Uganda's insurance sector players are raising concerns over delayed claims settlements, which they say continue to undermine public confidence in the services and slow down growth of the industry. Insurance penetration remains one of the lowest in the region, standing at about 0.8% of GDP according to industry figures. The concerns were raised during a CEO breakfast meeting held today in Kampala, bringing together leaders from the insurance and corporate sectors.

Speaking during the CEO Breakfast Meeting, the chairperson of the Insurance Brokers Association of Uganda, Ritah Mutesi, noted that complaints about delayed payments on claim settlements remain a major challenge affecting insurance uptake.

Uganda's insurance penetration has remained below one percent for years despite ongoing efforts by regulators and industry players to expand coverage. Stakeholders say increasing public trust and awareness is critical to attracting more Ugandans into the insurance sector.
To bridge the gap, industry leaders are calling for stronger collaboration between insurance companies and brokers through awareness campaigns and the development of innovative products tailored to consumers' needs, according to Prudential Uganda Executive Director Tteteh Ayitevie.

During the meeting, chief executives were further urged to embrace risk governance by proactively identifying opportunities and finding solutions to emerging challenges if their organizations are to remain competitive and achieve sustainable growth.