Uganda’s commercial banks earned Shs12bn in commission as insurance agents for nine months to September 30, 2021, underscoring the significance of banscassurance as a new revenue stream for financial institutions.
The Insurance Regulatory Authority of Uganda (IRA) has since 2017 licensed 20 commercial banks as insurance agents following the enactment of the Financial Institutions Amendment Act 2017 as it seeks to widen distribution of insurance services countrywide and deepen penetration that remains low on the African continent.
Latest statistics from IRA indicates that banks recorded insurance business worth Shs 56.9billion in gross written premiums for the life insurance business, enabling them to earn Shs 8.99billion in commission
