Insurance uptake critical in attaining NDP IV Goals by 2030 — IRA

KAMPALA - Ugandans have been urged to embrace insurance as a critical tool for safeguarding their future, livelihoods and businesses. The call was made during the official launch of the 6th Annual Insurance Week at Constitutional Square in Kampala.

This year’s theme, “Future Eri Ku Sure Ne Insure,” was carefully chosen to remind Ugandans that insurance can be the backbone of a stable and secure future as it protects their gains and unexpected risks.

According to Alhaj Kaddunabbi Ibrahim Lubega, chief executive officer of the Insurance Regulatory Authority of Uganda (IRA), it is critical that Ugandans blend insurance into the government’s agenda of the National Development Plan IV.

He noted that insurance remains a cornerstone of economic growth, aligning with Uganda’s development agenda by protecting businesses, individuals and assets against unforeseen risks.

“No country has grown without insurance. Traders, boda boda riders and beneficiaries of government programmes such as the Parish Development Model stand to benefit significantly from insurance coverage,” he noted.

Despite steady growth in the sector, insurance penetration in Uganda has for years stagnated at about 1%, a challenge industry players hope to address through sustained public engagement initiatives like the Annual Insurance Week.

Industry data shows that the sector continues to expand at an annual rate of about 10% to 12%, with Gross Written Premiums reaching nearly Shs1.79tn in 2024 and surpassing Shs2 trillion in 2025, signalling strong underlying growth even as uptake remains low.

Elias Edu, speaking on behalf of the Uganda Insurers Association (UIA), said the event provides a critical platform for insurers to directly engage the public and address misconceptions about insurance.

“We’re there to serve the insuring public,” he said, highlighting digital innovation such as the motor third-party insurance system that allows customers to purchase policies via mobile phones, reducing fraud and improving accessibility.

Saul Seremba, chief executive officer at the Insurance Training College, said the institution partnered in the initiative to help build trust and strengthen the understanding of insurance among Ugandans.

Meanwhile, Sande Protazio, director for strategy and market development at IRA, said the theme “Future Eri Ku Sure Ne Insure” was carefully selected to emphasise certainty and protection in an increasingly unpredictable world.

The head of marketing at ICEA Lion, Anita Mugabekazi Mutyaba, highlighted the impact of innovation in the sector, pointing to the digital motor third party sticker issuance.

She added that insurance remains the only safety net for Ugandans who have been hit by calamities such as floods and drought, among others.

“At ICEA Lion, it’s an absolute pleasure to be taking part in this year’s annual insurance week. We encourage Ugandans to look at insurance as a shield against all the unprecedented occurrences rather than a financial burden,” Mugabekazi stated.

The event has drawn participation from 24 insurance companies, the Bank of Uganda and several government entities, all operating from temporary tents at Constitutional Square, where they are directly engaging the public on insurance products and related services.

Beyond insurance awareness, attendees can also access a range of services, including blood donation, driving permit renewals and financial literacy education, reflecting a broader multi-sectoral approach to public engagement.

The week will climax with the Insurance Innovation Awards 2025, which aim to recognise and celebrate exceptional excellence and transformative solutions in the insurance industry.