Given the potential future of the oil and gas industry, insurers in this sector, as represented by the Insurance Consortium for Oil and Gas Uganda (ICOGU), are projecting higher underwritten premiums.
Industry participants emphasized the noteworthy advancements in 2023 in a statement released ahead of the Oil and Gas Symposium, which is set to take place at Four Points by Sheraton from February 20 to 22, 2024. Of the USD 20 million total investment, USD 13 million has already been recorded.
Considering that the ICOGU Consortium is still relatively new to the industry, James Maguru, its leader, stressed the benefits of investing. He stated that USD 13 million has been received as a result of the staggered repayment plan, and he is confident that the remaining amount will be paid up eventually.
The forthcoming three-day symposium’s main goals are to inform ICOGU members of the most recent advancements in the oil and gas industry and to address relevant areas of concern. Participants hope to do this in order to be better equipped to decide whether or not to participate in consortium insurance plans.
The ICOGU Technical Committee Chairman, Paul Kavuma, emphasized the symposium’s value in developing industry knowledge, especially in light of Uganda’s developing oil and gas sector and the necessity of taking lessons from more developed markets.
Underwriting oil and gas risks, Contractors’ All Risks, reinsurance for oil and gas risks, claims and loss adjusting, liabilities, and business disruption are just a few of the important topics that will be covered throughout the symposium.
Because of the vast operations in the oil and gas industry, as well as the inherent risks involved in exploration, drilling, refining, and transportation, insurance is essential for maintaining sustainability and continuous operations by reducing losses from accidents and natural disasters.
The Uganda Insurance Association (UIA) Chairman, Latimer Mukasa, emphasized the association’s dedication to ICOGU and its members, stressing the significance of defending their rights and guaranteeing their significant contribution to the industry.
