The Insurance Consortium for Oil and Gas Uganda (ICOGU) members have been advised to be more strategic and generate tailored insurance solutions required by the oil and gas sector.

The call was made by the Insurance Regulatory Authority (IRA) CEO Ibrahim Kaddunabbi Lubega during the 2025 Energy Symposium organized by the Insurance Consortium for Oil and Gas Uganda (ICOGU) at Sheraton Kampala Hotel under the theme: “the role of insurance in the Energy Transition”,

Ugandan registered insurance companies have so far claimed business worth 55.3 million dollars (about 202 Billion Shillings) in underwriting oil and gas projects. 

Of this, activities in the Tilenga Project, which is operated by TotalEnergies, account for 31.7 million Shillings while at the Kingfisher Development Area, activities have paid insurance premiums worth 7 million Shillings, and the rest, 14.7 million is from the activities under the East African Crude Oil Pipeline.

The Insurance Regulatory Authority (IRA) has underwritten insurance premiums worth UGX 6.5 billion from Uganda’s oil and gas sector in 2025.

The Authority’s Chief Executive Officer, Ibrahim Kaddunabbi Lubega, described this as a sign of a positive growth trajectory for the industry.

Speaking at the opening of the Insurance Consortium for Oil and Gas Energy Symposium 2025 at the Sheraton Hotel in Kampala, Kaddunabbi emphasized the crucial role of insurance in providing financial security and mitigating risks in the sector.

Experts have said insurance can provide the financial safety net to drive change and help local, and global stakeholders realize opportunities during Uganda’s energy transition.

Delivering a keynote address at the 2025 Energy Symposium organized by the Insurance Consortium for Oil and Gas Uganda (ICOGU) at Sheraton Kampala Hotel, Richard Scott, the global head of renewables for Oneglobal Broking UK said the early involvement of insurance companies is essential for the development and financing of technologies that facilitate the energy transition.

Kampala, Uganda | JULIUS BUSINGE | The Insurance Consortium for Oil and Gas Uganda (ICOGU) has emerged as a critical player in Uganda’s rapidly evolving energy sector, providing tailored insurance solutions to address the unique risks associated with oil and gas exploration and production.

With Uganda’s Oil and Gas Industry entering a critical development phase, particularly in the upstream operations, the Insurance Consortium on Oil and Gas Uganda (ICOGU) is now focusing on strategic capacity building to grow premiums.

According to Jonan Kisakye, CEO of the Uganda Insurers Association, the oil and gas sector is relatively new in Uganda, and the risks associated with it are substantial.

As Uganda's oil and gas sector enters a critical development phase, particularly in the upstream and midstream operations, the Insurance Consortium on Oil and Gas Uganda (ICOGU) has announced a strategic focus on capacity building for industry players rather than merely retaining insurance premiums.

According to Jonan Kisakye, CEO of the Uganda Insurers Association, the oil and gas sector is relatively new in Uganda, and the risks associated with it are substantial.