New Insurance Literacy & Market Dev’t Agenda launched to boost the insurance sub-sector

The insurance sector players on Wednesday 24th September 2025 officially launched a new Insurance Literacy and Market Development Agenda (ILMDA) aimed at boosting literacy and resilience in the sub-sector in Uganda. 

The launch was held at Mestil hotel with a theme: “Insurance for All: Promoting Insurance Literacy and Building Financial Resilience for Inclusive Growth.”

During the opening session, Mr Paul Muwanga, Vice Chairman of the Uganda Insurers Association (UIA) said in a bid to establish a strong and resilient insurance sector, there is a ned to merge insurance Literacy with market development while calling upon stakeholder to commit themselves to ensure the vision of the agenda is achieved.

“The new agenda is more than just a strategy, but also a call to action aimed at improving services, expanding networks, and growing insurance penetration across the country” he said.

Mr. Kaggwa Moses, Director of Economic Affairs at the Ministry of Finance, Planning and Economic Development who represented represented the Chief Guest, Mr. Ramathan Ggoobi, Permanent Secretary of the Ministry of Finance, Planning & Economic Development & Secretary to the Treasury (PSST), highlighted the role insurance played in various industries while pointing out that the Insurance Literacy and Market Development Agenda (ILMDA) will drive economic development.

“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. Promoting insurance literacy empowers citizens to make informed financial decisions” he said

 He reaffirmed government’s commitment to working closely with the insurance sector and urged the industry to push deeper into rural communities to improve penetration.

 Jonan Kisakye, CEO of the Uganda Insurers Association (UIA), presented the a 5-year strategic plan and commended partners and consultant who supported the development of the agenda including Africa Re, REEV consults, Fireworks Advertising among others.

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. This approach was developed through extensive stakeholder consultations and is guided by a clear implementation plan.

Meanwhile, Alhajj Dr. Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority (IRA), 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.

 According to the Insurance Regulatory Authority (IRA), only 600,000 Ugandans held insurance policies, with penetration levels below 0.87%.