By Maria Mariam Namala
Uganda’s bancassurance sector is showing impressive growth, with banks generating over UGX 80.8 billion in insurance premiums during the first quarter of 2026. Equity Bank Uganda emerged among the top performers, ranking fourth out of 22 licensed providers with UGX 6.69 billion in Gross Written Premiums and an 8.28% market share.
This performance highlights the increasing trust Ugandans place in banks as convenient channels for accessing insurance. Bancassurance has become a key driver of financial inclusion, allowing customers to secure protection through the same institutions where they save, borrow and invest.
Industry figures show that life insurance dominates the market, accounting for 78% of premiums, while general insurance contributes 22%. Equity Bank’s own portfolio reflects this trend, with UGX 4.94 billion from life insurance and UGX 1.75 billion from general insurance.
James Sserumaga, head of bancassurance at Equity Bank Uganda, emphasized that insurance is not just about covering losses but about safeguarding progress. He noted that the bank’s mission is to make insurance simple, affordable and accessible, helping customers protect wealth as they build it.
Equity Bank has expanded its reach through branches, digital platforms, relationship managers and the Equi-Duuka agency network. This integrated approach is breaking down barriers such as limited access and misconceptions that insurance is complex or reserved for high-income earners.
The bank offers a wide range of products, from medical and life insurance to property, motor, accident, professional indemnity and specialized corporate solutions like cybersecurity and directors’ liability. These offerings are designed to meet diverse needs, from families seeking medical cover to businesses managing operational risks.
Looking ahead, technology is expected to accelerate bancassurance growth by enabling personalized insurance solutions through digital ecosystems. As Uganda’s economy evolves, bancassurance will remain central to expanding insurance penetration and strengthening financial resilience.
Equity Bank’s strong first-quarter performance demonstrates not only rising demand but also growing confidence in bancassurance as a reliable pathway to financial protection. By integrating insurance into everyday financial journeys, the bank is positioning itself as a leader in promoting financial inclusion and resilience across Uganda.