src/etc/installer/exe/upgrade.iss

// The following code taken from https://stackoverflow.com/questions/2000296/innosetup-how-to-automatically-uninstall-previous-installed-version
// It performs upgrades by running the uninstaller before the install

/////////////////////////////////////////////////////////////////////
function GetUninstallString(): String;
var
  sUnInstPath: String;
  sUnInstallString: String;
begin
  sUnInstPath := ExpandConstant('Software\Microsoft\Windows\CurrentVersion\Uninstall\Rust_is1');
  sUnInstallString := '';
  if not RegQueryStringValue(HKLM, sUnInstPath, 'UninstallString', sUnInstallString) then
    RegQueryStringValue(HKCU, sUnInstPath, 'UninstallString', sUnInstallString);
  Result := sUnInstallString;
end;


/////////////////////////////////////////////////////////////////////
function IsUpgrade(): Boolean;
begin
  Result := (GetUninstallString() <> '');
end;


/////////////////////////////////////////////////////////////////////
function UnInstallOldVersion(): Integer;
var
  sUnInstallString: String;
  iResultCode: Integer;
begin
// Return Values:
// 1 - uninstall string is empty
// 2 - error executing the UnInstallString
// 3 - successfully executed the UnInstallString

  // default return value
  Result := 0;

  // get the uninstall string of the old app
  sUnInstallString := GetUninstallString();
  if sUnInstallString <> '' then begin
    sUnInstallString := RemoveQuotes(sUnInstallString);
    if Exec(sUnInstallString, '/SILENT /NORESTART /SUPPRESSMSGBOXES','', SW_HIDE, ewWaitUntilTerminated, iResultCode) then
      Result := 3
    else
      Result := 2;
  end else
    Result := 1;
end;

/////////////////////////////////////////////////////////////////////
procedure UpgradeCurStepChanged(CurStep: TSetupStep);
begin
  if (CurStep=ssInstall) then
  begin
    if (IsUpgrade()) then
    begin
      UnInstallOldVersion();
    end;
  end;
end;