Goldstar Insurance Marks 30 Years of Growth and Financial Strength in Uganda

Goldstar Insurance Company Limited is marking 30 years of operations in Uganda, celebrating a journey defined by business growth, financial resilience and a long standing commitment to protecting businesses, institutions and individuals across the country.

Since opening its doors in January 1996, the insurer has steadily expanded its operations, building its business around prudent underwriting, timely claims settlement, customer service and financial sustainability.

The anniversary comes at a time when the company is also seeking to demonstrate the strength of its financial position. In May 2026, GCR Ratings reaffirmed Goldstar’s AA (UG) National Scale Financial Strength Rating with a Stable Outlook, citing its strong capitalisation, sound liquidity, governance framework and ability to meet its obligations to policyholders.

At the end of 2025, Goldstar reported a statutory capital adequacy ratio of 311 percent, significantly above the Insurance Regulatory Authority of Uganda’s minimum requirement of 200 percent. The company had a capital base of Shs43.6 billion.

The insurer has also recorded continued growth in its business. Insurance revenue increased by 21 percent to Shs51.2 billion in 2025, while its market share rose to about 5.3 percent. The growth was supported by performance in engineering, transport and other commercial insurance lines.

Speaking at the company’s 30th anniversary celebrations in September 2026, chief executive officer John Kawuma said Goldstar had written about Shs53 billion in business and paid approximately Shs15 billion in claims.

The figures, he noted, reflect the importance of claims settlement to the company’s relationship with policyholders and its broader promise of providing protection when businesses and individuals need it most.

Over the past five years, Goldstar says it has paid Shs69 billion in claims. In 2023 alone, the company paid Shs11.2 billion in claims, highlighting the scale of its role in supporting policyholders facing insured losses.

Goldstar’s growth has been marked by a series of milestones. The company recorded a profit in its first year of operation, while premiums written crossed the Shs5 billion mark in 2003. Premiums later surpassed Shs10 billion in 2008, Shs15 billion in 2011 and Shs20 billion in 2012.

Its focus on institutional development has also been reflected in its quality management systems. Goldstar attained ISO 9001:2008 certification in 2013 and, in 2018, became the first Ugandan insurance company to receive the ISO 9001:2015 Quality Management System standard.

The company’s financial strength has evolved alongside its expansion. Goldstar received an A (UG) rating in 2007, subsequently achieved A+ ratings and was upgraded to an AA financial strength rating in 2023. The AA (UG) rating was reaffirmed in 2026 with a Stable Outlook.

For Goldstar, however, the anniversary is not only about looking back at three decades of growth. The company is also positioning itself for changes in the insurance market and the evolving expectations of customers.

As it enters its fourth decade, Goldstar plans to increase investment in digital insurance platforms, enterprise management systems, artificial intelligence and cybersecurity, while continuing to develop its workforce and improve customer service.

The company also intends to maintain its focus on strengthening its balance sheet and claims paying capacity as it seeks to remain responsive to the changing needs of policyholders.

The 30th anniversary therefore marks a significant point in Goldstar’s journey, bringing together three decades of business development and a renewed focus on technology, customer service and financial resilience.

For an insurance industry that plays a critical role in helping households and businesses manage risk, Goldstar’s next chapter will be shaped not only by how much it grows, but also by how effectively it continues to honour its obligations to policyholders.

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