Goldstar Insurance Company has marked 30 years of operations in Uganda, with its leadership calling on the insurance industry to play a bigger role in supporting the country’s economic transformation and the 10-fold growth strategy towards 2040.
The anniversary celebrations were held at Kabira Country Club in Kampala, bringing together the company’s clients, staff, business partners and other stakeholders.
Speaking at the event, Sudhir Ruparelia, the company’s chairman, said the insurance industry has an important role to play in supporting businesses and protecting investments as Uganda seeks to expand its economy.
“As an insurance fraternity, we must play our role as key enablers to sustain our services and promote the country’s GDP,” Ruparelia said.
Uganda’s Tenfold Growth Strategy seeks to expand the size of the economy from about $50 billion in 2023 to $500 billion by 2040.
The strategy identifies increased investment, stronger private sector participation and a larger formal economy among the areas needed to achieve the target.
Ruparelia also thanked Goldstar’s clients for remaining with the company throughout its three decades of operations.
“Without our esteemed clients, we would not have reached this far,” he said.
He also commended the Insurance Regulatory Authority (IRA) and the government for creating an environment that has enabled insurance businesses to operate and grow.
Representing the IRA, Benard Obel, the authority’s director of Supervision, said Goldstar’s 30 years in the industry represented an important milestone.
Obel said the anniversary was more than a celebration because it demonstrated the company’s ability to manage business risks and serve clients over a long period.
“Thirty years of existence is not just a mere celebration, but a major milestone worth celebrating,” Obel said.
He said Uganda has significant opportunities for the growth of the insurance industry, but many people and businesses remain outside formal insurance protection.
Goldstar’s 30th anniversary comes as Uganda’s insurance sector seeks to expand coverage among individuals and businesses that have traditionally operated outside formal insurance arrangements.
