Insurance is an important tool for helping businesses manage financial and operational risks, but understanding the right cover and navigating the insurance-buying process remains critical for businesses.
This was the focus of the British Chamber of Commerce Uganda (BCCU) Insurance Sector Spotlight, held on Thursday at Four Points Hotel, Kampala, bringing together approximately 100 business leaders, insurance professionals, HR and finance decision-makers and other stakeholders.
The evening explored how businesses can use insurance to protect their assets, people and operations while strengthening their ability to respond to unexpected risks.
H.E. Lisa Chesney, chief guest, the British High Commissioner to Uganda commented, “Instead of focusing on a 1% insurance penetration rate, let’s look at the 99% potential new market waiting to be unlocked. Insurance is not a cost of doing business, it is the invisible infrastructure that gives investors confidence and protects human potential.”
The event brought together representatives from across the insurance ecosystem, including WTW, Leom, Olea and Kenbright, alongside industry leaders from the Uganda Insurers Association, Insurance Training College, Insurance Brokers Association of Uganda and the Insurance Regulatory Authority of Uganda.
Dr. Sande Protazio, CEO Insurance Regulatory Authority, “Risk management isn’t just about reacting to problems after they happen it is about building the resilience our economy needs. And when the regulator calls for progress, we don’t just adapt; we lead.”
Judy Rugasira, Vice President, BCCU, “There is strength in numbers. It is easier to advocate for whatever policy changes or critical matters we need to raise as a group, as opposed to doing it as an individual.”
The engagement forms part of BCCU’s broader role in connecting its members with industry expertise and creating platforms for practical business dialogue.
Ritah Mutesi Kabayiza, Executive Director, Willis Towers Watson (WTW), “Insurance companies listen to us because we represent so many clients. We are the bridge between insurers and clients, and we bring massive leverage when insurance companies catch colds when brokers sneeze because of the value we bring.”
The discussions also highlighted the role of insurance brokers in helping businesses assess their risks, understand available options and navigate the process of selecting and purchasing appropriate cover.
Tetteh Ayitevie, CEO, Prudential Assurance Uganda, “Insurance is more than a transaction; it is part of the invisible infrastructure that supports the economy. Just as roads connect markets and electricity powers factories, insurance protects the human capital that drives everything else.”
By bringing together insurers, brokers, regulators and businesses, BCCU continues to create opportunities for members to better understand the services and partnerships that can support business resilience and growth.
The evening concluded with an open Q&A and networking session.
