Insurance firms in Uganda have been urged to simplify their policies, lower barriers to access, and improve public understanding of insurance products in order to increase uptake among ordinary citizens.
The call was made during the 8th Annual Insurance Brokers Association of Uganda (IBAU) Conference 2026, held at Hotel Triangle in Mbarara, where more than 350 industry players gathered under the theme, “Trust Reimagined: Delivering on the Promise.”
Speakers at the conference noted that although Uganda’s insurance sector continues to grow—with gross written premiums rising from Shs1.76 trillion in 2024 to Shs2.02 trillion in 2025—insurance penetration remains low.
The Chief Executive Officer of the Insurance Regulatory Authority, Alhaji Kaddunabbi Lubega, said the sector still faces a significant trust and awareness gap that must be addressed urgently.
“Many individuals still perceive insurance as complex, inaccessible, or irrelevant. Claims experience, product mismatches, and limited awareness reinforce this skepticism,” Lubega said.
He urged insurers to design inclusive and easy-to-understand products, particularly for small businesses, farmers, and households.
“Let’s use plain English that anyone without an insurance background can understand. Insurance must be easy to understand and easy to access,” he added.
Bank of Uganda Deputy Governor Prof. Augustus Nuwagaba also emphasised the need to simplify insurance policies, noting that Uganda’s insurance uptake remains low at 0.86% of GDP.
“This means many people are still not using or accessing insurance policies,” he said.
Prof. Nuwagaba stressed that high premiums and complex payment structures discourage many Ugandans from enrolling in insurance schemes.
“Instead of paying a lump sum like Shs15 million for a policy, allow people to pay monthly. That makes it more affordable and accessible,” he said.
He also called for stronger community sensitisation to improve awareness of insurance benefits, noting that many Ugandans still rely heavily on family networks during crises instead of formal insurance systems.
Insurance Brokers Association of Uganda Chairman Paul Muhame said brokers play a critical role in bridging the gap between insurers and the public, though challenges persist.
“Low product awareness and trust gaps continue to affect the industry. We must ensure the promise of insurance is delivered consistently,” Muhame said.
He added that simplifying policies, improving communication, and strengthening consumer trust are essential to growing the sector.
Stakeholders at the conference agreed that simplifying insurance products, improving claims settlement processes, and expanding community outreach will be critical to boosting insurance uptake across Uganda.
