| dc.description.abstract | The purpose of this report is to investigate the contribution of insurance to economic growth in Uganda between 2013 and 2021, by taking into consideration the Gross Written Premium Income, Life Insurance Premium Income, Non-Life Insurance Premium Income and share of gross premium written to GDP also known as Insurance Penetration as Insurance vraibles and GDP as a measure of economic growth. Time series data was gotten from the Insurance Regulatory Authority (IRA), Uganda Bureau of Statistics (UBOS) and WDI. This study examined the relationship between insurance and economic growth in Uganda over the period 2013-2021.Correlation and Regression models were employed in analysis of data. The estimations of the data results show that insurance premium has positive and significant effect on economic growth in Uganda. As well results show that insurance penetration has an insignificant positive effect on economic growth. This shows that premium contributes to economic growth in Uganda which means that a well-developed insurance sector is necessary for the economic development, as it provides long-term investments for economic growth and simultaneously strengthening risk-taking abilities Improving insurance penetration is essential for enhancing financial security, reducing vulnerability, and promoting economic growth. Some policy recommendations to increase insurance penetration include long term planning, cross sector collaboration, tax incentives, government support, public-private partnership among others. | en_US |
