Insurance brokers have been urged to rethink their role in African’s evolving risk landscape, where insight, strategy, and relevance are outweighing sheer size.
Speaking at the opening of the Olea Insurance Brokers regional conference at Skyz Hotel on January 28, 2026, which attracted representatives from Kenya, Rwanda and Tanzania, the Director Strategy and Market Development, Sande Protazio who represented the IRA Chief Executive Officer, said that while several brokerage firms have successfully achieved scale, market leadership in today’s insurance environment is defined less by balance sheets and geographic reach and more by the ability to understand risk, design fit-for-purpose products, and solve real economic problems.
“Markets will not reward size alone; they reward insight. The true test of success is whether the problems you set out to solve have disappeared,” Sande said.
His remarks come at a time of low insurance penetration in Uganda and across the bigger part of Africa, despite the continent’s rising exposure to economic, climate, health, and infrastructure-related risks. According to industry research, Africa’s insurance market is currently valued at approximately USD 93b (about Ugx.329.7 trillion) and is projected to grow to over USD 160b (about Ugx.567.3 trillion) in the next decade.
In November, the regulator cleared the successful acquisition of Marsh Insurance brokers by Olea.
For Uganda specifically, Sande noted that low insurance uptake should not be mistaken for a lack of demand, saying it simply reflects structural misalignments within the market.
Following Olea’s acquisition of Marsh Insurance Brokers, Sande cautioned that scale comes with responsibility, urging large brokerage firms to lead by example and help restore professionalism and trust within the sector.
The conference according to Olea’s Chief Executive Officer for East and Southern Africa, Vincent De Charnacé, aims to strengthen regional collaboration through the exchange of best practices, enabling successful experiences in one market to be replicated across the region and contribute to more resilient insurance markets.