Uganda's insurance industry is seeking government support to expand access to insurance products, with Justice and Constitutional Affairs Minister Norbert Mao pledging to fast-track a proposed National Health Insurance Scheme. Mao made the commitment at the sixth International Annual Insurance Conference in Gulu City, where industry players called for policy and legal reforms to make insurance more accessible to ordinary Ugandans. The minister said his ministry had established a two-week client-charter window through which stakeholders could seek responses to pending matters, and that insurance industry players could use this arrangement to present their concerns.
The Insurance Regulatory Authority (IRA) reported that gross written premiums rose to Shs2.024 trillion in 2025, up 14.72 per cent from approximately Shs1.764 trillion in 2024. However, insurance penetration remained below one per cent of gross domestic product in 2024, highlighting the limited reach of insurance services despite growth in the value of business written by insurers. Soule Serembo, the chief executive officer and principal of the Insurance Training College, which convened the conference, said limited public awareness, affordability challenges and the concentration of insurance business among corporate clients continued to restrict access for individuals and small businesses.
Serembo called on insurers to develop more microinsurance products targeting boda-boda riders, small-scale farmers and small businesses, which often face financial losses but have limited access to formal insurance. He also urged the industry to prepare for emerging risks associated with artificial intelligence, cybercrime and climate change. The IRA figures show that microinsurance premiums increased by 131.42 per cent in 2024, rising from approximately Shs708 million to Shs1.64 billion. Despite that growth, microinsurance accounted for only about 0.09 per cent of total industry premiums that year, indicating its small contribution to the overall market.
The acting chief executive officer of the IRA, Dr Protazio Sande, urged Ugandans to embrace insurance as a way of protecting themselves against unforeseen losses in their workplaces, businesses and agricultural activities. The conference provided a platform for industry players to discuss barriers to insurance uptake, the role of government policy in expanding coverage and the need to develop products suited to the needs of underserved communities. For savers and business owners in Uganda, this means insurance remains largely inaccessible and unaffordable despite recent growth, with most Ugandans still unprotected against financial shocks.