Uganda Insurance Regulatory Authority orders immediate preparation for IFRS Sustainability Disclosure Standards with first progress reports due by 30 June 2026

The Uganda Insurance Regulatory Authority has issued a circular requiring all licensed insurance entities, including insurers, takaful operators, HMOs, reinsurers, micro insurers, brokers, loss assessors, adjustors and surveyors, to begin implementation activities for the adoption of the IFRS Sustainability Disclosure Standards and to submit a first progress report by 30 June 2026. The move follows Uganda's national roadmap, launched by the Institute of Certified Public Accountants of Uganda, under which firms are expected to undertake voluntary preparation and capacity building during 2026 and 2027 before mandatory reporting starts for accounting periods beginning 1 January 2028. Preparatory actions include designating an internal lead for ESG and climate-related disclosures, conducting materiality assessments, training staff and upgrading reporting systems, engaging assurance providers early, and setting out a sustainability reporting strategy for boards, shareholders and other stakeholders. Firms are also expected to embed sustainability considerations in strategic planning and decision-making, assess how climate-related risks affect cash flows, access to finance and cost of capital, set and disclose climate-related targets including within investment portfolios where applicable, integrate climate-related risks into enterprise risk management, use reliable climate data in underwriting, and ensure disclosures are clear and not obscured by boilerplate language.