Ugandan insurance companies have been advised to develop more retirement-friendly insurance products to tap into the country’s fast-growing pension and retirement sector. This was the key message during the inaugural Thought Leaders Forum on Pensions, held at Mestil Hotel in Kampala and organised by the Uganda Insurers Association (UIA).
Rita Faith Nansasi, the Acting CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA), made the call while addressing key stakeholders at the forum. She emphasized that insurance firms are well-positioned to contribute meaningfully to Uganda’s retirement benefits system, especially through long-term savings, investment management, and risk handling expertise.
“Retirement is still seen as a far-off issue for many Ugandans, yet it is one of the most critical stages of life that requires proper planning and consistent saving,” Nansasi said. She stressed that there must be a change in attitude, especially among workers in both the formal and informal sectors, regarding retirement preparation.
She noted that insurance companies are often overlooked or misunderstood when it comes to pension planning, even though they have a central role to play. Nansasi urged for more collaboration between regulators, insurers, and financial institutions to build public confidence and promote greater participation in retirement savings schemes.
On his part, Jonan Kisakye, the Chief Executive Officer of UIA, agreed that the insurance sector needs to rebuild trust among Ugandans by demystifying its role in the pension industry. According to him, “Expanding Uganda’s retirement system requires collective action and policy reforms. The insurance industry must continue to play a proactive role in supporting structured retirement planning.”
This message comes at a time when the Ugandan insurance industry has recorded a growth rate of 13.2%, showing signs of progress, yet demanding more innovation, agility, and cross-sector understanding of how retirement systems work.
Mr. Obel, a senior official from the Insurance Regulatory Authority (IRA), used the opportunity to educate Ugandans about the benefits of life insurance, beyond the commonly known motor and property cover. He explained that life insurance is a powerful tool for long-term financial security, especially during retirement. He commended the IRA’s ongoing efforts in digital inclusion, financial literacy, and targeted education for workers in the informal economy.
The keynote address was delivered by Mulenga Mutai, CEO of Gralix Actuaries, who brought a broader African perspective to the discussion. He pointed out that 95% of Africa’s pension assets are concentrated in just five countries: South Africa, Nigeria, Kenya, Namibia, and Botswana. This means many African nations, including Uganda, have underdeveloped pension systems and need urgent reform.
Mutai called for product innovation in the sector—particularly those that address inflation, longevity, and investment risks—while urging insurance companies to lead the charge in building resilient and inclusive retirement solutions for the Ugandan population and beyond.
He further emphasized that informal sector inclusion will be key to unlocking the country’s retirement potential, given that a significant percentage of Uganda’s working population operates outside the formal tax and pension frameworks.
The Pensions Thought Leaders Forum ended with calls for the development of more inclusive, flexible, and responsive retirement products, especially those that can attract youths, women, and workers in the informal sector.
Stakeholders at the event agreed that if insurance companies can develop the right products and build public trust, Uganda can gradually move toward a robust pension system that supports national development, economic stability, and elderly well-being.
