GoldStar Insurance has marked 30 years of operations in Uganda, celebrating three decades of growth, financial resilience and its role in providing insurance protection to businesses, institutions and individuals.
The insurer, which commenced operations in January 1996, celebrated the milestone with its board, management, staff, regulators, brokers, agents, business partners and clients.
Speaking at the anniversary celebrations, GoldStar Insurance CEO John Kawuma said the company had grown from a start-up into one of Uganda’s leading general insurance firms by maintaining a strong financial base, prudent underwriting and professional staff.
“Goldstar is a local company. I emphasize that because we deal in a market that has regional players, some multinational. Ours is a local company owned entirely by Doctor Sudhir and Madame,” Kawuma said.
He said the company was founded at a time when few investors had the confidence to bet on Uganda’s future, adding that GoldStar had remained part of the country’s economic journey for the past three decades.
“30 years later, we are proud to be among institutions that heeded this call, invested in this promise, and for that we are heavily indebted to the people behind this,” he said.
Kawuma said GoldStar’s operations have been anchored on four key pillars — prudent product underwriting, a strong financial base, reinsurance support and a professional workforce.
“We believe that insurance business must make business sense. So, even as you support us, we are mindful of the kind of support that we get, and now then we make sure that that support does not take away the value that the business has,” he said.
He added that the company had maintained a strong financial position to ensure that claims are settled efficiently.
“We are one of the few companies in this country, insurance companies, that have a very high solvency, a very high financial base. Any claim, whatever magnitude, we pay. We do so efficiently,” Kawuma said.
The CEO also pointed to changing customer expectations, saying GoldStar was investing in digital solutions and staff training to improve service delivery.
“You want innovative products, faster service, and most importantly, an always trusted partner because insurance, as we know, is a trust business,” he said.
Kawuma further called for collective efforts to increase insurance penetration in Uganda, saying the industry still has a significant role to play in protecting individuals and businesses from financial risks.
“The country needs insurance, but it has fat police,” he said, referring to the industry’s low penetration, and urged insurers, brokers, banks and agents to work together to change the trajectory.
GoldStar Vice Chairperson and shareholder Dr Sudhir Ruparelia said the company’s focus from the beginning had been to distinguish itself through customer service rather than simply competing on premium income.
“My guidance to the management at GoldStar was that whereas we may not be number one in premium income, we must be number one in service providing. So we must try to provide extra services that are second to none,” Ruparelia said.
He said the company had also prioritised prompt claims settlement by maintaining adequate capital, liquidity and reinsurance cover.
“As a shareholder and a founder member, I’ve ensured that the company is well capitalized, has strong liquidity position, and adequate reinsurance cover for us to meet our obligations in a timely manner,” he said.
Ruparelia said GoldStar would continue investing in the business while responding to the changing needs of customers and the wider economy.
Bernard Obel, Assistant Director of Operations at the Insurance Regulatory Authority (IRA), who represented the regulator as chief guest, congratulated GoldStar for reaching the 30-year milestone.
“30 years is no small achievement in our industry,” Obel said.
He said an insurance company could not remain in business for three decades simply by holding a licence, but needed continued trust from customers, support from shareholders, committed employees and the ability to adapt to changes in the industry.
“An insurance company does not remain in business for three decades simply because it has the license. It survives because customers continue to trust it, employees continue to serve it, shareholders continue to support it, and the institution continues to adapt to a changing environment,” Obel said.
Obel said Uganda’s insurance industry had undergone major changes over the past three decades, including developments in regulation, technology, distribution channels and risk management.
He said the sector was now dealing with emerging areas such as risk-based capital, enterprise risk management, cybersecurity, digital insurance, climate risk and artificial intelligence.
“Longevity is achieved not by resisting change, but by learning how to change while remaining faithful to one’s purpose,” Obel said.
He urged insurance companies to continue expanding coverage to sectors such as agriculture, infrastructure, energy, oil and gas, health, transport and technology, where individuals and businesses face various risks.
“We cannot just wait for customers to come to insurance. Insurance must increasingly go to the customers,” he said.
GoldStar board member Jay Sakaria said the company’s 30-year journey had been sustained by the trust of its partners, including brokers, banks and other intermediaries. “An insurance company doesn’t survive 30 years on its own. The market lets it, and tonight the market is in this room,” Sakaria said.
He said GoldStar’s longevity was ultimately built around its commitment to honour its promise to policyholders.
“That is what 30 years, one promise, actually means. It’s not a line on the billboards. It’s the phone call in the morning you can make to us when you have a storm, and we will be there,” he said.
Sakaria described the anniversary as a renewal of the relationship between GoldStar and its partners.
“30 years is a very long policy. It is renewed every year, and the renewal has not been automatic. You all have renewed it,” he said.
The anniversary comes as GoldStar continues to strengthen its financial position and expand its insurance business.
The company commenced operations in January 1996 and has grown into an established general insurer, with its business built around underwriting, claims settlement, customer service and financial sustainability.
In May 2026, GoldStar’s AA (UG) National Scale Financial Strength Rating with a Stable Outlook was reaffirmed by GCR Ratings.
The rating assessment cited the company’s capitalization, liquidity and governance framework as among the factors supporting its financial strength and ability to meet obligations to policyholders.
At the end of 2025, GoldStar reported a statutory capital adequacy ratio of 311%, above the 200% minimum requirement set by the Insurance Regulatory Authority of Uganda, while its capital base stood at Shs43.6 billion.
Insurance revenue also increased by 21% to Shs51.2 billion in 2025, while its market share rose to approximately 5.3%, supported by business in engineering, transport and other commercial insurance lines. As GoldStar enters its fourth decade, its leadership says the focus will remain on innovation, customer service, financial strength and expanding insurance protection to more Ugandans.
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