The Board of the Insurance Regulatory Authority of Uganda (IRA) has reaffirmed its commitment to work together with the Ministry of Finance to deepen insurance penetration, strengthen regulatory enforcement and enhance the resilience of Uganda’s financial sector in support of the country’s 10-fold economic growth strategy.
The commitment was made during a courtesy visit by the IRA delegation led by the Board chairperson, CPA FCCA Keto Nyapendi Kayemba, to the Minister of Finance, Planning and Economic Development, Hon. Henry Musasizi at the Ministry headquarters in Kampala on July 14, 2026. CPA FCCA Kayemba was accompanied by the Deputy Board Chairperson, Ms. Grace Mutebile, and the Authority’s top management led by the Acting Chief Executive Officer, Dr. Protazio Sande.
The Minister was joined by the State Minister for Investment, Hon. Amina Mukalazi, the State Minister for General Duties, Hon. Cissy Mulondo, and officials from the Ministry’s Financial Services Department led by Dr. Bob Munene.
CPA FCCA Kayemba updated the Minister on the Authority’s leadership transition, noting that the matter remains before the courts for judicial direction. She assured the Minister that the Authority remains stable, fully operational and focused on delivering its regulatory mandate without disruption.
“The Authority remains stable, operationally effective and focused on delivering its mandate while ensuring continuity in service delivery,” CPA FCCA Kayemba said.
Industry surpasses Ugx 2 trillion mark
Highlighting the sector’s performance, Dr. Sande noted that Uganda’s insurance sector surpassed Ugx. 2 trillion in Gross Written Premium (GWP) in 2025, making a significant milestone in the sector’s growth.
He said the achievement reflects the industry’s resilience and growing public confidence in insurance as an essential tool for financial protection and risk management. To sustain this momentum, Dr. Sande called for increased government support for the Agriculture Insurance Scheme by raising the current subsidy allocation of UGX 5 billion, noting that demand for agricultural insurance continues to exceed the available funding. “Increasing the subsidy would enable more farmers to access agricultural insurance protection, without having to bear the full cost of coverage,” Dr. Sande said.
Dr. Sande also appealed for stronger enforcement of mandatory insurance classes, particularly Motor Third Party Insurance and Workers’ Compensation Insurance, where compliance remains significantly below desired levels.
Current estimates indicate compliance of below 50% for Motor Third Party Insurance and below 20% for Workers’ Compensation Insurance. The meeting concluded with a shared commitment between the Ministry and the IRA to strengthen collaboration in promoting sound regulation, improving compliance with insurance laws, increasing insurance uptake and building a more resilient financial sector. The engagement underscored the critical role of insurance in safeguarding livelihoods, supporting investment and contributing to Uganda’s long-term economic transformation under the country’s 10-fold growth strategy.