Kampala — Minister of State for General Duties at the Ministry of Finance, Planning and Economic Development, Henry Musasizi, called on industry stakeholders to embrace innovative solutions to grow Uganda's insurance market during the 2025 Annual Insurance Innovation Awards held recently in Kampala.
Musasizi noted that insurance penetration in Uganda remains low at about 0.9 percent of gross domestic product, far below levels in some neighbouring East African countries such as Kenya with around 2.25 percent and Tanzania at about 0.60 percent, reflecting a significant untapped market opportunity across the region.
Across the East African Community overall, average insurance penetration is around 1.57 percent of GDP, underlining how much work remains to extend insurance cover to more citizens.
The awards ceremony brought together insurers, brokers, agents, InsurTech companies, and other industry stakeholders under the theme "Future Eri Ku Sure Ne Insure." The event highlighted creative and forwardlooking approaches to delivering insurance products that are more accessible, affordable, and relevant to the needs of ordinary Ugandans.
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Attendees saw firsthand how digital tools, partnerships and customercentric strategies are being used to expand coverage and improve service.
Representing the Insurance Regulatory Authority of Uganda, Board Chairperson Keto Kayemba reminded the audience that insurance should be viewed as an essential financial tool rather than a luxury.
The IRA Chief Executive Officer, Kaddunabbi Ibrahim Lubega, added that inclusivity must be central to innovation strategies, with products designed to protect lowincome households, empower women entrepreneurs, support youth, and leverage collaborations with telecoms and financial institutions to deepen market reach.
The awards recognised achievements across multiple categories. Statewide Insurance Company won for the most innovative nonlife insurance solution, while Turaco Microinsurance Company was named for the most innovative life insurance solution. Padre Pio Insurance Brokers and Kerebu Niwagira of ICEA Lion Life Assurance received awards for the most innovative broker and agent respectively. Stanbic Bank Uganda Limited was honoured for excellence in bancassurance, and Easy Ride Uganda received the award for the most innovative InsurTech solution. Otim Ivan Pius was recognised as media personality of the year, Prudential Assurance Uganda won the People's Choice Award, ICEA Lion General Insurance Company was celebrated as the Insurance Innovation Champion, Liberty General Insurance received the judges' special award, and Turaco Microinsurance Company was further acknowledged for its investment in consumer awareness.
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The event underscored the urgent need for forwardthinking solutions that can help transform Uganda's insurance landscape, close the protection gap and bring the benefits of risk protection to more people across the country and region.
