MUA Insurance has appointed seasoned insurance executive Nicholas Lutakome as its new Chief Executive Officer, marking a leadership transition aimed at accelerating growth and deepening the company’s footprint in Uganda’s increasingly competitive insurance market.
Lutakome, who is currently the Chief Executive Officer of CIC General Insurance, will take over from Latimer Mukasa, who is set to retire on December 31, 2025, after more than eight years at MUA. Lutakome is expected to assume office on January 2, 2026.
A trained actuary and transformation-focused leader, Lutakome brings over 18 years’ experience spanning life, non-life, and medical insurance, with deep exposure in underwriting, reinsurance, broking, claims administration, and loss adjusting
His academic and professional credentials include a Bachelor of Science in Actuarial Science from Makerere University, a Management Development Programme at Stellenbosch Business School, an award in Bancassurance from the Chartered Insurance Institute (UK), and an Insurance Fraud Certification from the North American Training Group
At CIC Uganda, Lutakome has been credited with steering a turnaround that reoriented the portfolio and restored profitability after a period of underperformance, an experience he now hopes to translate into stronger market penetration and customer-focused innovation at MUA. Colleagues describe him as a strategic thinker with strong technical grounding in insurance, risk management, and data-driven decision-making
Lutakome confirmed he would be joining MUA, with the intention of positioning MUA as a household name by leveraging the Group’s regional expertise and skilled workforce to deliver simpler, more accessible insurance solutions, particularly for underserved and untapped segments of the market.
Industry watchers say the appointment signals MUA’s ambition to sharpen execution, expand inclusion, and strengthen operational performance, building on a leadership handover that closes one chapter under Mukasa and opens another under an executive known for business transformation and growth
Lutakome is currently the chief executive officer of CIC General Insurance, and has previously worked as chief executive officer of Sanlam Life Insurance and general manager of corporate and Sanlam Life Insurance.
He takes over a company, whose gross written premiums have been rising, expanding to UGX 29.19 billion in the 2025 third quarter from UGX 26.56b in the same period in 2024, a growth of about UGX 2.63 billion 0f (9.9%).
Uganda Government Moves to Tighten Unregulated Imports of Unlicensed Starlink EquipmentIts market share in the non-Life stands at roughly 3.33%, supported by 4,603 total policies(2,709 group and 1,894 individual) in the period.
The premium mix is led by Motor Insurance (UGX 9.46 billion)and Fire Insurance (UGX 5.28 billion), followed by Personal Accident (UGX 3.80 billion) and Agricultural Insurance (UGX 2.85 billion).
Mid-tier contributors include Engineering (UGX 1.47 billion) and Theft (UGX 1.43 billion), with smaller lines (such as marine, liability, aviation, and workers’ compensation) making up the remainder, showing a portfolio anchored in mainstream retail and commercial covers, especially motor and property-related risks.
On underwriting and cost dynamics, MUA ceded UGX 12.99 billion to reinsurance (about 44.5% of gross written premiums), leaving UGX 16.2 billion as net written premiums and UGX 15.78 billion as net earned premiums.
Claims experience shows UGX 9.96 billion in net incurred claims (with gross claims of UGX 12.52 billion) and a loss ratio of 63.1%; operating costs include UGX 6.81billion in management expenses and UGX 4.61billion in commission (commission ratio 15.8%, management expense ratio 23.3%), implying an overall cost plus claims burden that is slightly above premium income on a ratio basis.
