Delegates acknowledged the region's challenges -- including limited public awareness, economic instability, and political unrest
Uganda's Insurance Regulatory Authority (IRA) hosted a week-long meeting of the East African Insurance Supervisors' Association (EAISA), drawing senior insurance regulators from across the East African Community (EAC).
The event, held from May 19 to 23 at Lake Victoria Serena Golf Resort in Kigo, focused on strengthening regional insurance regulation, increasing penetration, and building industry resilience.
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The high-level gathering culminated in the approval of three significant documents set to shape the region's insurance landscape. These included a standardized template for the East African Insurance Market Report, a framework for national insurance sector updates, and a ratified EAISA constitution to formalize the association's operations.
"These documents are crucial to ensuring that EAISA is a going concern," said Ibrahim Kaddunabbi Lubega, CEO of IRA Uganda and current chairperson of EAISA. He emphasized that the documents are aligned with EAISA's strategic plan, which runs through 2029 and aims to deepen regional integration in the insurance sector.
Godfrey Kiptum, the chief executive officer of Kenya's IRA, noted that the harmonized reporting frameworks will track critical indicators such as gross written premiums, insurance penetration levels, policyholder complaints, and sector innovations, among others. He underscored the urgency of these efforts, citing that insurance penetration across most EAC countries remains below 1%, well below the global average of 6-7%.
"With collective effort and unified regulation, we can significantly grow our region's insurance industry," said Kiptum.
Compared to global gross written premiums of approximately $7.2 trillion, Africa contributes just $63.5 billion. "The gap is an opportunity," attendees unanimously said.
Delegates acknowledged the region's challenges -- including limited public awareness, economic instability, and political unrest -- but expressed confidence in the industry's resilience. Digital innovation, regulatory reforms, and increased collaboration were cited as key drivers of growth.
Shelagh Kahonda, the executive director of Financial Stability at the National Bank of Rwanda, echoed this optimism. "Despite the conflicts in some parts of our region, the insurance sector remains a symbol of stability," she said. "EAISA creates a professional space where we can devise unified, practical solutions. Every citizen deserves the assurance that their risks are covered and that they will be compensated when losses occur."
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Established in 2010, EAISA serves as a regional platform for insurance regulators from EAC member states. Its mission is to harmonize regulatory frameworks, promote market development, safeguard consumers, and enhance supervisory capacity through shared learning and cooperation.
Participants in the conference included delegations from Uganda, Kenya, Tanzania, Rwanda, and Burundi. The meeting reinforced EAISA's role in fostering a robust, inclusive, and integrated insurance industry across East Africa.
