The Insurance Regulatory Authority of Uganda (IRA) awarded and celebrated the most innovative industry players in a colourful gala dinner held at Kampala Serena Hotel on March 14, 2025.
The awards gala, graced by the Vice President, H.E Maj (Rtd) Jessica Alupo who was represented by the Minister of Trade and Cooperatives, Hon. Francis Mwebesa, recognized Old Mutual Life Assurance Uganda Limited with the most innovative solution for life insurance, Jubilee Health Insurance Company with the most innovative solution for non-life insurance, Stanbic Bank with the most innovative solution as a Bancassurance Agent among others.
In her speech, Maj. (Rtd) Alupo applauded IRA for celebrating excellence and ingenuity, saying that it is a commitment to ensuring a sustainable and progressive insurance industry.
She, however, challenged the industry to innovate in other areas such as medical and workers’ compensation insurance, in addition to the digitization of motor third party and marine insurance, saying that they are central in the social well-being of Ugandans. She also urged players to focus on creating a sector that is accessible, affordable, and adaptive to the changing needs of the population.
Hon. Mwebesa called on all employers, especially in the manufacturing sector which he said is prone to accidents, to buy workers’ compensation insurance for their employees.
Workers compensation insurance is a mandatory form of insurance that provides financial support and medical benefits to employees who are injured or become ill due to their jobs, regardless of fault, in exchange for employees waiving their right to sue their employer.
“People working in industries need to be protected by insurance. Engage the Uganda Manufacturers Association and interest them to buy this insurance cover for all their employees,” Hon. Mwebesa said adding that, “This applies to cooperatives and agriculture. You cannot drive business, industry, and cooperatives without the insurance sector. It is key for your success.”
Government’s commitment
Maj. (Rtd) Alupo noted that the government is committed to building a supportive ecosystem that encourages innovation and supports the growth of financial services, including insurance, adding that policies are being aligned to ensure that insurance reaches all Ugandans.
To further support industry growth, she said the government will ensure that infrastructure and other development projects secure insurance from the local insurance providers.
The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija said Uganda’s insurance industry has grown tremendously over the past 10 years from Ugx. 200 billion to Ugx. 1.8 trillion by end of 2024. Relatedly, claim payment has also risen from less than 20% to 52% currently, owing to a strong regulatory regime overseen by IRA.
He further noted that the insurance sector currently employees about 10,000 people and contributes over Ugx. 200 billion in taxes, annually.
“These metrics point to a sector that promises a bright future once the economic fundamentals remain positive,” he said.
He, however, challenged the industry to do more saying that a lot still needs to be done to enhance the sector’s contribution to the country’s development agenda.
Increase Agriculture Insurance subsidy allocation
The IRA Board Chairman, Dr. Isaac Nabeta Nkote requested government to increase the budget for the Agriculture Insurance subsidy by an extra Ugx.10 billion to enable all farmers across the country access insurance at a subsidized rate.
The government allocates Ugx.5 billion annually but the demand has of recent outstripped supply owing to the increasing risks in the agriculture sector and increased awareness about the value of insurance in safeguarding agricultural investments.
“We appreciate what you give us but it has served its purpose and it is no longer enough. The industry requires a little bit more. We hope that your ministry allocates more to this,” he said.
The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega commended the companies that participated in the awards, saying that the quality of the solutions submitted is proof that the industry is on the right course to its long-held vision of having every Ugandan appreciate insurance as a partner in all walks of life.
“Five years ago, we reflected on what we can do as a sector to improve our value proposition to the public. One of the highlighted challenges was reliance on legacy systems and processes that could not deliver us to our endeared future. The innovation awards were introduced to solve this,” he said.
He commended the judges for the great job of selecting the most innovative solutions.
Awards categories and winners
| Award Category | Winner |
| Most Innovative Insurance Product – Life | Old Mutual Life Assurance Uganda Limited |
| Most Innovative Insurance Product – Non-Life | Jubilee Health |
| Most Innovative Insurance Broker Award | SPADES Insurance Brokers |
| Most Innovative Bancassurance Agent | Stanbic Bank |
| Most Innovative Loss Assessor | Elite Assessors & Adjusters Limited |
| Most Innovative InsurTech Solution | Smart Applications International (Uganda) Ltd |
| Most Innovative Insurance Agent Award | Lydia Musiimire (Old Mutual Life Assurance Uganda Limited) |
| Media Personality of the year | Julius Sembuya (Finance & Trade Publications Limited) |
| Peoples’ Choice award | Prudential Assurance Uganda Limited |
| Loyalty Award | Prudential Assurance Uganda Limited |
| The Judges’ Special Award. | Liberty Life Assurance Uganda Limited |
The Uganda Insurers Association chairperson, Ms. Ruth Namuli said innovation is critical for the industry to grow and continue to deepen penetration. She encouraged all insurers not to relent on innovation as it is the only way through which they will create the industry they desire to see in future.