In an effort to reduce public ignorance about insurance services, Uganda Insurance players have launched a five years Insurance Literacy and Market Development Agenda (ILMDA) agenda.
Jonan Kisakye, CEO of the Uganda Insurers Association (UIA), stated the five-year strategic plan will see a significant rise in insurance uptake and coverage.
In his presentation, Mr. Kisakye highlighted that that by 2024, only 600,000 Ugandans held insurance policies, with penetration levels below 0.87%, hence urgent need for enhanced insurance literacy.
He emphasizes that the agenda seeks to simplify insurance knowledge and risk management concepts to make them more understandable and relatable to the public, thereby enabling informed decision-making.
He called on more stakeholders to collaborate with the industry to boost insurance penetration, innovation, and inclusivity through “Gwanga Mujje” campaign a phrase that invites the public to come together and engage in meaningful conversations about insurance, he expresses confidence that by the end of the five-year period,.
Speaking on behalf of the Chief Guest, Kaggwa Moses, Director of Economic Affairs at the Ministry of Finance, underscored the critical role initiatives like the Insurance Literacy and Market Development Agenda (ILMDA) plays in driving economic development. He notes that Uganda’s 10-stronghold strategy spans key sectors such as agriculture and industrialisation and that insurance is essential for these industries to thrive, remain resilient, and stay protected.
Kaggwa emphasized that promoting insurance literacy empowers citizens to make informed financial decisions. He reaffirms government’s commitment to working closely with the insurance sector and urged the industry to push deeper into rural communities to improve penetration.
He also calls for tailored insurance solutions that meet the diverse needs of all Ugandans, adding that through strong partnerships, the sector can achieve even greater reach and impact.
Alhajj Dr. Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority (IRA), described the initiative as a significant milestone in the continuous growth and transformation of Uganda’s insurance sector, one that aims to empower families and businesses to thrive without financial worry, regardless of income levels.
He noted that while the insurance industry has steadily grown, many Ugandans still mistrust or do not fully understand insurance. This is why insurance literacy is essential to help people make informed decisions about their financial futures.
Alhajj Dr. Kaddunabbi further emphasizes that insurance must go beyond coverage to drive awareness, strengthen partnerships, and expand access, particularly for underserved rural communities. He concludes by appreciating the Uganda Insurers Association (UIA) for spearheading this initiative and ensuring insurance products reach the people who need them most.
Dr. Bob Munene, Assistant Commissioner at the Ministry of Finance emphasized the need for the insurance sector to develop tools that safeguard farms and focus on government-backed initiatives.
Atiku Bran, National Programme Coordinator at UNDP, stressed the need to equip individuals with the right information and tools to design innovative insurance products, particularly for farmers, to protect investments, mitigate risks like natural disasters, and demonstrate clear value.
Lutwama Joseph, Programs Director at FSD Uganda, advocated for rethinking existing frameworks to build new, inclusive models that ensure supply chain stability and drive industry-wide growth.