Finance Minister Henry Musasizi has urged Uganda’s insurance industry to take on a more active role in de-risking strategic investments and supporting government efforts to mobilise long-term capital for economic transformation.
Musasizi made the remarks during an entry meeting with the Board of Directors and management of the Insurance Regulatory Authority (IRA) of Uganda, led by Board Chairperson Keto Nyapendi Kayemba and Acting Chief Executive Officer (CEO) Dr Sande Protazio.
The Minister said the insurance sector should move beyond its traditional role and become a key partner in advising on risks associated with major government projects while providing solutions that encourage investment under the country’s tenfold growth strategy.
“The insurance sector should play an active role in risk advisory for government projects to mitigate risks, and also support in raising long-term patient capital for investment, especially under the tenfold growth strategy,” Musasizi said.
He also called on insurance companies to participate in government community engagement programmes, commonly known as barazas, to improve public understanding of insurance services and encourage more Ugandans to embrace insurance.
Musasizi said the sector should adopt an open-door approach to create awareness and increase insurance penetration across the country.
During the meeting, IRA Acting CEO Dr Sande Protazio presented the current state of Uganda’s insurance industry, describing it as resilient and steadily growing.
Sande said the sector recorded a 14.7 percent growth in 2025, with Gross Written Premiums exceeding Shs2 trillion, while total industry assets increased to Shs3.46 trillion.
“The industry continues to demonstrate resilience and positive growth. With continued support from government, the insurance sector can become a much stronger contributor to Uganda’s socio-economic transformation,” Sande said.
IRA Board Chairperson Keto Nyapendi Kayemba said the regulator remains committed to implementing its Strategic Plan for 2025/26 to 2029/30, with a focus on strengthening institutional confidence and building trust among stakeholders.
“IRA is committed to implementing its Strategic Plan while maintaining institutional confidence and stakeholder trust as we deliver on our regulatory mandate,” Kayemba said.
The meeting was also attended by Minister of State for General Duties Cissy Mulondo and Minister of State for Privatization and Investment Aminah Mukalazi.
Mukalazi raised concerns about the handling of insurance claims, urging the regulator and players in the industry to improve efficiency and ensure claims are processed within reasonable timelines to meet market expectations.
She said timely settlement of claims remains critical in building public confidence in the insurance sector.
Meanwhile, Mulondo called on IRA to uphold transparency and accountability as key pillars in expanding insurance coverage and attracting more Ugandans into the sector.
“IRA should always demonstrate transparency and accountability to win the trust of the public and expand the sector to underserved Ugandans,” Mulondo said.
The government has, in recent years, identified insurance as a critical component in strengthening financial inclusion, protecting investments, and supporting economic growth through increased mobilisation of domestic resources.
