Finance Minister Henry Musasizi has urged Uganda’s insurance sector to take a more active role in de-risking key government investments and mobilising long-term capital to support the country’s economic transformation.
Minister Musasizi made the remarks on Tuesday during an entry meeting with the Board of Directors and Management of the Insurance Regulatory Authority (IRA) at the Ministry of Finance. The IRA delegation was led by Board Chairperson Keto Nyapendi Kayemba and Acting Chief Executive Officer Dr. Sande Protazio.
Minister Musasizi said the insurance sector should provide risk advisory services for government projects to help minimise investment risks and contribute to financing long-term development priorities under the government’s tenfold economic growth strategy.
He also called on the regulator to actively participate in government barazas and strengthen public awareness campaigns to improve understanding and uptake of insurance services through an open-door engagement policy.
During the meeting, Dr. Protazio said Uganda’s insurance industry continues to register steady growth, revealing that Gross Written Premiums increased by 14.7 percent to exceed UGX 2 trillion in 2025, while total industry assets rose to UGX 3.46 trillion.
He noted that with continued government support, the insurance industry has the potential to become a stronger driver of 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, building stakeholder trust, and effectively delivering its regulatory mandate.
State Minister for Privatisation and Investment Aminah Mukalazi raised concerns over delays in processing insurance claims and urged the regulator to improve efficiency to meet market expectations.
Meanwhile, State Minister for General Duties Cissy Mulondo called on the Authority to uphold transparency and accountability in order to build public confidence and expand insurance services to underserved communities across the country.
