Goldstar Insurance Company Limited is entering its fourth decade with plans to expand digital insurance services, strengthen customer care and maintain its financial position as Uganda’s insurance industry continues to evolve.
The insurer, which started operations in Uganda in January 1996, marked 30 years of business in September 2026, reflecting three decades of growth in general insurance and the development of its capacity to serve individuals, businesses and institutions.
As part of its future strategy, the company plans to increase investment in digital insurance platforms, enterprise management systems, artificial intelligence, cybersecurity and staff development.
The focus comes as customers increasingly expect faster access to insurance services, easier claims processes and more convenient ways of interacting with insurers.
Strong financial position
Goldstar enters its fourth decade with a strong capital position.
In May 2026, GCR Ratings reaffirmed the company’s AA (UG) National Scale Financial Strength Rating with a Stable Outlook, citing its capitalisation, liquidity, governance structures and ability to meet obligations to policyholders.
At the end of 2025, Goldstar’s statutory capital adequacy ratio stood at 311 per cent, above the 200 per cent minimum requirement set by the Insurance Regulatory Authority of Uganda.
The company had a capital base of Shs43.6 billion at the time.
Goldstar also recorded growth in its insurance business, with insurance revenue increasing by 21 per cent to Shs51.2 billion in 2025.
Its market share rose to about 5.3 per cent, supported by business in engineering, transport and other commercial insurance segments.
Claims remain central
For an insurance company, financial strength is closely linked to its ability to settle legitimate claims when policyholders suffer losses.
At the company’s 30th anniversary celebrations in September, chief executive officer John Kawuma said Goldstar had written about Shs53 billion in business and paid approximately Shs15 billion in claims.
The company says it paid Shs69 billion in claims over the five years covered by its published corporate highlights.
Its 2023 financial highlights show that Shs11.2 billion was paid in claims during that year.
Claims settlement remains one of the areas the company says it will continue to prioritise as it expands its operations.
Three decades of growth
Goldstar’s history dates back to January 1996, when the company began operations and recorded a profit in its first year.
Its business subsequently expanded, with premiums written crossing Shs5 billion in 2003, Shs10 billion in 2008, Shs15 billion in 2011 and Shs20 billion in 2012.
The company has also invested in developing its management and quality systems.
In 2013, it attained ISO 9001:2008 certification and in 2018 became the first Ugandan insurance company to receive the ISO 9001:2015 Quality Management System standard.
Its financial-strength ratings have also improved over the years.
Goldstar received an A (UG) rating in 2007 before attaining A+ ratings and later being upgraded to an AA financial strength rating in 2023.
The AA (UG) rating was reaffirmed in 2026 with a Stable Outlook.
Preparing for a changing market
The insurance industry is undergoing changes as technology reshapes how customers purchase policies, make payments and report claims.
Goldstar’s planned investment in digital platforms and enterprise management systems is intended to respond to this changing environment.
The company also plans to strengthen its use of artificial intelligence while increasing attention to cybersecurity, an area that has become increasingly important as insurers handle large volumes of customer and financial information.
Staff development will form another part of the strategy as the company seeks to ensure employees can respond to changing customer expectations and technological developments.
Looking beyond 30 years
Goldstar’s anniversary comes at a time when Uganda’s insurance industry is seeking to deepen insurance penetration and make services more accessible to individuals and businesses.
For the company, the next phase will involve balancing investment in technology with the fundamentals of insurance, including prudent underwriting, financial sustainability and timely settlement of legitimate claims.
The 30-year milestone therefore marks both a reflection on the company’s growth since 1996 and a transition towards a more digitally driven insurance business.
As Goldstar begins its fourth decade, its stated priorities are to maintain financial strength, improve customer service, strengthen claims-paying capacity and use technology to respond to the changing needs of Uganda’s insurance market.