Insurance industry urged to tap into Uganda’s growing pension sector

Kampala, Uganda | THE INDEPENDENT | Insurance companies in Uganda have been encouraged to design retirement-focused products to take advantage of opportunities in the fast-growing pension sector.

Speaking at the inaugural Thought Leaders Forum on Pensions held at Mestil Hotel and organised by the Uganda Insurers Association (UIA), Rita Faith Nansasi, Acting CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA), said insurers are strategically placed to boost the pension system through their expertise in long-term financial planning, investment, and risk management.

“Retirement remains a distant concern for many Ugandans, yet it is one of life’s most critical phases that demands consistent saving and planning,” Nansasi said, urging a shift in mindset about retirement. She also stressed the need for collaboration between regulators, insurers, and financial institutions to build public trust and drive participation in pension schemes.

Nansasi noted that insurers are often misunderstood or underutilized in the pension space and emphasized URBRA’s commitment to fostering an inclusive, sustainable retirement system for both formal and informal sector workers.

UIA CEO Jonan Kisakye echoed these views, saying the sector must build public confidence and demystify the insurer’s role in retirement planning. “Expanding Uganda’s retirement system requires strategic reforms and collective action. The insurance industry is taking proactive steps to support retirement plans,” he said.

The forum comes at a time when Uganda’s insurance sector has posted a 13.2% growth—a promising sign, but one that demands agility, innovation, and deeper cross-sector understanding of pensions.

Mr. Obel, a senior representative from the Insurance Regulatory Authority (IRA), urged Ugandans to look beyond traditional insurance products like motor and property cover. He emphasized that life insurance offers long-term solutions that secure families’ futures, especially in retirement. He also praised IRA’s initiatives in digital inclusion and public education, particularly for the informal sector.

Mulenga Mutai, CEO of Gralix Actuaries and keynote speaker, highlighted broader continental pension challenges, noting that 95% of Africa’s pension assets are concentrated in just five countries: South Africa, Nigeria, Kenya, Namibia, and Botswana. He called for innovation, especially in products that address longevity, investment, and inflation risks.

He concluded by urging insurers to take the lead in building resilient and inclusive retirement systems for Uganda and the wider region.