Uganda’s insurance industry is at a pivotal moment, quietly growing steadily innovating and increasingly redefining its role in people’s lives. While penetration remains below 1 percent, the sector is gaining momentum, driven by digital transformation, more inclusive products and a renewed focus on customer trust. For years, insurance has been misunderstood by many Ugandans, often seen as unnecessary expense rather than a critical financial safety net. However, that perception is beginning to shift.
Rising awareness, combined with real -life financial shocks, from the medical emergencies to business disruptions are prompting broader conversations about preparedness and resilience. At the same time insurers are simplifying products, improving transparency and leveraging technology to make services more accessible and relevant.
Antony George Mutyabule, our Business Transformation Manager shares insights into the industry’s progress, barriers and how innovation is reshaping customer experience. He highlights the central role of trust, education and consistency and illustrates why insurance is an essential part of financial wellbeing.
1. Looking at the insurance landscape in Uganda today, how would you describe its current state and what key trends or shifts are shaping the industry?
Uganda’s insurance industry is showing encouraging signs of growth and resilience, supported by increased market activity and expanding coverage. According to the Insurance Regulatory Authority of Uganda (IRA), the industry’s Gross Written Premium grew to UGX 2 trillion in 2025 from UGX 1.7 trillion in 2024.
This signals a gradual shift in mindset, as more Ugandans begin to appreciate the value of insurance.
Overall, key trends shaping the industry include digital transformation, the rise of inclusive products such as microinsurance that focuses on the underserved and low-income segments, providing affordable and accessible protection against everyday risks and a growing focus on customer education and experience. While insurance penetration remains below 1%, the trajectory is positive, with strong potential for sustained growth driven by innovation and increased awareness.
2. Insurance penetration in Uganda remains low. What are the underlying reasons behind this, and can you share real examples?
Low insurance penetration in Uganda is largely driven by limited awareness, affordability challenges, and a historical trust deficit. Many individuals still perceive insurance as an unnecessary expense rather than a financial safety net until a loss occurs. As a result, families and businesses often face significant financial strain from events such as medical emergencies or loss of income—situations that could have been mitigated with insurance cover. SMEs, which form a large part of the economy, are particularly affected.
Addressing this requires a deliberate shift in how the industry engages with customers. There is a need for more targeted financial literacy efforts to demystify insurance and clearly communicate its value in everyday life. Industry initiatives such as the annual Insurance Week, led by the regulator and key stakeholders, are playing an important role in driving awareness across Uganda.
3. Trust and awareness are often cited as barriers. What specific incidents or patterns highlight this, and how Is the industry responding?
A common pattern is skepticism around claims settlement, often stemming from misunderstandings of policy terms rather than actual claim rejections. In many cases, customers only engage with their policies at the point of need, without fully understanding coverage limits, requirements, or exclusions.
The industry is responding by simplifying products, enhancing transparency, and investing in financial literacy. At Old Mutual, we are prioritising clear communication, proactive customer engagement, and faster, more transparent claims processes to rebuild trust.
Importantly, trust is also built through consistent delivery. In 2025 alone, we paid UGX 139.9 billion in claims across both Insurance and Life Assurance businesses, demonstrating our commitment to honoring the promises we make to our customers when they need us most.
4. How is Old Mutual positioning itself to respond to these challenges while capitalising on opportunities?
We focus on being a trusted financial partner, offering a one-stop suite of financial wellness solutions that support customers at different stages of life. We have invested heavily in digital platforms such as our website, USSD, and mobile apps, to improve accessibility and convenience.
Additionally, we have innovations such as “Mpola Mpola,” which allow customers to pay for motor comprehensive premiums in manageable monthly instalments, making cover more affordable and accessible. We are also leveraging partnerships to extend reach. Through NextPay, customers can conveniently pay premiums via direct debit from Airtel Money, ensuring seamless, timely payments and supporting consistency in maintaining active cover.
5. What sets Old Mutual apart, particularly in building and maintaining customer trust?
Our approach is grounded in transparency, consistency, and delivering on our promises - especially at the point of claims.
We combine a strong heritage of over 180 years with a forward-looking approach, ensuring that customers receive reliable protection alongside innovative solutions that meet their evolving needs. Trust is built over time, and we are intentional about every customer interaction and transparency. We have been awarded for best practices in financial reporting with a special focus on Environmental, Social, and Governance (ESG). We have consecutively received Financial Reporting (FiRe) awards in 2023, 2024 and 2025 under the Insurance category.
In 2024, we also received an award for resilience and sustainable impact under the insurance category. This was a recognition from the Corporate Governance awards organised by the Institute of Corporate Governance of Uganda (ICGU) in collaboration with Grant Thornton.
6. For someone new to insurance, how would you explain its real-life value?
Insurance provides a financial cushion that reduces this burden and shortens recovery time. Without it, people often resort to selling income-generating assets, borrowing at unfavorable terms, or diverting funds meant for essential needs. These are decisions that can weaken long-term financial stability.
In simple terms, insurance is a financial safety net. It protects your income, your family, and your future.
7. When we talk about innovation in insurance, what does that mean in practical terms?
Innovation in insurance is about making products simpler, more accessible, responsive to customer needs and operation efficiency for optimal customer experience.
This includes digitising customer journeys, enabling mobile access to services, simplifying onboarding processes, and using data to deliver more personalised solutions. Digital solutions are improving turnaround times and convenience, allowing customers to access services and make payments, therefore increasing convenience for our customers.
8. What innovations has Old Mutual introduced recently, and how are they impacting customers?
It is about making insurance simpler, more accessible and more responsive. This includes digitised customer journeys, mobile access, faster service delivery and more personalised solutions driven by data.
One key innovation is the enhanced unit trust life cover, where unit trust customers automatically qualify for life cover benefits from the Life Assurance business when they maintain or grow their fund balance over a period. This solution integrates investment and protection, offering customers wealth creation.
9. What would you finally want to tell Ugandans?
Insurance and investment are critical pillars of financial planning. True wellbeing goes beyond finances, it includes physical, mental and long term financial security.
As a person or an organisation, it allows you to plan before uncertainty strikes. Whether protecting your assets, securing your family’s future or building wealth, small, consistent steps today can make significant difference tomorrow.