In Uganda’s fast-evolving insurance market, questions of trust, innovation, and growth remain central.
The insurance industry has been expanding, attracting bigger regional players and new products, but challenges of low penetration and uptake continue to shape the everyday business.
We spoke to Ambrose Kibuuka, Chief Executive Officer of ICEA Lion General, about where the market is headed, what is driving competition, and how insurers can grow by serving the largely uninsured majority. Below are excerpts.
Beyond the CEO title, who are you? What values or habits define Ambrose Kibuuka as a person?
I am proudly Ugandan, born and bred here. I am a stickler for excellence in all that I do and encourage the same attitude in my friends and colleagues.
When I set out to achieve something, I do not “try” to do it; rather, I seek to do it to the utmost standard of excellence.
I set ambitious goals and then execute on them with precision to ensure full delivery. If I find that the choice was wrong, I am quick to pivot based on available information and move in a new direction with focus.
Professionally, I’m an insurer and a trained statistician, and I’ve spent the last 15 years in the insurance industry. I joined as a management trainee in 2010 and rose through the ranks to my current role.
Since taking on executive leadership in 2016, what has stayed constant in you, and what has leadership changed?
Integrity, grit, transparency, and a goal-oriented work ethic are central to my leadership approach.
In a society often criticised for a low moral compass and high tolerance for mediocrity, choosing to live by these values automatically sets you apart.
I am grounded in reality while choosing to see it through an optimistic lens. I make a fair assessment of circumstances, then look for opportunities within them.
Where someone else sees trouble, I ask: what opportunities does this present? It is the classic glass half-full versus half-empty scenario. I always see the glass as half-full.
Uganda is attracting larger regional and multinational insurers. How is that changing competition, and what does it mean for smaller firms?
Uganda operates a capitalist economy, so capital deployment is driven by private investment decisions. The entry of large regional and multinational players is positive. It accelerates technology transfer, brings global best practices, and ultimately benefits the consumer.
It is also a vote of confidence in Uganda’s economic trajectory and investment climate.
The sector is still nascent in penetration and full of opportunity, so whether you are large, mid-tier, or small, a well-executed strategy can earn market share. Opportunities exist for all players if they tap into their unique strengths.
Regulators are pushing for mergers and acquisitions. Do you support consolidation, and why?
Consolidation is the right direction. Larger balance sheets enable insurers to take bigger underwriting risks, innovate, and absorb market shocks.
Smaller underwriters with thin capital bases are more vulnerable. Stronger balance sheets ensure liquidity, faster claims settlement, and sustainability. The absence of insolvencies in recent years confirms these policies are working.
Because we sell protection against unforeseen accidents, the ability to honour claims quickly boosts public confidence. Larger balance sheets also allow underwriting of complex risks like agriculture and energy.
If mergers aren’t an option, how else can smaller or mid-tier insurers build resilience?
Disciplined underwriting and reinvestment of retained earnings over the medium to long term can eventually propel a company to dominance. This incremental organic growth lets a company scale gradually, carve out a niche, and improve operational efficiency.
However, it requires patient capital, which may be scarce since many investors prefer quicker returns.
Government priorities under ATMS emphasise agro-industrialisation, tourism, minerals, and innovation. How should insurers align?
In frontier economies like Uganda, government spending is often the biggest economic driver. Insurers must align strategies with national priorities, particularly the National Development Plan.
If government prioritises agro-industrialisation, tourism, or manufacturing, insurers must design solutions that support these areas—crop and livestock insurance, equipment insurance, tourism liability cover, and related products.
Uganda is at an economic take-off point with macro-economic stability, a growing middle class and political stability. Insurers must position themselves to ride that growth tide.
Electric mobility is rising. What new risks are emerging, and how is the industry preparing?
TRIBUTE | Miriam Ekirapa Musaali: A Testament of Faith, Courage, and Enduring Strength Against CancerHybrid and fully electric vehicles are becoming more common globally, and we are seeing more proposed for insurance here.
The risks differ from combustion engines; EVs have higher incidences of battery-related fires, different wear-and-tear patterns, and infrastructure risks like charging stations.
We are studying these risks and partnering with reinsurers to design appropriate solutions. Advanced vehicle tech also allows tailored pricing. For example, a car parked most of the time can pay less premium than one always on the road. This space is evolving, and early movers will win big.
Climate change is no longer abstract. How is ICEA pricing and managing climate risk?
Climate change impacts are clearly visible. The market has reported significant weather-related losses from floods and storms that are more intense and frequent.
Our risk modelling and pricing are being adjusted to reflect these patterns. We have mapped flood zones with reinsurers, conducted risk surveys, and advised clients in high-risk areas to take proactive mitigation measures.
As sustainability becomes central, ICEA Group has taken the lead in sustainable insurance in East Africa. We were lead underwriters on the largest thermal power project in East Africa through our Kenyan company.
Which global innovations excite you most, and why?
Parametric insurance is particularly exciting. The insurer pays a predetermined amount when a specific, pre-agreed event occurs, based on objective third-party data. All affected policyholders are compensated once the trigger is met.
It has been effective for smallholder farmers against drought. Rainfall below or above thresholds automatically triggers payouts, boosting resilience.
General insurance still dominates premium volumes. Why, and do you expect that to change?
General insurance has held the lion’s share for some time. However, life insurance is growing, and we expect it eventually to overtake general insurance.
That aligns with market evolution as financial markets deepen and the middle class expands. Families are prioritising long-term financial security, reflecting growing awareness and readiness to invest in comprehensive planning.
Where will the next wave of growth in general insurance come from?
Growth will not come from churning existing clients. Real growth lies in bringing uninsured Ugandans into the ecosystem, especially the informal sector.
Winners will innovate fast to attract the uninsured. We must understand their needs, offer bespoke solutions, invest in awareness campaigns, and partner with other financial players like banks.
Public trust has historically been low. What is changing, and how do insurers break the trust barrier?
Trust was low due to legacy issues, including delayed claim payments before IRA was strengthened. But the sector has transformed.
Claims procedures are clearer, and IRA has issued settlement guidelines with timelines. There is also recourse through IRA Complaints Bureau.
Public perception is improving. More people now seek insurance as part of financial planning and encourage others to take medical or life cover after seeing the benefits firsthand.
Where is innovation most urgently needed: pricing, distribution, technology, or claims?
Everything converges at one point, technological enablement.
Technology drives claims efficiency, distribution effectiveness, data-driven underwriting, real-time pricing, and customer convenience. Insurers are investing heavily in digitisation. Manual processes are being automated, improving service delivery.
How will mobile channels and data help insurers reach underserved communities?
Data is the new gold. AI models run on data and, with mobile omnipresence, low-cost micro-insurance is viable.
Insurtech partnerships will help reach the base of the pyramid by aggregating communities and covering them at scale. Micro-insurance will thrive through partnerships, not isolated efforts.
When your career is summed up years from now, what do you hope people say about Ambrose Kibuuka?
I hope they say I was a transformational and impactful leader of integrity. If that is said of me, I will consider my life a success.
