Finance Minister Henry Musasizi has challenged the insurance industry to play a more strategic role in supporting the country’s economic transformation. He says the insurance sector should help the government manage risks associated with major public investments and mobilise long-term capital for development.
Speaking during an entry meeting with the Board and management of the Insurance Regulatory Authority (IRA) on Tuesday, Musasizi said the insurance sector should move beyond its traditional regulatory and underwriting functions to become an active partner in delivering the government’s tenfold economic 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 urged the regulator to increase public awareness about insurance by participating in government barazas and adopting an open-door policy to improve public understanding and confidence in the sector.
The meeting brought together the IRA Board, led by Chairperson Keto Nyapendi Kayemba, Acting Chief Executive Officer Dr. Sande Protazio, State Minister for General Duties Cissy Mulondo and State Minister for Privatisation and Investment Aminah Mukalazi.
Presenting the state of the insurance industry, Dr. Protazio said the sector continues to register steady growth despite economic challenges. He said Gross Written Premium grew by 14.7 percent to surpass Shs2 trillion in 2025, while total industry assets increased to Shs3.46 trillion.
“With support from government, the industry can become a much stronger contributor to Uganda’s socio-economic transformation,” he said.
However, ministers challenged the regulator to address persistent concerns affecting public confidence in insurance services. State Minister for Privatisation and Investment Aminah Mukalazi called for faster processing of insurance claims, saying delays in settling claims continue to frustrate policyholders.
She urged the authority “to be more efficient to fit the market demands.” Meanwhile, State Minister for General Duties Cissy Mulondo emphasized the need for greater transparency and accountability within the sector.
She said IRA should continue demonstrating openness in its operations to build public trust while expanding insurance services to underserved communities.
IRA Board Chairperson Keto Nyapendi Kayemba said the authority remains committed to implementing its Strategic Plan 2025/26–2029/30, with a focus on strengthening institutional confidence, stakeholder trust and effective regulation of Uganda’s insurance industry.
Uganda’s insurance sector has grown steadily in recent years, although insurance penetration remains low compared to regional and global averages, prompting the government to encourage greater uptake and a broader role for the industry in supporting national development-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
