A comparative analysis of the performance of life and non-life insurance companies in Uganda during Covid 19

Abstract

The main objective of this study was to compare the performance of life insurance and non-life insurance in Uganda during COVID-19 using STATA and excel tables. In a specific way, the study was to assess the relationship between gross premiums, Net incurred claims, and commission paid, management expenses of the different life and non-life insurance companies. The study based on the use of secondary data from IRA website and data for three years was gathered. The data was already organized in Excel and analysis made by using STATA. This study was conducted by viewing at different quarterly datasets of life and non-life insurance companies. An analysis was done by determining the percentage change in the amount of the new and previous quarters in each of the above variables. The study showed that general insurance industry performed much better than the life insurance in all quarters of the two different years of 2020 and 2021. The study recommended that the insurance companies should highly encourage insurance uptake by the public through social media ads, online review, and public awareness about the benefits of insurance among others.