Overview:
GoldStar Insurance wrote Shs53 billion in business and paid Shs15 billion in claims, its chief executive said, as the insurer marked 30 years in Uganda.
GoldStar Insurance wrote insurance business worth Shs53 billion and paid out Shs15 billion in claims, chief executive John Kawuma said, as the company marked 30 years of operating in Uganda.
The claims paid amount to about 28 per cent of the business written. Kawuma said the company had maintained average growth of about 15 per cent, compared with industry growth of about 2 per cent at the close of last year.
Kawuma gave the figures in an interview on the sidelines of the company’s 30th anniversary celebrations at Kabira Country Club in Kampala. He described GoldStar as one of Uganda’s top five insurers.
He said the company would increase investment in digital insurance platforms, enterprise management systems, artificial intelligence, staff and cybersecurity, as customers demand faster and more convenient services.
“Our commitment is to invest more in digital insurance solutions and other technologies that can help us respond to the changing needs of our customers,” Kawuma said.
He urged farmers, particularly in rural areas, to take up agricultural insurance against losses from drought and other climate-related shocks. He also encouraged them to use irrigation, quality fertilisers and improved seed to cut losses.
Kawuma called on city traders to insure their businesses and property against fire. He said fires had caused losses running into millions of shillings in arcades and commercial buildings.
He said a partnership with Victoria University, aimed at encouraging students to take professional courses linked to insurance, had already led to some graduates being employed by GoldStar.
Victoria University vice chancellor Prof Lawrence Muganga said the partnership had increased student interest in insurance careers.
Bernard Obel, director of supervision at the Insurance Regulatory Authority of Uganda, represented the regulator’s acting chief executive, Protazio Sande. He said insurance uptake in Uganda remained low, but that companies such as GoldStar were building customer confidence.
Obel said insurers needed to earn public trust through integrity, honesty, compliance with regulatory requirements and effective service delivery. He called on them to run public awareness campaigns on the benefits of insurance.
He said the regulator would continue working with educational institutions, employers, employees, government and the private sector on capacity-building programmes to raise uptake.
Dr Sudhir Ruparelia, vice chairperson of GoldStar’s board, said the company was founded 30 years ago with the aim of contributing to the growth of Uganda’s insurance sector.
Sudhir said the board would continue investing in the business, including in digital and AI-powered insurance tools. He said these would help the company reach young customers who prefer fast, digitally delivered services.
He commanded President Yoweri Museveni and the government for what he described as an enabling environment for businesses to expand.