The Minister of State for Finance, Planning and Economic Development, Henry Musasizi, has said that the Insurance Sector has registered commendable growth, with Gross Written Premiums (sales) increasing from Shs 1.18 trillion in 2021 to Shs 1.76 trillion in 2024, representing a cumulative growth of 49.2%.
Minister Musasizi also noted that claims pay-outs rose from Shs 622.2 billion in 2021 to Shs 813.2 billion in 2024, reflecting a 30.7% increase.
Minister Musasizi made the remarks on Friday evening while representing Speaker of Parliament Anita Annet Among as Chief Guest at the launch of the Insurance Innovation Awards 2026. He congratulated the Insurance Regulatory Authority of Uganda on attaining ISO Certification, describing it as a true testament to its growth.
Minister Musasizi, however, noted the challenges of insurance penetration and awareness levels, which are still low compared to regional peers like Kenya.
To address these challenges, Minister Musasizi urged the sector to think outside the box by, for example, expanding micro-insurance solutions, leveraging technology, and designing customer-centric products.
Regarding the Awards, he said they are more than just recognition, but a catalyst for the transformation of the Insurance sector.
Minister Musasizi said government remains committed to creating a conducive environment for the growth of the Insurance Sector.
"I urge all stakeholders to continue working together to build a vibrant, inclusive and innovative insurance sector that contributes to national development," he said.
The winners of the night included: Padre Pio Insurance Brokers (most innovative insurance solution), Easy Ride Uganda (Insure-Tech of the Year), and Stanbic Bank (most innovative Bancassurance Agent's solution).
