Insurance industry leaders, regulators and tax experts have identified significant opportunities for sector growth under the 2026/27 national budget, calling on insurers to play a more active role in supporting investment, resilience and economic transformation.
The discussions took place during the Post-Budget CEO Breakfast Forum hosted by the Insurance Training College (ITC) in partnership with the Uganda Insurers Association (UIA). The event brought together chief executives, policymakers and industry stakeholders to assess the implications of the national budget for the insurance sector and the wider economy.
Opening the forum, Saul Sseremba, Principal of the Insurance Training College, said Uganda’s ambition of building a $500 billion economy presents a unique opportunity for insurers and actuaries to move beyond traditional roles and become strategic enablers of development.
He noted that emerging investments in oil and gas, infrastructure, healthcare, education and technology offer significant growth potential for insurers.
“The next phase of Uganda’s growth will require more than capital; it will require confidence. Insurance has a responsibility to provide that confidence by protecting investments, supporting enterprise and ensuring that growth is sustainable and resilient,” Sseremba said.
Uganda Insurers Association Chief Executive Officer Jonan Kisakye said the industry’s contribution to the economy extends far beyond its estimated one percent share of Gross Domestic Product (GDP). He revealed that insurance companies increased their tax contributions by 22 percent between 2020 and 2024, from shs254 billion to shs309 billion.
Kisakye said Uganda’s budget framework and strong economic growth projections present favourable conditions for the sector’s expansion.
“As Uganda’s economy grows, insurance must grow with it. The increasing pace of investment and asset creation presents a unique opportunity for the industry to expand coverage and drive financial inclusion,” he said.
The Acting Chief Executive Officer of the Insurance Regulatory Authority (IRA), Dr. Protazio Sande, urged industry leaders to focus on practical outcomes from the discussions and implement measurable actions that can strengthen the sector’s contribution to national development.
The forum also examined proposed tax reforms and their implications for insurance businesses.
Major James Mutabazi, Director at Forvis Mazars, highlighted several proposed amendments that insurers should closely monitor. These include a proposed 15 percent withholding tax on software payments to non-residents, replacing the previous five percent digital services tax, as well as changes affecting non-business assets, cross-border financing and interest deductibility.
Julius Nandeeba, Manager of the Large Taxpayers Office for the Financial and Insurance Sector at the Uganda Revenue Authority (URA), emphasized the growing importance of transfer pricing compliance, particularly for insurers engaged in related-party transactions and multinational operations.
He said companies must ensure profit allocation complies with arm’s-length principles and maintain adequate transfer pricing documentation before filing tax returns.
Nandeeba also noted that a 10 percent withholding tax on insurance agents’ commissions will now serve as a final tax where commission income is the agent’s sole source of earnings, a move expected to simplify compliance requirements.
A panel discussion featuring Insurance Brokers Association of Uganda (IBAU) Chairperson Ritah Mutesi, Uganda Chamber of Energy and Minerals Chief Executive Officer Humphrey Asiimwe, and Agro Consortium Chief Operations and Impact Officer John Makosya explored emerging opportunities across key sectors of the economy.
The panelists emphasized the need for insurers to strengthen technical expertise, develop products tailored to evolving risks and deepen collaboration across industries. Particular attention was given to opportunities linked to agro-industrialisation, climate resilience, mining, marine cargo and digital infrastructure.
Participants agreed that as Uganda’s investment landscape becomes more sophisticated, insurers must enhance their capacity to assess, price and manage increasingly complex risks.
The participants also called for the insurance industry to position itself as a trusted partner in safeguarding investments, supporting enterprise growth and contributing to Uganda’s long-term economic transformation.
