Insurers Turn to Capacity Building to Tap into the Oil and Gas Industry

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.

Insurance sector shifts focus to capacity building in oil and gas industry

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.

ICOGU AGM 2024 at Paraa Safari Lodge

The Insurance Consortium for Oil and Gas Uganda (ICOGU) held its Annual General Meeting (AGM) on 13th June, 2024 at Paraa Safari Lodge - Murchison Falls National Park. This crucial assembly brought together the leadership & members of ICOGU to discuss progress, benchmark from similar successful pools, set future directions & reinforce stakeholder collaboration.

ICOGU Leadership undertakes high-level benchmarking trip to Ghana

The leadership of the Insurance Consortium for Oil & Gas Uganda (ICOGU) went on a benchmarking trip in Ghana to learn from the successes, challenges & management of the Ghana Oil and Gas Insurance Pool (GOGIP). The delegation comprised the Chairman UIA - Latimer Mukasa, Consortium Manager - Ronald Musoke, ICOGU TC Member - Bayo Foyalan, CEO UIA - Jonan Kisakye, Carol Tayebwa & James Maguru from UAP-OM. Chairman Life Committee - Emmanuel Mwaka & Director Supervision, IRA - Benerd Obel.

Shs50.4b underwritten by local firms in Oil Insurance Consortium

What you need to know:
Some of the main projects insured include the crude oil pipeline and the KingFisher project. New prospects according to offcials are underwriting oil and gas risks, contractors’ all risks, claims and loss adjusting, liabilities and business interruption, and reinsurance for oil and gas risks.

The local insurance sector players under the Insurance Consortium for Oil and Gas Uganda (ICOGU) say that in 2023, they posted 13 million dollars (about Shs50.4 billion) out of the total investment of $20 million (about Shs77.6 billion).

Insurance players to hold 3-Day Symposium on Oil and Gas

Insurers involved in Oil & Gas projects under their umbrella body the Insurance Consortium for Oil and Gas Uganda (ICOGU) are optimistic more premiums will be underwritten soon given the lucrative nature of the Oil and Gas Sector.

Speaking ahead of the Oil and Gas Symposium set to take place from February 20 – 22, 2024 at Four Points by Sheraton, the players said that so far US$13m was registered in 2023 out of the total investment of USD20m.

UCMP & UIA meet on ICOGU & Oil & Gas Sector matters

Representatives from the Uganda Chamber of Mines & Petroleum (UCMP) visited the UIA Offices in Kololo. The purpose of the visit was to update the Association on the Chamber’s 2024 undertakings and exchange ideas on how to synergise with UIA better. CEO - Humphrey Asiimwe who led the UCMP Team was joined by Co-ordinator, Junior Chamber - Ronnia Tukamuhebwa, Projects & Research Development Officer - Kenneth Asiimwe Joevanne & Head of Operations - Daphine Nimusiima.

The Albertine Progress Review

Following the 3-day ICOGU Oil & Gas Symposium at Four Points By Sheraton, a delegation from ICOGU led by Consortium Leader & General Manager, UAP Old Mutual - James Maguru made its way to the Albertine Region for a two-day progress review of the ongoing works. The areas of focus included: the Kingfisher Development Project, Kabalega Industrial Park, the East African Crude Oil Pipeline (EACOP) & Resettlement Areas. This guided tour was facilitated by the Petroleum Authority of Uganda (PAU).

The ICOGU Oil & Gas Symposium 2024

The first-ever ICOGU Oil & Gas Symposium took place at Four Points by Sheraton from 20th to 22nd February, 2024. The 3-day Symposium was organized to update ICOGU Members on the latest developments in the Oil & Gas sector, address their key areas of concern to enable them make informed decisions as they participate in the Consortium plans. It was also to review, analyze, predict & cover all possible risk exposures to ICOGU and prepare the consortium members to cope with the changing Oil and Gas Insurance needs & trends. 

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