Finance Minister urges insurers to strengthen risk management in key investments
KAMPALA, July 15, 2026 — Finance Minister Henry Musasizi has urged Uganda’s insurance industry to play a more active role in de-risking strategic investments and supporting government efforts to mobilise long-term capital for economic transformation.
Musasizi made the remarks on Tuesday during an entry meeting with the Board of Directors and management of the Insurance Regulatory Authority [IRA] of Uganda, led by Board Chairperson Keto Nyapendi Kayemba and Acting Chief Executive Officer [CEO] Sande Protazio.
The Minister said the insurance sector should move beyond its traditional role to become a key partner in advising on risks associated with major government projects while providing solutions that encourage investment under the country’s Tenfold Growth Strategy, which aims to expand the economy from about US$ 50 billion to US$ 500bln by 2040.
“The insurance sector should play an active role in providing risk advisory services for government projects to help mitigate risks, while also supporting the mobilisation of long-term patient capital for investment, especially under the Tenfold Growth Strategy,” Musasizi said.
He also called on insurance companies to participate in government community engagement programmes, commonly known as barazas, to improve public understanding of insurance services and encourage more Ugandans to take up insurance.
Musasizi said the sector should adopt an open-door approach to raise public awareness and increase insurance penetration across the country.
During the meeting, Protazio presented the current state of Uganda’s insurance industry, describing it as resilient and steadily growing.
He said the sector recorded growth of 14.7 per cent in 2025, with Gross Written Premiums exceeding Shs 2 trillion, while total industry assets rose to Shs 3.46 trillion.
“The industry continues to demonstrate resilience and positive growth. With continued government support, the insurance sector can become an even stronger contributor to Uganda’s socio-economic transformation,” Protazio said.
IRA Board Chairperson Keto Nyapendi Kayemba said the regulator remains committed to implementing its Strategic Plan for 2025/26–2029/30, with a focus on strengthening institutional confidence and building trust among stakeholders.
“IRA is committed to implementing its Strategic Plan while maintaining institutional confidence and stakeholder trust as we deliver on our regulatory mandate,” Kayemba said.
The meeting, held at the Ministry of Finance headquarters in Kampala, was also attended by the Minister of State for General Duties, Cissy Mulondo, and the Minister of State for Privatisation and Investment, Aminah Mukalazi.
Mukalazi raised concerns over the handling of insurance claims, urging the regulator and industry players to improve efficiency and ensure claims are processed within reasonable timeframes to meet public expectations.
She said the timely settlement of claims remains critical to building public confidence in the insurance sector.
Meanwhile, Mulondo called on the IRA to uphold transparency and accountability as key pillars for expanding insurance coverage and attracting more Ugandans to the sector.
“IRA should always demonstrate transparency and accountability to earn the trust of the public and expand insurance services to underserved Ugandans,” Mulondo said.
The government has in recent years identified insurance as a critical component of strengthening financial inclusion, protecting investments and supporting economic growth through increased mobilisation of domestic resources.
Enter NSSF
Meanwhile, Minister Musasizi has said the National Social Security Fund [NSSF] is well positioned to mobilise patient capital for long-term financing in the country.
The Musasizi made the remarks on Tuesday during a meeting with the Board of Directors and management of NSSF at the Ministry of Finance headquarters in Kampala to discuss the Fund’s performance, operations and contribution to Uganda’s Tenfold Growth Strategy.
The NSSF delegation was led by Board Chairperson David Ogong and Managing Director Patrick Ayota.
Musasizi commended the leadership of NSSF for growing the Fund from Shs 26 trillion in June 2025 to Shs32.8 trillion by June 2026. He said the Fund should continue prioritising the safety of workers’ savings while adopting an investment strategy that supports national development.
He said NSSF has the capacity to mobilise and provide the patient domestic capital required to implement Uganda’s Tenfold Growth Strategy.
Ayota said the Fund has maintained member satisfaction at 95 percent.
He said NSSF aims to grow its assets to Shs 80 trillion by 2035 and is ready to partner with the government in advancing the country’s transformation agenda through protecting members’ value, supporting enterprise growth, creating jobs, promoting formalisation and mobilising long-term domestic capital.
Board Chairperson Ogong said the Fund is already investing in priority areas under the Tenfold Growth Strategy, including agro-processing, tourism, mineral-based development, and science, technology and innovation.
According to the NSSF leadership, the government needs to create a bankable investment environment to enable productive deployment of members’ savings while safeguarding value.
The Minister of State for Planning, Amos Lugoloobi, called for improvements to the country’s investment ecosystem, noting that the Fund is well protected by law and should leverage its available resources to support economic growth.
The meeting was also attended by the Minister of State for Privatisation and Investment, Aminah Mukalazi, and the Minister of State for General Duties, Cissy Mulondo.
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