UGANDA MOTOR INSURANCE MARKET
INTRODUCTION
A motor insurance policy is a mandatory coverage given by an insurance company to safeguard the public from any accident that may occur on the road as part of the prevention of public liability.
Every owner of a motor vehicle is required by law to have one automobile insurance coverage. In general, there are two types of car insurance policies: act only and comprehensive.
The ‘Act only’ coverage pays compensation for death or bodily injury, as well as damage to third-party property.
While the insured is considered the first party and the insurance company is considered the second party, all others are considered third parties.
If the vehicle is purchased under a hire-purchase agreement, the financiers need a complete policy to protect their interest as collateral security.
The complete coverage covers fire or theft, or both fire and theft in conjunction with the act’s minimal requirements (i.e. third party liability).
UGANDA MOTOR INSURANCE MARKET SIZE AND FORECAST
The Uganda Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
NEW PRODUCT LAUNCH
The modest non-life insurance industry in Uganda is dominated by motor vehicle insurance (third-party risks). Motor vehicle insurance is the most often purchased type of general insurance in Uganda due to several factors, including the fact that it is mandatory.
Despite recent industry growth, Motor Third-Party Liability (MTPL) insurance remains a small sector with tremendous potential to affect positive societal change.
In Uganda, MTPL insurance is mandatory, and the Ugandan government determines the maximum price for insurance premiums.
Unfortunately, Uganda’s existing motor vehicle insurance legislation impose compensation limits in such a way that adequate recompense for third parties impacted by traffic accidents is not possible.
COMPANY PROFILE
- AIG Uganda Limited.
- CIC Africa Life Assurance Limited
- Alliance Africa General Insurance Ltd
- ICEA Life Assurance Company Limited.
- APA Insurance (Uganda) Limited
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- What is the average cost per Uganda Motor Insurance Market right now and how will it change in the next 5-6 years?
- Average cost to set up a Motor Insurance Market in the Uganda?
- How many Uganda Motor Insurance Market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
- What is happening in the overall public, globally?
- Cost breakup of a Uganda Motor Insurance Market and key vendor selection criteria
- Where is the Uganda Motor Insurance Market manufactured? What is the average margin per equipment?
- Market share of Uganda Motor Insurance Market manufacturers and their upcoming products
- The most important planned Uganda Motor Insurance Market in next 2 years
- Details on network of major Uganda Motor Insurance Market and pricing plans
- Cost advantage for OEMs who manufacture Uganda Motor Insurance Market in-house
- 5 key predictions for next 5 years in Uganda Motor Insurance Market
- Average B-2-B Uganda Motor Insurance Market price in all segments
- Latest trends in Uganda Motor Insurance Market, by every market segment
- The market size (both volume and value) of Uganda Motor Insurance Market in 2022-2030 and every year in between?
- Global production breakup of Uganda Motor Insurance Market, by suppliers and their OEM relationship
