On 24th September 2025, the launch of the Insurance Literacy and Market Development Agenda (ILMDA), held under the theme - Insurance for All: Promoting Insurance Literacy and Building Financial Resilience for Inclusive Growth at Mestil Hotel, marked a pivotal moment for Uganda’s insurance sector, bringing together key stakeholders in charting a path toward greater financial inclusion, resilience, and sustainable sector growth.
Opening the event, Paul Muwanga, Vice Chairman of the Uganda Insurers Association (UIA) and CEO of Excel Insurance, emphasized that insurance literacy and market development are inseparable goals in building a stronger and more inclusive industry. He described ILMDA as more than a strategic plan, but a collective call to action to enhance services, expand networks, and grow insurance penetration nationwide. He further acknowledged the collaborative efforts of the technical committee and urged stakeholders to deepen partnerships and commit to realizing this shared vision.
Delivering remarks on behalf of Africa Reinsurance Corporation (Africa Re), Dr. Phocas Nyandwi, Regional Director, highlighted insurance as a critical driver of economic growth across the continent. He underscored Africa Re’s commitment to supporting initiatives like ILMDA, to strengthen financial infrastructure and deepen insurance penetration. Dr. Nyandwi also called on industry players to design products that address diverse needs and simplify claims processes to improve accessibility and impact.
Chief Convener: Alhaj Dr. Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority (IRA), described the launch as a significant milestone in the ongoing transformation of Uganda’s insurance industry. He noted that while the sector continues to grow, many Ugandans still mistrust or misunderstand insurance, underscoring the importance of literacy in enabling informed financial decisions. Alhaj Dr. Kaddunabbi stressed that insurance must extend beyond coverage, by building awareness, fostering partnerships, and improving access, particularly for underserved rural populations. He commended UIA for spearheading the agenda and ensuring that insurance products reach those who need them most.
Speaking on behalf of the Chief Guest, Mr. Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, Planning and Economic Development, Mr. Kaggwa Moses, Director of Economic Affairs, reaffirmed the government’s support for initiatives that promote financial inclusion. He highlighted the central role of insurance in driving economic development and strengthening key sectors such as agriculture and industrialization. Mr. Kaggwa urged the industry to extend its reach into rural areas, offer tailored solutions for diverse needs, and continue working in close collaboration with government to build resilience and improve penetration.
Presenting the five-year ILMDA strategic plan, Jonan Kisakye, CEO of Uganda Insurers Association, acknowledged the support of Africa Re and the contributions of partners and consultants in shaping the agenda. Jonan highlighted that by 2024, fewer than 600,000 Ugandans held insurance policies, with penetration below 0.87%, a figure that accentuates the urgent need for greater literacy and awareness. He explained that the agenda seeks to simplify insurance knowledge and risk management concepts, making them more relatable and accessible to the public. Developed through extensive consultations, the plan is backed by a clear implementation framework.
Jonan also shared research findings showing public demand for stronger partnerships between the insurance and financial sectors and a renewed focus on rebuilding trust. He called on stakeholders to collaborate in boosting penetration, fostering innovation, and enhancing inclusivity. Citing the rallying call “Gwanga Mujje,” an invitation for the public to engage in meaningful conversations about insurance, he expressed confidence that the next five years would see significant growth in insurance uptake and coverage by at least 70%.
A panel discussion on “Advancing Inclusive Finance through Insurance” further explored strategies for driving inclusion and resilience. Dr. Bob Munene, Assistant Commissioner at the Ministry of Finance, emphasized the importance of insurance products designed to protect farms and support government-backed initiatives. He called for tax-free programs and tailored policies for small-scale farmers, particularly in high-risk regions.
Atiku Bran, National Programme Coordinator at UNDP, stressed the importance of learning from past challenges to build a stronger future. He highlighted the need for innovation in insurance product design to safeguard investments, mitigate risks such as natural disasters, and demonstrate tangible value to clients.
Lutwama Joseph, Programs Director at FSD Uganda, pointed out the coverage gaps faced by low-income earners and called for new, inclusive models that enhance supply chain stability and promote sector-wide growth.
Sande Protazio, Director of Market Development and Strategy at IRA, underscored the need to improve how insurance products are packaged to increase their efficiency, sustainability, and appeal. He advocated for repositioning insurance as a strategic tool for market development and stakeholder engagement.
Alex Ochan, Deputy Director of National Payment Systems at the Bank of Uganda, highlighted the need for skilled professionals and improved financial and technological literacy to maximize the sector’s impact and effectiveness.
The launch of ILMDA reaffirmed the industry’s commitment to building a more inclusive, accessible, and resilient insurance sector. Through collaboration, innovation, and education, stakeholders aim to significantly expand insurance coverage and empower Ugandans to secure their financial futures.
