Budgets may be measured in trillions, but their value lies within the opportunities they unlock. This outlook shaped the conversations at the Post-Budget CEO Breakfast Forum, where CEOs in the insurance industry, regulators, and finance experts gathered to reflect on the FY2026/27 National Budget and its implications for the insurance industry.
Hosted by the Insurance Training College (ITC) in partnership with the Uganda Insurers Association (UIA), the forum provided a platform for strategic dialogue on how the industry can unlock opportunities across key sectors and position itself as a catalyst for investment, resilience, and sustainable growth.
Insurance at the Heart of Economic Transformation
Opening the forum, Saul Sseremba, Principal of the Insurance Training College (ITC), emphasized that as Uganda advances its ambition of building a $500 billion economy, insurers and actuaries must move from the sidelines to become active enablers of national development. He called on the industry to take a more deliberate and strategic role in supporting the country’s growth agenda, noting that emerging opportunities in oil and gas, infrastructure, health, education, and technology present fertile ground for expansion.
"The next phase of Uganda’s growth will require more than capital; it will require confidence. Insurance has a responsibility to provide that confidence by protecting investments, supporting enterprise, and ensuring that growth is sustainable and resilient," he noted.
Echoing this call, Jonan Kisakye, CEO of the Uganda Insurers Association (UIA), underscored that the sector’s contribution to the economy extends beyond its estimated 1% share of GDP. He noted that between 2020 and 2024, insurance companies increased their tax contributions by 22%, rising from UGX 254 billion to UGX 309 billion, reinforcing the industry's position as a key partner in Uganda’s development.
Kisakye observed that the country’s UGX 84.39 trillion FY2025/26 National Budget and projected GDP growth of 10.2% present a compelling growth trajectory for the industry. “As Uganda’s economy grows, insurance must grow with it. The increasing pace of investment and asset creation presents a unique opportunity for the industry to expand coverage and drive inclusion,” he remarked.
While addressing the guests, Dr Protazio Sande, the Acting CEO of IRA, encouraged chief executives to seek actionable insights that can be implemented and tracked periodically.
Emerging Tax Reforms and Compliance Priorities
Providing insights into the proposed tax amendments, Major James Mutabazi, the Director Forvis Mazars, highlighted several areas insurers should closely monitor. Software payments to non-residents may now be subject to a 15% withholding tax, replacing the previous 5% digital services tax and potentially increasing operational costs. He also pointed to the introduction of “non-business assets,” which could expand the scope of withholding and income taxes, and noted that changes affecting cross-border financing and interest deductibility would have implications for businesses with international transactions.
Julius Nandeeba, Manager of the Large Taxpayers Office (Financial and Insurance Sector) at URA, outlined reforms that will shape compliance across the sector. He emphasized that transfer pricing has become a major focus, particularly for insurers with related-party transactions, shared services, and multinational structures. Profit allocation, he stressed, must comply with arm’s-length principles, and companies are expected to maintain proper transfer pricing documentation before filing returns.
He further highlighted reforms affecting insurance agents, noting that the 10% withholding tax on commissions will now constitute a final tax for agents whose commission income is their only source of earnings, simplifying compliance across the distribution chain.
Unlocking opportunities across key sectors
A thought-provoking panel discussion comprising Ritah Mutesi, the board chairperson of IBAU, Humphrey Asiimwe, the CEO of Uganda Chamber of Energy and Minerals, and John Makosya, Chief Operations and Impact Officer at Agro Consortium.
Moderated by Florence Nabakiibi, a facilitator at ITC, the session examined how the insurance industry can position itself to capitalise on opportunities emerging across Uganda’s key growth sectors. Discussions centred on the need for insurers to develop solutions that respond to evolving risks, strengthen technical and professional capacity, and deepen collaboration across the value chain.
Panelists highlighted the importance of enhancing risk-transfer mechanisms to support agro-industrialization and climate resilience, while also pointing to emerging opportunities in mining, marine cargo, digital infrastructure, and other specialized lines of business.
A shared recognition emerged that as Uganda's investment landscape continues to evolve, the insurance industry must strengthen its ability to assess, price, and manage complex risks. Building these capabilities will be critical to positioning insurance as a trusted partner in safeguarding investments, fostering resilience, and supporting sustainable economic growth.
Other guests included CEOs from the various insurance and insurance brokerage companies operating in Uganda.
Beyond The Numbers: