By Mariam Nalunkuuma
Insurance industry players have been challenged to adopt the Environmental Social and Governance (ESG) agenda if they are to grow for sustainably.
The call was made by the Insurance Regulatory Authority of Uganda (IRA) Chief Executive Officer, Alhaj Dr. Kaddunabbi Ibrahim Lubega during the 8th John Ssebaana Kizito memorial lecture at Brovad Hotel, Masaka on September 18, 2025.
Alhaj Dr. Kaddunabbi noted that while Uganda’s insurance industry has made significant strides, with the gross written premiums rising to Ugx 1.06 trillion in the first half of 2025, compared to Ugx 933.76 billion over the same period in 2024, there is need capture the ESG agenda through managing resources wisely, serving society’s needs, and governing responsibly.
He noted that the IRA is currently developing a policy and regulatory framework for ESG but urged industry players not to view it as an introduction of extra regulatory demands but rather as a facilitator of sustainable business models.
“You should see ESG not as charity or compliance, but as the only route to sustainable growth. It is the recognition that to serve millions today, you must plan for millions tomorrow. ESG makes business sense,” Alhaj Dr. Kaddunabbi told delegates.
He urged industry players to use the event of honouring John Ssebaana Kizito’s legacy to remember that sustainability is not only about the environment but also about resilient institutions, empowered people, and secure businesses.
He cautioned industry players against settling for incremental improvements but rather strive for transformation.
“Let us envision a Uganda where insurance is not a luxury but a foundation, where businesses factor risk into planning, where individuals protect themselves, and where simple shocks do not become disasters,” he said, adding that insurance is more than a safety net but an enabler of growth.
By its nature, insurance allows businesses to transfer the financial burden of unexpected losses by cushioning the impact of risks, enabling businesses to recover quickly.
It also makes businesses attractive to lenders as it reduces financiers’ perceived risk, improving access to much-needed capital businesses.
The lecture attracted attendants including the business community, farmers, property entrepreneurs, school community representatives, traditional, political leaders among others.