Entebbe — Kaddunabbi Ibrahim Lubega, the chief executive officer of the Insurance Regulatory Authority (IRA), has challenged Uganda’s accountants to transform their profession and safeguard the nation by championing personal insurance.
Speaking at the 30th Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) in Entebbe on Sept.3, Kaddunabbi said insurance is more than a financial product–it is “the glue for social cohesion” that protects families, preserves dignity, and strengthens communities.
“As accountants, you are not just number-keepers, you are nation-builders,” he told nearly 2,000 delegates.
He explained that embedding insurance into healthcare, pensions, education loans, and household budgets helps Ugandans weather crises without collapsing into poverty.
Follow us on WhatsApp | LinkedIn for the latest headlines
Micro-insurance, he highlighted, is accessible for as little as Shs 1,000 per month, making protection within reach for even the most vulnerable.
Kaddunabbi framed insurance as a tool for social stability. By pooling risks, families avoid over- reliance on relatives, prevent conflict, and build trust across communities. “Insurance is risk management and social protection,” he said, emphasizing its role in supporting children’s education, protecting the elderly, and empowering women, youth, and farmers. “It is solidarity in action.”
The call for transformation extended to the accounting profession itself. Keynote speaker Peter Kimbowa urged accountants to move beyond traditional bookkeeping and become “impact architects” who drive Uganda’s economic and social development.
The seminar also featured the historic launch of International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, positioning Uganda among the first in the region to adopt global sustainability frameworks.
Faith Nakut Loru, representing Parliament Speaker Anita Among, added urgency to the message: accountants must embrace risk, practical leadership, and innovation to meaningfully contribute to national growth.
Kaddunabbi’s session, titled “Personal Insurance & Its Relevance to Social Cohesion,” illustrated how life cover, health insurance, and micro-insurance can cushion families from financial shocks and prevent crises from turning into catastrophe.
With 43% of Ugandans living at or near poverty, Kaddunabbi stressed that insurance is not optional–it is essential for building resilient households and cohesive communities. “Insurance cushions shocks, turns crises into manageable setbacks, and embodies Ubuntu: I am because we are,” he said.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
