Summary:
- Insurers in the Insurance Consortium for Oil and Gas Uganda (ICOGU) anticipate increased premiums from the lucrative Oil & Gas sector. A recent symposium discussed industry developments and highlighted the importance of insurance in mitigating risks throughout the sector. The focus remains on supporting member interests and sector sustainability.
Insurers within the Insurance Consortium for Oil and Gas Uganda (ICOGU) are upbeat about increasing premium underwriting in Oil & Gas projects, considering the sector’s promising returns.
Ahead of the Oil and Gas Symposium scheduled from February 20 to 22, 2024, at Four Points by Sheraton, stakeholders disclosed that USD 13 million was underwritten in 2023 out of a total investment of USD 20 million.
James Maguru, ICOGU Consortium Leader, hailed this return on investment in a nascent sector, citing optimism for clearing the remaining balance.
The symposium aims to inform ICOGU members about Oil & Gas developments and address concerns to guide their participation in consortium insurance plans, emphasized Paul Kavuma, ICOGU Technical Committee Chairman.
Discussion topics include underwriting oil and gas risks, reinsurance, claims handling, and business interruption.
Given the significant risks inherent in the Oil & Gas industry, insurance plays a vital role in ensuring sustainability and continuity amid potential accidents and disasters across the entire value chain.
Latimer Mukasa, UIA Chairman, highlighted the association’s commitment to ICOGU, stressing the importance of member interests and their meaningful contributions to the sector.
