Insurance players in Uganda urged on sustainability approach

Insurance industry players have been challenged to adopt the Environmental, Social, and Governance (ESG) agenda if they are to achieve sustainable growth.

The call was made by the Insurance Regulatory Authority of Uganda (IRA) Chief Executive Officer, Alhaj Dr. Kaddunabbi Ibrahim Lubega, during the 8th John Ssebaana Kizito Memorial Lecture held at Brovad Hotel, Masaka, on September 18, 2025.

Dr. Kaddunabbi noted that while Uganda’s insurance sector has made significant progress—recording gross written premiums of UGX 1.06 trillion in the first half of 2025, up from UGX 933.76 billion over the same period in 2024—there is need to integrate the ESG agenda. This, he said, entails managing resources wisely, serving society’s needs, and governing responsibly.

He revealed that the IRA is in the process of developing a policy and regulatory framework for ESG, but urged industry players not to perceive it as an additional regulatory burden. Instead, he described it as a catalyst for building sustainable business models.

“You should see ESG not as charity or compliance, but as the only route to sustainable growth. It is the recognition that to serve millions today, you must plan for millions tomorrow. ESG makes business sense,” Dr. Kaddunabbi told delegates.

He encouraged the industry to draw inspiration from John Ssebaana Kizito’s legacy by recognizing that sustainability extends beyond environmental conservation to include resilient institutions, empowered communities, and secure businesses.

Dr. Kaddunabbi further cautioned against settling for incremental improvements, urging stakeholders to embrace transformation.

“Let us envision a Uganda where insurance is not a luxury but a foundation—where businesses factor risk into planning, where individuals protect themselves, and where simple shocks do not become disasters,” he said, adding that insurance should be viewed not only as a safety net but also as an enabler of growth.

By its nature, insurance allows businesses to transfer the financial burden of unexpected losses, cushioning them against risks and enabling quick recovery. It also enhances businesses’ attractiveness to lenders by reducing financiers’ perceived risk, thereby improving access to capital.

The memorial lecture attracted participants from across the spectrum, including the business community, farmers, property developers, education sector representatives, and traditional as well as political leaders.