Insurance growth trajectory attributed to innovative products

The Director Planning, Market Research and Development at the Insurance Regulatory Authority Sande Protazio says Uganda’s insurance sector is experiencing rapid growth, driven by increased consumer confidence, improved distribution networks, and the rise of digital transactions.

This growth is attributed to increased online insurance purchases, making policies more accessible, enhanced distribution networks, expanding insurance reach, a growing middle class, driving demand for financial security, faster claims processing, ensuring prompt compensation and greater awareness and consumer education, fostering trust in the industry.

He was speaking recently at the launch of ICEA Lion Uganda’s ambitious initiative designed to empower Ugandans with tailored financial security and planning solutions for a secured future.

“Uganda's insurance sector is experiencing remarkable growth, demonstrating its increasing importance to the nation's economy. There was a significant 11.29% increase in gross written premium (GWP) from sh1.4 trillion in 2022 to sh1.6 trillion in 2023," Protazio said.

He commended ICEA Lion for the initiative dubbed ‘What’s Your Plan? Which he said is crucial given the stability of the future. He also spoke to the Finscope findings which indicated that only 5.2% of Ugandans have any form of insurance cover.

“So, they say figures don’t lie and this 5.2% clearly shows that we have to double our efforts to ensure more Ugandans take up cover against the unforeseen uncertainties.

I would like to ask members of the public, however, to always ensure they read and understand the contracts they sign with these companies to avoid any backlashes should they arise during claims settlement,” Protazio added.

Daniel Kairu, the Head of Business Development and Marketing at ICEA Lion General said the new campaign is a movement to shift mindsets and ignite conversations about financial preparedness.

He added that it challenges individuals, families, and businesses to take proactive steps toward securing their financial future through insurance and investment solutions.

“Many Ugandans realize the importance of financial security when it’s too late. The ‘What’s Your Plan?’ campaign is here to change that. Whether it’s securing your child’s education, preparing for retirement, or protecting your business, planning ahead is key. We are committed to providing the right solutions to help our customers plan, protect, and prosper,” Kairu said.

Officials said the campaign will educate Ugandans on the critical role of insurance and investment solutions in securing their financial future.

“Financial security isn’t just about today; it’s about securing tomorrow. Our products are designed to serve every Ugandan, from young professionals to growing families and business owners.”