Finance minister calls for greater insurance sector role in Uganda’s tenfold growth strategy
Finance minister calls for greater insurance sector role in Uganda's tenfold growth strategy
Finance Minister Henry Musasizi has called on Uganda’s insurance industry to play a more strategic role in supporting government projects and mobilising long-term investment capital during an entry meeting with the Board of Directors and Management of the Insurance Regulatory Authority (IRA) of Uganda.
The IRA delegation was led by Board Chairperson Keto Nyapendi Kayemba and Acting Chief Executive Officer Dr. Sande Protazio. The meeting was also attended by the Minister of State for General Duties, Cissy Mulondo, and the Minister of State for Privatization and Investment, Aminah Mukalazi.
Speaking during the meeting, Musasizi said the insurance sector should strengthen its role in providing risk advisory services for government projects to help mitigate risks and improve project sustainability.
He further urged the sector to mobilise long-term patient capital to support investments under Uganda’s Tenfold Growth Strategy, which aims to accelerate economic transformation through strategic investments.
The Minister also encouraged insurance industry players to actively participate in government barazas and adopt an open-door policy to improve public understanding of insurance products and increase penetration across the country.
Presenting the state of the industry, Acting CEO Dr. Sande Protazio said Uganda’s insurance sector continues to demonstrate resilience and steady growth.
He revealed that the industry recorded 14.7 percent growth, with Gross Written Premium (GWP) surpassing UGX 2 trillion in 2025, while total industry assets increased to UGX 3.46 trillion.
Protazio noted that with continued government support, the insurance industry is well positioned to become an even stronger contributor to Uganda’s socio-economic transformation.
IRA Board Chairperson Keto Nyapendi Kayemba reaffirmed the Authority’s commitment to implementing its Strategic Plan 2025/26–2029/30, saying the regulator remains focused on strengthening institutional confidence, maintaining stakeholder trust and effectively delivering its regulatory mandate.
During the discussions, Minister of State for Privatization and Investment Aminah Mukalazi raised concerns over the handling of insurance claims, urging the regulator to improve efficiency and reduce claim settlement timelines to better meet customer expectations and market demands.
Minister of State for General Duties Cissy Mulondo called on the Authority to continue demonstrating transparency and accountability in its operations, saying greater public trust will be essential in expanding insurance coverage, particularly among underserved communities.
The meeting highlighted government’s expectation that the insurance sector will play a more prominent role in financing economic growth, strengthening risk management and improving financial inclusion as Uganda pursues its long-term development agenda.
