The Insurance Regulatory Authority of Uganda was recently awarded the International Standards Organization (ISO) certification and according to sector players it marks a defining milestone for Uganda’s insurance industry as it reflects adherence to international standards of quality management and operational efficiency.
According to Alhaj Kaddunabbi Ibrahim Lubega, the Chief Executive Officer Insurance Regulatory Authority of Uganda. Attaining ISO certification is a landmark achievement in IRA’s journey of regulatory and supervisory excellence.
He said it re-affirms IRA’s unwavering commitment to quality, professionalism and continuous improvement in all their processes and services.
“With this certification, we now operate within a clear, documented framework that minimizes delays, reduces errors, and eliminates duplication of effort. This not only enhances operational efficiency but also strengthens our credibility among stakeholders,” he said during an event to commemorate this achievement.
Kaddunabbi further noted that their credibility and confidence amongst the various stakeholders is enhanced a sign that the Authority is committed to transparency, accountability and continuous performance improvement in its regulatory processes and service delivery.
“Importantly, ISO certification is a globally recognized mark of institutional credibility. It positions us to build stronger partnerships with development partners, take a proactive approach to risk management, and ensure that potential operational risks are identified and addressed before they escalate,” he added.
“This certification also empowers us to take a proactive approach to risk management by enabling us to systematically identify, evaluate, and address potential operational risks before they materialize. Rather than responding to issues after they arise, we will be better positioned to prevent disruptions, strengthen internal controls, and enhance overall operational resilience,” he further noted.
According to Cate.N. Mubiru Principal Officer KCB Bank Uganda, for the sector, the certification means enhanced credibility and public trust in regulation, improved compliance and governance across industry players, stronger consumer protection through transparent and efficient practices.
“For institutions like KCB Bank, this creates a more predictable and supportive regulatory environment, allowing us to innovate confidently, deepen partnerships, and expand our insurance footprint with assurance that the market is anchored on global best practices,” she says.
Mubiru says that the insurance sector in Uganda has demonstrated steady growth over the past decade, buoyed by regulatory improvements, increased financial literacy, and product diversification.
“There are key indicators such as gross written premiums, policy uptake, and claims settlement ratios point to encouraging trends. Nevertheless, challenges persist: insurance penetration remains below regional averages, public awareness is limited, and market concentration around a few dominant players constrains competitiveness and innovation,” she adds.
“At KCB Bank, we recognise these gaps as opportunities. Through our bancassurance model, we have taken on the mantle to train, sensitise, and create massive awareness across our branch network. This deliberate effort is yielding tangible results strengthening customer trust, expanding coverage, and driving sustainable growth for both the bank and the insurance industry,” Mubiru adds.
KCB Bank provides a comprehensive suite of insurance solutions through strategic bancassurance partnerships, catering to individuals, businesses, and communities: Life Insurance, general insurance, health insurance, savings and linked investment products and micro insurance product which are affordable solutions designed for low-income earners.
“Notably, KCB Bank is set to launch a hospital cash product from as low as UGX 3,000, ensuring that even vulnerable communities have a financial cushion against hospital bills. These offerings are structured to address risk protection, financial planning, and inclusivity, ensuring that no segment of society is left behind,” she adds.
She attributes low penetration to; limited awareness, affordability concerns, cultural reliance on informal safety nets, trust deficits and weak distribution networks.