On Tuesday, June 17, the Insurance Training College (ITC) of Uganda hosted the Insurance Industry Post-Budget Forum, to analyze the Shs72.136 trillion national budget for the 2025/2026 financial year, presented by the Ministry of Finance Planning and Economic Development, on Thursday, June 12 ,2025.
The forum, held at Mestil Hotel in Kampala, brought together key stakeholders in the finance sector, to analyze the budget and its implications for the insurance and financial sectors.
The keynote speaker- Professor. Samuel Sejjaaka, the Principal and Country Team Lead at MAT ABACUS Business School, noted that Uganda’s public debt had risen to 46.8% of the GDP.
Prof. Sejjaaka however highlighted that even with almost 40% of domestic revenue dedicated to servicing the debt, there are still avenues for insurance players to innovate, expand their market reach, and contribute to economic stability, through tailored products and risk management solutions.
Prof. Sejjaaka pointed out agriculture, SMEs, digital financial services, green finance and climate resilience, Islamic finance, oil and gas, among others, as key opportunities for growth in the finance sector.
“Insurers must innovate in digital solutions, green finance, and inclusive products, while advocating for policy frameworks that balance fiscal sustainability with sector growth,” he said.
He further highlighted that collaborative efforts with policy makers will be critical in harnessing the budget’s strategic focus on commercialization and digitalization.
With Shs1.86 trillion allocated to agro-industrialisation, and Shs 875.8 billion earmarked for mineral-based industrial development and the oil and gas sector, stakeholders have hope that he 2025/26 national budget will be able to support the growth of the insurance sector.
These investments not only enhance productivity in the respective sectors, but have the potential to stimulate demand for insurance and other related financial services.
Edward Kasato, the Director Finance at the Insurance Regulatory Authority (IRA) of Uganda, said that the 2025/26 budget’s significant emphasis on key sectors presents a clear opportunity for the insurance industry to play a more integral role in the country’s economic transformation.
“Planning is key,” Kasato said. “Investments in agriculture, mineral development, and infrastructure create an environment where insurance becomes not just relevant, but essential. I have hope that this momentum can push the insurance sector to new heights, where it is not just responding to risk, but actively enabling growth.”
I&M Bank CEO, Robin Bairstow, one of panelists at the event, stated that despite the impact of high government borrowing, there’s a silver lining for investors and the financial sector.
He noted that, the budget’s focus on areas like agro-industrialisation, tourism development, minerals, oil and gas, science, technology and innovation, is key for the financial sector to drive meaningful economic growth, support national development priorities, and unlock new opportunities for private sector investment and innovation.
“Banks are aligning with this through tailored credit, green finance, project funding, and working capital, especially in agriculture, with strategic support of seed and fertilizer production, irrigation systems, and access to green funds for water resource management,” Bairstow said.
“In the past, the banking sector focused too much on taxing money movement rather than income. This year’s budget takes a different direction; seeking to raise an extra UGX 5 trillion through more growth-oriented policies and cost savings,” he added.
Hajjat Aphwa Kaweesa Sebyala, the President of Women in Insurance–Uganda, highlighted the need for environmental sustainability in the insurance and financial sectors. She also called for climate action, saying that climate change is real and requires urgent attention.
Hajjat Sebyala presented Bairstow, and other stakeholders with trees, as a symbolic gesture of their commitment to environmental conservation.
ITC CEO, Saul Sseremba, the event host, noted that the institution’s role extends beyond training, highlighting its commitment to facilitating meaningful dialogue that informs policy and business decisions.
He highlighted that the post-Budget Forum serves as a valuable platform for stakeholders to identify opportunities and shape strategies that drive transformation and sustainable growth.
