Insurers tipped on opportunities in pension sector
“We need joint efforts towards mindset change on how Ugandans think about retirement planning. Retirement remains a distant concern, yet it is one of the most critical phases of life that requires careful preparation and consistent savings,” Nansasi stated.
Rita Faith Nansasi, the Acting CEO, Uganda Retirement Benefits Regulatory Authority (URBRA) speaking during the forum on Thursday at Mestil Hotel. (Photos by Simon Okitela)
By Simon Okitela
Journalists @New Vision
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Players in the insurance sector have been urged to develop products that offer retirement benefits, given the vast opportunities availed by the fast-growing pension sector in Uganda.
The call was made by Rita Faith Nansasi, the Acting CEO, Uganda Retirement Benefits Regulatory Authority (URBRA), during the inaugural Thoughts Leaders Forum on Pension held at Mestil Hotel on Thursday organised by UIA under the theme: Demystifying the Insurer’s Role in Growing the Pension Sector.
She noted that despite their strategic potential, insurers remain underutilised and often misunderstood within the broader pension ecosystem.
She added that the insurer's role is uniquely positioned to support the growth and stability of the pension sector, leveraging its expertise in risk management, long-term financial planning, and investment.
“We need joint efforts towards mindset change on how Ugandans think about retirement planning. Retirement remains a distant concern, yet it is one of the most critical phases of life that requires careful preparation and consistent savings,” Nansasi stated.
She commended the Uganda Insurers Association for convening the forum, highlighting URBRA’s commitment to creating an inclusive and sustainable retirement benefits system that serves all Ugandans, both formal and informal sector workers alike.
Participants at the inaugural Thoughts Leaders Forum on pension.
She underscored the importance of public education and collaboration between regulators, insurers, and financial institutions to build trust and drive participation in pension schemes.
“Many stakeholders, ranging from policymakers and regulators to employers plus the general public, lack a clear understanding of the value insurers can bring to pension development. This gap in perception and coordination has led to missed opportunities for collaboration, innovation, and deeper financial inclusion. This forum aims to be a pivotal event in shaping the public-private partnerships discussions aimed at growing the pension sector.”
She added that bringing together professionals from across the fields provides valuable insights, fosters connections, and inspires innovative solutions that can spur the growth of the sector.
UIA CEO, Jonan Kisakye, while opening the forum, emphasised the critical need to build public trust in insurance and to ensure accurate information is shared about pension plans.
He noted that many people still do not fully understand the role of insurers in the retirement ecosystem stressing the importance of clarifying this role to foster confidence and encourage broader participation in pension schemes.
“Expanding Uganda’s retirement system requires both strategic reforms and collaborative efforts from all stakeholders. The insurance industry is taking proactive steps to develop and support retirement plans,” Kisakye explained.
Statistics indicate a 13.2% growth in the insurance sector, an encouraging indicator of progress, however, the growth comes with the responsibility to stay ahead of emerging trends and to develop a comprehensive, cross-sector understanding of the evolving pension landscape.