Finance minister tasks insurance sector to support Uganda’s tenfold growth strategy

KAMPALA — Finance Minister Henry Musasizi has challenged Uganda’s insurance industry to play a bigger role in financing the country’s economic transformation by mobilising long-term investment capital and providing risk advisory services for major government projects.

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 role and become a strategic partner in implementing the government’s Tenfold Growth Strategy.

“The insurance sector should actively provide risk advisory services for government projects to help mitigate risks and mobilise long-term patient capital needed to finance investment under the Tenfold Growth Strategy,” Musasizi said.

He also urged insurers to intensify public awareness campaigns by participating in government barazas and adopting an open-door policy to improve public understanding of insurance and increase uptake across the country.

The meeting was attended by IRA Board Chairperson Keto Nyapendi Kayemba, Acting Chief Executive Officer Dr Protazio Sande, Minister of State for General Duties Ciccy Mulondo and Minister of State for Privatisation and Investment Aminah Mukalazi.

Presenting the state of the industry, Dr Sande said Uganda’s insurance sector continued to register steady growth, with gross written premiums rising by 14.7 per cent to exceed Shs2 trillion in 2025. He added that the industry’s total assets had grown to Shs3.46 trillion, reflecting increased resilience despite economic challenges.

He said the sector has the potential to make a much greater contribution to Uganda’s socio-economic transformation if supported by government through enabling policies and a conducive operating environment.

Nyapendi said the regulator remains committed to implementing its 2025/26–2029/30 Strategic Plan, which prioritises strengthening institutional credibility, enhancing stakeholder confidence and effectively delivering IRA’s regulatory mandate.

Mukalazi called on the regulator to address persistent concerns over insurance claims processing, saying delays in settling claims continue to undermine public confidence in the sector.

She urged the authority to improve efficiency and ensure insurers respond to claims promptly in line with customer expectations.

Mulondo emphasised the need for greater transparency and accountability in the industry, saying public trust will be critical to expanding insurance coverage, particularly among underserved communities.

Uganda’s insurance penetration remains among the lowest in the region, with government seeking to deepen uptake as part of broader efforts to strengthen financial inclusion and mobilise domestic savings for investment.