Digital shift key to growth, insurance companies told
According to Obel, digital transformation will be central to expanding insurance uptake, particularly among younger consumers who increasingly expect services to be accessible online and delivered almost instantly.
Staff of Goldstar Insurance Company cutting a cake to mark 30 years of operation. (Photo by Nelson Kiva)
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Uganda's insurance industry must embrace digital technology, develop products for underserved customers and strengthen its ability to manage emerging risks if it is to expand coverage and remain competitive, the Insurance Regulatory Authority (IRA) has said.
Speaking at GoldStar Insurance Company's 30th anniversary celebrations in Kampala on September 18, 2026, IRA director of supervision Bernard Obel said insurers face a rapidly changing operating environment shaped by technology, shifting consumer expectations, cybersecurity threats and new economic risks.
"As we celebrate the past, we need to prepare for the future," Obel said.
His remarks come as insurers seek to grow business in a market where a large share of individuals and enterprises remain outside formal insurance protection, despite increasing risks associated with agriculture, health, transport, infrastructure and business operations.
According to Obel, digital transformation will be central to expanding insurance uptake, particularly among younger consumers who increasingly expect services to be accessible online and delivered almost instantly.
"Customers expect insurance services to be available digitally and almost immediately," he said, urging insurers to redesign products and distribution models to make insurance more affordable, accessible and relevant.
He cautioned, however, that technology adoption must be supported by strong governance, effective risk management systems and skilled personnel.
Obel identified cybersecurity as one of the fastest-growing risks facing the industry, warning that cyber threats now have the potential to disrupt individuals, businesses and entire economies.
"The regulator is not there to stop innovation. The regulator is there to ensure that innovation and growth happen sustainably," he said.
Obel noted that significant growth opportunities still exist in sectors such as agriculture, small and medium enterprises, infrastructure, energy, oil and gas, health, transport and technology.
"We cannot just wait for customers to come to get insurance. Insurance must increasingly go to the customers," he said.
He also called for greater collaboration among regulators, insurers, brokers, government agencies and professional associations to increase insurance penetration.
"We should compete on innovation. We should compete on customer service. We should compete on efficiency," he said.
Strong growth
At the same event, GoldStar Insurance chief executive officer John Kawuma said the company continued to outperform overall industry growth, supported largely by gains in engineering, transport and commercial insurance business.
The insurer's revenue grew 21% to sh51.2b in 2025, while its market share rose to approximately 5.3%.
He said the company recorded average growth of about 15%, compared with industry growth of roughly 2% during the same period.
GoldStar also paid out sh69b in claims over the five years reflected in its published corporate performance highlights, underscoring the industry's role in protecting customers from financial loss.
Looking ahead, Kawuma said the company would increase investment in digital insurance platforms, artificial intelligence, enterprise management systems, cybersecurity and workforce development as customer needs evolve.
"Our commitment is to invest more in digital insurance solutions and other technologies that can help us respond to the changing needs of our customers," he said.
He encouraged farmers to embrace agricultural insurance to cushion themselves against climate-related losses and urged traders to insure businesses and property against risks such as fire.
GoldStar board vice-chairperson Sudhir Ruparelia said the company's growth over the past three decades had been built on customer trust and pledged continued investment in technology-driven insurance services.
He said the insurer would continue deploying digital and artificial intelligence-powered tools to meet the expectations of a younger and increasingly technology-oriented customer base.
"Our customers have been at the centre of our success, and we remain committed to serving them better in the years ahead," Ruparelia said.