The Uganda Insurers Association sponsored the 2nd Annual Financial Symposium 2025 organised by the Uganda Manufacturers Association (UMA). This two-day event took place from 10th – 11th June at the UMA Show Grounds under the theme: Innovative Financial Solutions for a Sustainable Manufacturing Sector. Hon. David Bahati, Minister of State for Trade, Industry, and Cooperatives was the Guest of Honour.
In his remarks, the Honourable Minister emphasized the critical role of local innovation in transforming Uganda’s manufacturing sector and reaffirmed the Government’s commitment to supporting industrial growth and development, highlighting the ongoing efforts by the Government to secure regional and international markets for Ugandan manufacturers by leveraging key trade agreements such as the African Continental Free Trade Area (AfCFTA), East African Community (EAC), and COMESA.
Hon. David Bahati concluded by commending the symposium as a vital platform for collaboration, urging all stakeholders to engage actively, share insights, and champion innovative financial strategies that drive sustainable industrialization and economic resilience.
Our Research Officer, Angella Kemigisa, delivered a presentation titled “De-risking Investment through Insurance Services: A Case Study for the UMA Industrial Survey 2024.” Drawing insights from the 2024 Industrial Survey, Angella explained that the study aimed to better understand the risks faced by members of UMA, their current mitigation strategies, and their knowledge and uptake of insurance services.
The findings revealed that the highest risk exposures included employee accidents, fire, theft, and employee illness, in that order. Respondents cited several obstacles to insurance uptake, such as unaffordable premiums and inadequate information. To address these issues, the recommendations included increasing insurance education, implementing measures to tackle high insurance premiums, and examining the scope and impact of investment-related challenges faced by businesses in Uganda. The research also aimed to generate actionable recommendations that would foster business growth, enhance sustainability, and mitigate key risks encountered by entrepreneurs across various sectors.
Angella assured members that the UIA and its stakeholders are committed to addressing the challenges affecting insurance uptake through continued collaboration with UMA.
In conclusion, she noted that while the Export Guarantee Insurance Scheme is still in draft stage, it represents a promising tool for further de-risking investments and supporting the resilience and competitiveness of manufacturers.
UIA’s Senior Technical Officer, Non-Life - Martin Okwaja, highlighted that the adoption of insurance among manufacturers is still low. He urged the UMA to encourage its members to view insurance services as a vital risk management strategy. He emphasized that many solutions to the risks faced by manufacturers are already available in the market, and insurers continue to innovate and collaborate to meet the specific needs of the sector.
