The Insurance Week's activities culminated in the prestigious Insurance Innovation Awards 2024 on 14th March, 2025 at Serena Hotel, Kampala under theme: "Redefining Insurance: Trust, Innovation & Inclusivity." This event celebrated ground-breaking ideas that are reshaping the insurance industry. The awards highlighted both companies and individuals pushing boundaries, developing creative products, and revolutionizing insurance in Uganda. The Awards Gala’s Guest of Honour was Vice President, H.E Maj (Rtd) Jessica Alupo, who was represented by the Minister of Trade and Cooperatives, Hon. Francis Mwebesa.
In her speech, the Vice President applauded IRA for celebrating excellence and challenged the insurance industry to innovate in other areas such as medical and workers’ compensation insurance, in addition to the digitization of motor third party and marine insurance. She also urged players to focus on creating a sector that is accessible, affordable, and adaptive to the changing needs of the population. Maj. (Rtd) Alupo noted that the government is committed to building a supportive ecosystem that encourages innovation and supports the growth of financial services, including insurance, and that arrangements are underway to ensure that insurance reaches all Ugandans. She affirmed that the government will ensure that infrastructure and other development projects secure insurance from the local insurance providers.
The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija lauded Uganda’s insurance industry’s tremendous growth over the past 10 years from UGX 200 Billion to UGX 1.8 Trillion by the end of 2024, with claims payment also having risen from less than 20% to 52%. Hon. Matia Kasaija reported that the insurance sector currently employes about 10,000 people and contributes over UGX 200 Billion annually, in taxes, which indicates an even brighter future for the industry. He tasked the industry to work towards increasing its contribution to the country’s development agenda.
Alhaj Kaddunabbi Ibrahim Lubega, the CEO of the Insurance Regulatory Authority, highlighted the critical role of innovation in increasing insurance penetration across Uganda. He noted that more insurers are adopting customer-centric models, embracing digital technologies, and improving service delivery, especially in claims processing. These advancements, he stressed, are essential for meeting the evolving needs of the people.
Our Executive Committee Chairperson - Mrs. Ruth Namuli, praised the Insurance Regulatory Authority (IRA) for consistently putting together such initiatives. She explained that by rewarding innovation, the industry encourages creativity, ultimately leading to more accessible and impactful insurance solutions for the public. She also emphasized that these awards are not just about recognizing individual winners but about celebrating the collective progress of the entire insurance industry.
Below is the list of Insurance Innovation Awards 2024 Winners;
• Most Innovative Insurance Product, Life - Old Mutual Life Assurance Uganda Limited
• Most Innovative Insurance Product, Non-Life - Jubilee Health
• Most Innovative Insurance Broker Award - SPADES Insurance Brokers
• Most Innovative Bancassurance Agent - Stanbic Bank
• Most Innovative Loss Assessor - Elite Assessors & Adjusters Limited
• Most Innovative InsurTech Solution - Smart Applications International (Uganda) Ltd
• Most Innovative Insurance Agent Award - Lydia Musiimire (Old Mutual Life Assurance Uganda Limited)
• Media Personality of the Year - Julius Sembuya (Finance & Trade Publications Limited)
• Peoples’ Choice award - Prudential Assurance Uganda Limited
• Loyalty Award - Prudential Assurance Uganda Limited
• The Judges’ Special Award - Liberty Life Assurance Uganda Limited
