January 14, 2025
Four years ago, the Global Entrepreneurship Monitor ranked Uganda as one of the most entrepreneurial countries in the world with 30% statistics of Ugandans starting a business annually. This rise in Uganda’s economy comes with a great need for financial security as these businesses are most likely not to last for any longer than a year due to political, social, economic, cultural, and environmental factors. That’s where insurance comes in to protect you from a loss.
The Ugandan insurance sector is regulated by the Insurance Regulatory Authority (IRA), established in 2017, which ensures fair, stable, and all-inclusive services within the insurance sector. The IRA issues licenses to insurance companies and protects policyholders’ interests, while also ensuring transparency within the industry.