Insurance Regulatory Authority of Uganda has unveiled the first ever mortality table for life insurance companies in the country to help determine pricing, which may decrease or increase payments popularly known as premiums for new life insurance products and annuities.

The table dubbed Uganda Assured lives mortality table (UA 2015/19) came into effect August last year, said IRA CEO Ibrahim Kaddunabbi Lubega.

Mortality table is a statistical table showing the rate of deaths occurring in a defined population during a selected time interval, or survival rates from birth to death. The tables are typically used to inform the construction of insurance policies and other forms of liability management.

However, it remains unclear on whether the locally developed mortality table in partnership with the World Bank will lead to an increase or decrease of premiums to life insurance products.