UIA participates in the 12th Annual Mineral Wealth Conference

30th, Oct 2023 Share This

We participated in a 2-day Annual Mineral Conference that took place on 30th & 31st October, 2023 at Serena Hotel in Kampala. The conference was organized by the Uganda Chamber of Mines & Petroleum and Ministry of Energy & Mineral Development under the theme: “Creating a Viable & Feasible Roadmap for Uganda’s Mineral Sector to Contribute to Economic Transformation.’’ Hon. Peter Lokeris – State Minister for Minerals represented Hon. Ruth Nankabirwa – Minister of Energy & Mineral Development as the Guest of Honor.

Hon. Peter Lokeris – State Minister for Minerals at our booth.

Our CEO – Jonan Kisakye moderated a session on Guaranteeing Exploration & Mine Development: Risks & Financing. We threw light on the insurance industry’s performance which is growing at 20% per annum. Last year, the industry amassed UGX 1.4 Trillion in premiums and paid over UGX 600 Billion in claims which is indicative of the growing public confidence in insurance.

We also re-affirmed the insurance industry’s capacity to de-risk the Oil & Gas sector thanks to the power of consortiums particularly the Insurance Consortium for Oil & Gas Uganda (ICOGU). ICOGU was formed in 2016 to extend insurance coverage to the Oil & Gas projects. It is a success story in terms of how insurance operates and how the industry can mobilize its capacity.

Activity at our booth during the conference.

To date, through ICOGU, the industry has written over $24 Million in Premiums in the Oil & Gas Sector. We are currently looking to expand ICOGU to cater for risks in the wider mineral sector.

The panelists of the session included Alex Mukasa – Managing Director, Marsh Uganda & Michael Jjingo – General Manager, Commercial Banking, Centenary Bank.