The 8th Annual Insurance Brokers Association of Uganda (IBAU) Conference held in Mbarara placed renewed focus on one of the insurance sector’s most persistent challenges: restoring public trust in an industry seeking deeper relevance and wider inclusion.
Under the theme “Trust Reimagined: Delivering on the Promise,” the gathering convened insurers, brokers, regulators, and regional experts to reassess how credibility is built and sustained in a rapidly evolving market. Mirai General Insurance, serving as platinum sponsor, emerged as a central voice in the conversation, advocating a shift from rhetoric to measurable performance.
Unlike traditional industry discussions centered on market expansion alone, this year’s dialogue placed stronger emphasis on execution, particularly how insurers respond at the point of claim.
Mirai General Insurance Chief Executive Officer Joseph Nsubuga framed trust as an operational outcome rather than a communications goal, stressing that industry credibility is ultimately tested in service delivery.
He reiterated the company’s 24-hour claims settlement standard, arguing that speed and consistency in honoring obligations remain the clearest indicators of insurer reliability.
According to Nsubuga, delays in claims processing continue to weaken public confidence across the sector. He noted that rebuilding trust requires insurers to move beyond promises and demonstrate reliability through predictable and timely responses.
He also called for a redefinition of the broker’s role, positioning them as key advisors who influence customer experience and safeguard industry reputation, rather than acting solely as intermediaries.
Despite steady growth in premium income—exceeding shs2 trillion in 2025—Uganda’s insurance penetration remains below 1% of GDP. This gap continues to highlight limited uptake among households and informal sector participants.
Stakeholders noted that while the sector is expanding financially, its social footprint remains relatively narrow, raising questions about product relevance and accessibility.
Deputy Governor Augustus Nwagaba underscored the importance of aligning insurance development with broader economic transformation goals. He emphasized that trust is most visible in claims performance and urged insurers to accelerate efforts aimed at underserved segments.
He highlighted the need for tailored products targeting micro, small, and medium enterprises, alongside informal workers, supported by flexible pricing models and digital distribution channels.
Insurance Regulatory Authority CEO Alhaj Kaddunabbi Ibrahim Lubega outlined an evolving regulatory framework aimed at supporting innovation while maintaining consumer protection.
He pointed to reforms in risk-based supervision and microinsurance development as key enablers of market expansion, noting Uganda’s growing influence in regional insurance policy discussions.
From a regional standpoint, MUA Rwanda CEO Condi urged a shift in how industry success is measured, suggesting that true penetration should be assessed through actual risk protection rather than premium volumes alone.
His remarks reinforced growing calls for simpler, more customer-oriented insurance products designed to meet everyday needs across African markets.
A recurring theme throughout the conference was the redefinition of brokers within the insurance value chain. Rather than being viewed as transactional players, brokers are increasingly seen as central to trust-building—guiding clients, improving product understanding, and supporting claims processes.
Compared to the previous year’s discussions, which focused heavily on global trends such as digitization and ESG frameworks, the 8th IBAU Conference reflected a stronger shift toward implementation.
Trust was presented not as an abstract concept but as a measurable benchmark for performance across the industry.
Delegates concluded that Uganda’s insurance sector stands at a pivotal moment, supported by macroeconomic stability and emerging opportunities in agriculture, infrastructure, and energy.
However, participants agreed that sustained growth will depend on consistent delivery, particularly in claims settlement and customer engagement.
In that context, Mirai General Insurance’s positioning at the conference reflected a broader industry message: credibility will increasingly depend on execution, not intention.
