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MBARARA, Uganda — Mirai General Insurance has established a 24-hour claims settlement benchmark as a primary strategy to address the trust deficit currently hindering growth in the national insurance sector.
Speaking at the 8th Annual Insurance Brokers Association of Uganda conference, Mirai Chief Executive Officer Joseph Nsubuga said efficiency in claims handling is the most critical measure of industry credibility. The commitment to a one-day turnaround aims to reposition the firm and the broader market around accountability and transparency.
A promise delayed is a promise denied, Nsubuga said. He noted that trust is not an abstract ideal but a measurable outcome earned at the point of service delivery.
The conference, held under the theme Trust Reimagined: Delivering on the Promise, comes at a time when Uganda’s insurance penetration remains below 1% of GDP. Although gross written premiums surpassed 2 trillion shillings in 2025, industry experts say a lack of public confidence prevents the sector from becoming a staple in the economic lives of households and small businesses.
Bank of Uganda Deputy Governor Augustus Nwagaba, the keynote speaker, described trust as the invisible infrastructure of the financial system. While noting that claims ratios are approaching 50% of premiums, Nwagaba urged insurers to simplify products and focus on ethical conduct to reach the informal sector and underserved communities.
Regulatory leadership also signaled a shift in strategy. Alhaj Kaddunabbi Ibrahim Lubega, chief executive of the Insurance Regulatory Authority, outlined a framework focusing on risk-based supervision. He said the regulator is moving toward an enablement posture to support microinsurance and technological innovation while maintaining consumer protection.
Throughout the deliberations, the role of brokers was highlighted as central to the industry’s recovery. Building on discussions from the 2025 conference, delegates identified brokers as the primary custodians of trust, responsible for ensuring that policies deliver tangible results for clients.
The 8th edition of the conference marked a transition from theoretical discussions on global trends, such as ESG integration, toward practical execution. Participants noted that while macroeconomic stability and regional integration offer growth opportunities, the industry’s success depends on its ability to operationalize trust through consistent performance.
, https://pmldaily.com/news/2026/04/mirai-general-insurance-sets-24-hour-claims-benchmark-to-restore-industry-confidence.html
