in developing markets like Uganda.
With financial institutions offering both convenience and trust, more Ugandans are embracing insurance through familiar banking platforms.
Stanbic Bank followed closely with UGX 38.5 billion in total premiums, while Centenary Bank registered UGX 36.6 billion.
As the competition intensifies, Absa’s continued focus on digital integration, customer-centric design, and strong partnerships could keep it ahead of the curve.
For Uganda’s evolving financial landscape, the rise of bancassurance is not just a passing trend—it’s becoming a mainstay of accessible insurance for everyday people.
