By Mariam Nalunkuuma – Corporate Affairs
The Insurance Regulatory Authority of Uganda (IRA) hosted a week-long East African Insurance Supervisors’ Association (EAISA) Exco meeting where several key policy directions that seek to address challenges impending sector growth across the East African Community markets were agreed upon.
The meeting which took place from May 19, to 23, 2025, at Lake Victoria Serena Golf Resort in Kigo, drew chief executive officers from the regulatory bodies in the region including Uganda, Kenya, Tanzania, Rwanda, and Burundi.
The meeting that focused on strengthening regional insurance regulation, increasing penetration, and building industry resilience saw the approval of significant documents geared towards streamlining service provision and shaping the region’s insurance landscape across the region.
The key documents are a standardized template for the East African Insurance Market report, a framework for national insurance sector updates, and the EAISA constitution to constitution to guide the Association’s operations.
The IRA Uganda Chief Executive Officer, who also doubles as the EAISA Chairperson, Alhaj Kaddunabbi Ibrahim Lubega said the documents are aligned with the 2024/25-2028/29 Association’s strategic plan, and aims to deepen regional integration in the insurance sector and close the protection gap.
“As insurance regulators, one of the fundamental reasons why we are in place is to ensure that policyholders’ interests and those of prospects are protected at all times. We have to ensure that what has been promised is what has been delivered,” he said.
Delegates acknowledged the region’s challenges — including limited public awareness and economic instability but noted that digital innovation, regulatory reforms, and increased collaboration will be key drivers of growth.
The Insurance Regulatory Authority of Kenya Chief Executive Officer, Mr. Godfrey Kiptum 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 about 7%.
“With collective effort and unified regulation, we can significantly grow our region’s insurance sector,” said Kiptum.
He noted that most African countries are struggling with penetration of below 1% compared to the global average of about 7%. Additionally, he noted that while the global gross written premium are estimated at about $7.2 trillion, Africa’s contribution is just $63.5 billion, noting that this calls for enhanced collaboration to change the narrative.
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.
The meeting reinforced EAISA’s role in fostering a robust, inclusive, and integrated insurance industry across East Africa.