Uganda has officially unveiled an innovative online platform designed to streamline the marine and goods-in-transit insurance process, signaling a significant advancement for the country’s trade and insurance industries.
This new initiative, developed by the Insurance Regulatory Authority of Uganda (IRA) in collaboration with the Uganda Revenue Authority (URA), addresses long-standing challenges within the marine insurance sector, such as reliance on foreign insurers, delays in claims processing, and the proliferation of counterfeit certificates.
The newly launched platform enables Ugandan businesses to secure marine cargo insurance from local insurers, reducing the need for foreign currency transactions and ensuring faster, more efficient claims settlements. This shift is expected to bolster local businesses by improving their operational efficiency and insurance coverage.
During the launch, Ramathan Ggoobi, Permanent Secretary at the Ministry of Finance, representing the Finance Minister, highlighted the transformative impact of the system. He emphasized that the new platform would lower operational costs for businesses and enhance coverage.
Ggoobi pointed out the significant loss of Shs6.53 billion in revenue between 2009 and 2013 due to the use of foreign insurers. He noted that empowering local insurers would allow the government to reinvest these financial resources into Uganda’s economy, fostering a more competitive domestic insurance market.
The platform is seamlessly integrated with the URA’s e-tax system and the Electronic Single Window, providing a simplified, transparent process for importers. Ggoobi noted that the system eliminates the cumbersome use of paper documents, offering a digital, secure, and efficient solution for businesses to manage their insurance needs.
“Once payment is confirmed, the policy is automatically issued and sent directly to the user’s email, minimizing the risk of misplaced certificates,” he explained.
Ibrahim Kaddunabbi Lubega, CEO of IRA, emphasized that the system will provide better protection for goods in transit, simplify the claims process, and offer competitive rates in local currency. He added that the platform would help local businesses benefit from more affordable premiums and smoother insurance management, ultimately enhancing Uganda’s trade competitiveness.
“The online portal also addresses challenges that have long hindered importers, such as high costs, delays, and uncertainty regarding the legitimacy of foreign insurance coverage. By mandating that all marine cargo insurance policies be issued by Uganda-based insurers, the system ensures compliance with the Insurance Act of 2017 and strengthens the domestic insurance market,” Kaddunabbi stated.
Importers will have until January 1, 2025, to transition to the new system, after which only locally licensed insurers will be authorized to issue marine cargo insurance policies.
Kaddunabbi emphasized that the initiative would significantly improve the efficiency of Uganda’s marine insurance sector, promote economic growth, and provide businesses with the peace of mind needed to succeed.
Jonana Kisaakye, CEO of the Uganda Insurance Association (UIA), reflected on the remarkable progress the sector has made in recent years.
“Several years ago, I could not have imagined that we would be where we are today,” Kisaakye shared, acknowledging the IRA’s crucial role in establishing a solid regulatory framework that has supported both local and international insurance companies in Uganda.
The online portal was developed in response to the growing demand for accessible and efficient insurance services. It aims to simplify the process of obtaining marine insurance for goods in transit, shipping, and cargo businesses. The platform allows users to obtain policies, make payments, and access documents conveniently from their devices.
“This digital solution will not only make marine insurance more accessible but also ensure transparency, security, and speed in processing transactions,” Kisaakye explained.
The launch of the portal also underscores the strengthened collaboration between Uganda’s insurance industry and the banking sector. Since 2012, banks have played a key role in expanding access to insurance services across the country, enabling more Ugandans from diverse backgrounds to obtain the protection they need.
With the introduction of the online marine insurance platform, the goal is to not only provide convenience but also resolve common issues associated with traditional insurance methods.
Policyholders can now store their insurance documents digitally, eliminating concerns over lost paperwork and ensuring the validity of policies can be immediately verified during cargo clearance or while managing insurance claims.
The new platform is set to transform how Ugandans engage with marine insurance, offering a faster, safer, and more user-friendly experience. It represents the ongoing growth of Uganda’s insurance sector and its integration into the broader financial system, ensuring more people have access to the protection they need in an increasingly dynamic global environment.
All 20 non-life insurance companies in Uganda are now part of the initiative and are fully equipped to handle marine cargo risks.
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