GoldStar Insurance Company Limited has marked 30 years in Uganda, reporting growth in insurance revenue and reaffirmation of its financial strength rating as it looks to expand its digital services.
The general insurer, which began operations in January 1996, reported insurance revenue of Shs51.2 billion in 2025, up 21% from the previous year. Its market share rose to approximately 5.3%, supported by growth in engineering, transport and other commercial insurance lines.
Speaking at the company’s anniversary celebrations, Chief Executive Officer John Kawuma said GoldStar had written approximately Shs53 billion in business and paid about Shs15 billion in claims.
Claims settlement has been a recurring focus in GoldStar’s account of its growth. According to its published corporate highlights, the insurer paid Shs69 billion in claims over a five-year period. Its 2023 financial highlights recorded Shs11.2 billion in claims paid that year.
The anniversary follows GCR Ratings’ May 2026 reaffirmation of GoldStar’s AA (UG) National Scale Financial Strength Rating with a Stable Outlook. The rating agency cited the company’s capitalisation, liquidity, governance and ability to meet its obligations to policyholders.
At the end of 2025, GoldStar’s statutory capital adequacy ratio stood at 311%, above the 200% minimum set by the Insurance Regulatory Authority of Uganda. The company reported a capital base of Shs43.6 billion.
GoldStar’s growth has been gradual. After recording a profit in its first year, the insurer passed Shs5 billion in premiums written in 2003, Shs10 billion in 2008, Shs15 billion in 2011 and Shs20 billion in 2012. It received an A (UG) financial strength rating in 2007 and was upgraded to AA in 2023.
The company also invested in quality management as it expanded. It attained ISO 9001:2008 certification in 2013 and says it became the first Ugandan insurer to receive ISO 9001:2015 Quality Management System certification in 2018.
As it enters its fourth decade, GoldStar says it plans to invest further in digital insurance platforms, enterprise management systems, artificial intelligence, cybersecurity and staff development. The company says strengthening customer service and its capacity to pay claims will remain priorities.
