By Gloria Gwitabinji
The Minister of Finance, Planning and Economic Development, Henry Musasizi, has called on Uganda’s insurance sector to play a more active role in de-risking major government investments and mobilising long-term capital to support the country’s economic transformation.
Musasizi made the remarks during an entry meeting with the Board of Directors and Management of the Insurance Regulatory Authority (IRA) at the Ministry of Finance.
The IRA delegation was led by Board Chairperson Keto Nyapendi Kayemba and Acting Chief Executive Officer Dr. Sande Protazio.
The minister said the insurance industry should strengthen its role in providing risk advisory services for government projects to minimise investment risks, while also helping to mobilise long-term patient capital to support Uganda’s Tenfold Growth Strategy.
He also urged the regulator to intensify public sensitisation by participating in government barazas and adopting an open-door policy to improve public understanding and uptake of insurance services.
Presenting the state of the industry, Acting CEO Dr. Protazio said Uganda’s insurance sector continues to register steady growth despite prevailing economic challenges.
He revealed that Gross Written Premiums grew by 14.7 per cent to surpass Shs2 trillion in 2025, while total industry assets increased to Shs3.46 trillion.
Dr. Protazio said the industry has the potential to make an even greater contribution to Uganda’s socio-economic development with continued government support.
IRA Board Chairperson Keto Nyapendi Kayemba reaffirmed the Authority’s commitment to implementing its Strategic Plan for 2025/26 to 2029/30, saying the focus will be on strengthening institutional confidence, enhancing stakeholder trust and delivering an effective regulatory framework.
State Minister for Privatisation and Investment, Aminah Mukalazi, raised concerns over delays in processing insurance claims, urging the regulator to improve efficiency to meet the expectations of policyholders and the wider market.
State Minister for General Duties, Cissy Mulondo, called on the Authority to maintain transparency and accountability, saying public trust is essential if insurance penetration is to increase, particularly among underserved communities.
