The Government has called for increased innovation in Uganda’s insurance industry despite strong growth in recent years, as it launched the 2026 Insurance Innovation Awards.
Speaking at the event, the Minister of State for General Duties at the Ministry of Finance, Planning and Economic Development, Henry Musasizi, represented Speaker of Parliament Anita Annet Among as the chief guest.
Strong growth in the insurance sector
Musasizi said Uganda’s insurance industry has recorded significant expansion, with gross written premiums rising from UGX 1.18 trillion in 2021 to UGX 1.76 trillion in 2024, representing a 49.2% cumulative growth.
“The insurance sector has registered commendable growth,” Musasizi said, noting the steady increase in industry performance.
He added that claims pay-outs also increased from UGX 622.2 billion in 2021 to UGX 813.2 billion in 2024, a 30.7% rise, reflecting improved capacity to meet obligations.
Recognition for industry regulator
The Minister congratulated the Insurance Regulatory Authority of Uganda for attaining ISO certification, describing it as a milestone in strengthening institutional credibility.
“This is a true testament to the Authority’s growth and commitment to excellence,” he said.
Low insurance penetration remains a challenge
Despite the progress, Musasizi acknowledged that insurance penetration and awareness in Uganda remain low compared to regional peers such as Kenya. “We still face challenges of low insurance penetration and awareness levels,” he said.
He urged industry players to adopt innovative approaches to expand access and uptake. “The sector must think outside the box—expand micro-insurance solutions, leverage technology, and design customer-centric products,” Musasizi added.
Awards aimed at driving transformation
The Minister said the Insurance Innovation Awards are intended to go beyond recognition and instead drive transformation in the sector. “These awards are more than just recognition—they are a catalyst for the transformation of the insurance sector,” he said.
He reaffirmed government support for the industry’s growth. “Government remains committed to creating a conducive environment for the growth of the insurance sector,” Musasizi noted.
“I urge all stakeholders to continue working together to build a vibrant, inclusive and innovative insurance sector that contributes to national development.”
Winners recognised
Several companies were recognised for innovation during the awards, including:
- Padre Pio Insurance Brokers – Most Innovative Insurance Solution
- Easy Ride Uganda – InsurTech of the Year
- Stanbic Bank Uganda – Most Innovative Bancassurance Agent’s Solution
Industry stakeholders say the push for innovation, combined with regulatory strengthening and digital transformation, could play a key role in improving insurance uptake and financial inclusion in Uganda.