The Risk Takers Behind the Risk: How Goldstar Insurance Powers Uganda’s Growth

By Frank Kamuntu

In Uganda’s drive toward economic transformation, we often celebrate the obvious changemakers — contractors breaking ground on new roads, entrepreneurs building startups, and investors pouring capital into new industries. But behind every bold move lies an unsung force that rarely seeks the spotlight: risk protection.

For over two decades, Goldstar Insurance Company has been that force — a quiet stabilizer of Uganda’s boldest ventures, making it possible for the country to build, expand, and dream beyond uncertainty.

As Uganda industrializes, urbanizes, and digitizes, the stakes get higher. A single fire, accident, or transit loss can bring even the most promising projects to a halt. That’s where Goldstar steps in — not with promises, but with preparedness. From major infrastructure projects and oil sector contractors to smallholder logistics firms and growing agribusinesses, Goldstar has become Uganda’s de facto risk partner in progress. Whether it’s cushioning the blow of a warehouse blaze or fast-tracking compensation for injured workers, the company has built its reputation on action over advertising.

In a country where insurance penetration still hovers around 1%, trust is the most valuable currency. For many Ugandan businesses, insurance has historically been seen as optional — or worse, unreliable. Goldstar has worked to change that narrative. Established over 24 years ago, Goldstar has grown into Uganda’s largest indigenous insurance company, distinguished not by noise, but by its consistent reliability in moments of distress.

“We don’t just sell policies. We absorb risk so that Ugandans can build fearlessly,” says one Goldstar executive. It’s a message increasingly resonating with both corporate clients and government institutions.

Goldstar’s impact is not just measured in claims paid, but in dreams restored. When marine cargo is lost, construction projects stall, or an industrial accident shakes a workforce, Goldstar is there — equipped with capital strength, reinsurance backing, and local understanding. Their flagship offerings include marine cargo insurance to safeguard Uganda’s growing import-export ecosystem, engineering and contractor’s insurance to support the country’s infrastructure boom, and group personal accident cover that offers 24/7 security for frontline workers and staff. Behind each policy is the same mission: minimize interruption, maximize resilience.

Goldstar’s track record has earned recognition across the region and beyond. Among its accolades are the Best Insurance Company – Uganda award from International Finance Magazine in 2015, the International Award for Excellence & Leadership from the Global Trade Leaders Club in 2017, and an endorsement from the Insurance Brokers Association of Uganda for ethical, consistent partnership. These honors reflect not marketing budgets, but years of quietly doing the hard, necessary work of keeping Uganda’s economy upright when things go wrong.

Often invisible, the insurance sector is nonetheless essential to national development. Roads, factories, tech parks — all require risk coverage to proceed. Without it, capital remains cautious, and progress slows. Goldstar has positioned itself not merely as an insurer, but as a pillar of national infrastructure, enabling economic mobility with every policy issued. It’s the reason a contractor dares to take on a billion-shilling highway project. The reason a new business owner agrees to ship goods across borders. The reason a factory manager sleeps at night.

Unlike offshore-based insurers, Goldstar understands Uganda’s terrain — both physically and economically. Their solutions are tailored to the local context, but benchmarked against global best practices. And in a region increasingly vulnerable to climate shocks, cyber risks, and cross-border uncertainties, that hybrid expertise matters more than ever. “Insurance is not just about replacing what’s lost,” says COO Enock Mudadi. “It’s about making recovery possible — and keeping the future intact.”

As Uganda accelerates its journey toward middle-income status, few institutions are as critical — or as underappreciated — as those that carry the burden of risk. Goldstar Insurance may not build the roads or ship the goods, but it ensures those who do can keep going when the unexpected hits. So whether you’re an entrepreneur venturing into new markets, a government agency driving infrastructure, or a young logistics firm taking its first steps, Goldstar Insurance is the unseen safety net beneath your ambition.

In every leap Uganda takes, Goldstar is quietly underneath it — carrying the risk, so the country can carry on.