As Uganda’s business landscape evolves, the role of insurance in shaping economic resilience is becoming more critical than ever before. The Federation of Uganda Employers (FUE) Breakfast Meeting that took place at the Golden Tulip Hotel on Friday, 28th February, 2025 brought together industry leaders to discuss how partnerships and trade associations drive sustainable growth.
Our CEO Jonan Kisakye, delivered a keynote address titled “Harnessing the Power of Business and Trade Associations to Drive Growth and Success,” where he unpacked the opportunities and challenges facing Uganda’s insurance industry, while laying out a bold plan for the future.
Jonan noted that Insurance is not just for big businesses or car owners as most people think, but for everyone. It protects families from financial shocks, keeps businesses afloat in times of crisis, and supports farmers when the unpredictable happens. Yet, Uganda’s insurance penetration remains low, meaning many people still operate without a safety net.
He emphasized that for insurance to benefit more people, the industry must embrace collaboration, innovation, and stronger partnerships. He referenced the UIA Strategic Plan for 2024–2028, which focuses on making insurance more accessible and relevant to ordinary Ugandans.
Like any growing industry, Uganda’s insurance sector faces challenges that slow its progress. Jonan pointed out key hurdles that need urgent attention: weak enforcement of insurance laws because without strict implementation, some businesses and individuals bypass insurance which exposes them to financial risks. Low insurance awareness and uptake due to the fact that many Ugandans perceive insurance as complex, unnecessary, or expensive, leading to low adoption rates. Lack of clear industry data, because without accurate figures, it's hard to measure the real impact of insurance on Uganda’s economy & fraud in the industry which affects both service providers and policyholders, making it harder to keep premiums affordable.
Jonan highlighted several exciting innovations designed to make insurance more accessible and efficient like the Marine Insurance Platform, a game-changer for businesses involved in imports because it makes acquiring Marine Cargo and Goods in Transit Insurance seamless. The enhanced Motor Third Party (MTP) payment platform which simplifies Motor Insurance payments and ensures easy compliance and the Workers’ Compensation Portal that is meant to improve efficiency in handling employee claims and ensure a better customer experience.
Beyond technology, partnerships are shaping the future of insurance too. Jonan pointed out collaborations like the Oil and Gas Consortium, Agricultural Insurance initiatives, and the Marine Coinsurance Arrangement as key steps toward ensuring insurance is relevant across all sectors.
Nicholas Okwir, a Board Member at FUE, urged employers to listen to their employees’ concerns, emphasizing that when businesses take care of their workforce, productivity and success follow. He called for more inclusive workplace policies that evolve with time, ensuring that companies remain attractive to skilled workers while fostering a healthy working environment.
The FUE Breakfast Meeting was a good reminder that no industry thrives in isolation. As Uganda’s economy continues to grow, so must the insurance sector so that businesses and individuals have the financial protection they need to navigate uncertainties. Through collaboration, innovation, and strategic advocacy, UIA is committed to ensuring that insurance is not just for the privileged few, but for all Ugandans. As our 2024–2028 Strategic Plan takes shape, the future is bright, but only if we work together.
