Old Mutual Uganda has expanded its financial wellness proposition with the introduction of a motor comprehensive insurance benefit for all unit trust customers, strengthening its strategy of combining investment and insurance solutions under one offering.
The new benefit builds on Old Mutual’s integration of unit trusts with life insurance benefits and extends the proposition into general insurance.
The company says the initiative is intended to give customers greater value by helping them grow their wealth while also protecting their assets against unforeseen financial shocks.
The development comes at a time when comprehensive motor insurance remains relatively low in Uganda.
According to the Insurance Regulatory Authority of Uganda (IRA), only about 15 percent of insured vehicles have comprehensive motor insurance, leaving many motorists exposed to potentially substantial costs arising from accidents, theft, fire and other risks.
Speaking at the launch, Old Mutual Investment Group Managing Director Zaccheaus Kisesi said customers are increasingly seeking investment products that address more than wealth accumulation.
“Today’s unit trust holders are looking for solutions that not only grow their wealth but also support other aspects of their financial needs,” Kisesi said.
He said integrating investment with protection was intended to make financial solutions more relevant and accessible.
“We are redefining what customers should expect from an investment solution by integrating investment with protection benefits. A customer may be investing towards a home, education, retirement, a business or another long-term goal, while at the same time owning assets that are important to their daily lives and livelihoods. An unexpected financial event can very quickly disrupt those long-term plans if adequate protection is not in place.This is why we believe wealth creation and wealth protection must increasingly work together.”
According to Kisesi, the enhanced proposition will enable customers who maintain a minimum unit trust balance of shs100,000 be eligible to access the motor comprehensive insurance benefit, while continuing to enjoy the life-related benefits that form part of the enhanced unit trust proposition.
Old Mutual Insurance Uganda Managing Director Andrew Makumbi said the expanded offering reflects the company’s focus on providing customers with connected financial solutions.
“Insurance and investment are critical pillars of financial wellness,” Makumbi said.
He added that the company was extending its proposition to General Insurance through a special offer on Motor Comprehensive Insurance for Unit Trust customers.
“Through this benefit, we are making quality protection more accessible while rewarding customers who are investing in their future,” he said.
Makumbi said the initiative is part of Old Mutual’s wider commitment to developing solutions that respond to the financial challenges faced by Ugandans.
Nancy Ashaba, the acting General Manager at Old Mutual Insurance Uganda, said insurance protection can play an important role in preventing unexpected losses from disrupting customers’ long-term financial plans.
She explained that when people lack adequate insurance, they may be forced to sell income-generating assets, borrow money at high costs or redirect funds meant for essential needs to deal with emergencies.
“Insurance provides a financial cushion that helps reduce this burden and accelerates recovery, enabling customers to stay on track towards their financial goals,” Ashaba said.
She said Old Mutual’s approach is to simplify financial planning by connecting investment and protection solutions.
“Our role is to simplify financial planning by providing connected solutions that enable customers to build wealth with confidence while safeguarding their future against life’s uncertainties,” she said.
The Insurance Regulatory Authority welcomed the initiative, with Benard Obel, Director of Supervision, saying innovation is increasingly important in expanding insurance access and strengthening financial resilience.
“The insurance industry continues to evolve, and innovation remains critical in addressing the changing needs of consumers,” Obel said.
He noted that products combining investment and protection could contribute to greater financial inclusion and improved access to insurance.
“Solutions that combine protection with investment opportunities demonstrate the potential of the sector to expand financial inclusion, improve access to insurance, and support individuals and families in building long-term financial resilience,” he said.
Motor insurance remains a significant component of Uganda’s insurance industry, providing financial protection to vehicle owners and businesses against losses associated with accidents, damage and other unforeseen events.
Industry data indicates that motor insurance premiums amounted to Shs206 billion in 2024, while Shs166 billion was recorded in 2025. The figures highlight the continued importance of motor insurance to the sector and the need for initiatives aimed at improving uptake.
Martin Okwajja, Senior Technical Officer–Non-Life at the Uganda Insurers Association, said the Old Mutual initiative reflects the industry’s changing approach to meeting customer needs.
“Today’s customers are looking for financial solutions that not only help them grow their wealth but also protect what they have worked hard to build,” Okwajja said.
He commended Old Mutual for developing a solution that combines investment and insurance protection.
“As an industry, we recognize that increasing insurance penetration requires us to rethink how we deliver value,” he said.
According to Okwajja, integrating insurance with other financial products can make protection more accessible and easier for customers to adopt.
“By integrating insurance with other financial solutions, we make protection more accessible, more relevant, and easier for customers to adopt,” he said.
He said comprehensive motor insurance remains particularly important as vehicle ownership grows, providing protection against risks such as accidents, theft and fire.
The Uganda Insurers Association said it supports initiatives that encourage innovation, promote financial literacy and improve public confidence in the insurance sector.
