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The Role Of Insurance In Uganda’s Energy Transition: Insights from the ICOGU Energy Symposium 2025

AdminUIA — Sun, 30 Mar 2025 20:05:12 +0000

The Role Of Insurance In Uganda’s Energy Transition: Insights from the ICOGU Energy Symposium 2025 AdminUIA Sun, 03/30/2025 - 23:05

The future of Uganda's energy sector is increasingly intertwined with its insurance landscape, as evidenced by the recent ICOGU Energy Symposium 2025, held on 19th March, at the Sheraton Hotel Kampala. This event hosted by the Insurance Consortium for Oil & Gas Uganda (ICOGU) served as a vibrant forum for key stakeholders to discuss how insurance can effectively support Uganda’s transition to a more sustainable energy future. With a theme focused on "The Role of Insurance in the Energy Transition," the symposium brought together a diverse group of leaders, regulators, and experts from the energy & insurance industries, to explore challenges, opportunities, and chart a way forward.

Our CEO Jonan Kisakye opened the symposium with a call for unity and collaboration in the energy transition. He emphasized the important role of ICOGU in shaping the country's insurance landscape, in alignment with the evolving energy needs. Jonan highlighted the UIA’s Strategic Plan for 2023-2027, which is dedicated to enhancing member knowledge on specific insurance needs, and in this case, for energy sector. His remarks set the tone for an event focused on cross-sector engagement and problem-solving. “Insurance plays an essential role, not just in managing risk, but in enabling investment in Uganda’s energy sector. We are committed to supporting this transition with innovative solutions that protect the future of our energy infrastructure,” Jonan said, emphasizing UIA's dedication to building a stronger insurance industry for Uganda’s energy sector.

Jonan Kisakye, UIA CEO giving opening remarks at the Symposium

Representing the Chairperson, Paul Muwanga, UIA Vice Chairman and CEO of Excel Insurance weighed in on the symposium’s desired impact, reflecting on UIA’s impressive 60-year history. He noted that the symposium's contributions to ICOGU’s technical development are critical for enhancing the capacities of Uganda’s insurance industry. His recognition of ICOGU’s efforts to unify all Non-Life Insurance companies in Uganda reflected the growing importance of collaboration within the sector.

Paul Muwanga, UIA Vice Chairman and CEO of Excel Insurance delivering his speech at the Symposium

A key highlight of the symposium was Chairperson of ICOGU’s Technical Committee & and CEO of Jubilee Allianz - Paul Kavuma’s update on the evolution of ICOGU. Kavuma shared how ICOGU has expanded beyond Uganda, supporting the development of insurance frameworks for oil and gas in Namibia. He emphasized that ICOGU’s commitment to building local skills was vital, noting that hands-on programs like the Albertine Progress Visit offer invaluable real-world exposure to emerging energy sector opportunities. In his remarks, Paul urged ICOGU members to actively engage in continuous professional development, calling it essential for navigating the changing landscape of energy risk management.

Paul Kavuma, Chairperson of ICOGU’s Technical Committee & and CEO of Jubilee Allianz shares the expansion of ICOGU beyond Uganda

Ernest Rubondo, Executive Director of the Petroleum Authority of Uganda (PAU), also underscored the importance of transparency in the insurance sector’s involvement with the oil and gas industry. Referencing the significant amount of money generated by the industry to the tune of over $53 Million,he emphasized the potential for joint ventures and further investments in the sector.

Ernest Rubondo, Executive Director of the Petroleum Authority of Uganda speaking at the Symposium

As part of the symposium's discussions, a panel session focused on the role of policy and regulation in Uganda’s energy transition. Francesca N. Kakooza, Director of Legal at the Insurance Regulatory Authority (IRA), spoke on the growing capacity of Uganda’s insurance sector to handle large claims, especially with regard to regional collaboration within the East African Community. She emphasized the importance of strengthening both technical and financial capabilities to tackle the unique risks in the energy sector.

Francesca N. Kakooza, Director of Legal at the Insurance Regulatory Authority (IRA), speaking about the growing capacity of Uganda’s insurance sector to handle large claims

Humphrey Asiimwe, CEO of the Uganda Chamber of Energy & Minerals (UCEM), echoed this sentiment, advocating for ongoing dialogue between the insurance industry and energy regulators. He stressed that tailored insurance products and forward-thinking risk management strategies are critical for Uganda's energy future. PAU’s Director of Legal & Corporate Affairs - Ali Sekatawa, also encouraged insurers to forge strong partnerships that ensure that the country’s energy sector remains competitive on a global scale.

Humphrey Asiimwe, CEO of the Uganda Chamber of Energy & Minerals (UCEM) delivers his speech during a panel discussion at the Symposium

Richard Scott, the Global Head of Renewables at Oneglobal Broking UK, delivered the Symposium’s keynote address, offering a global perspective on the intersection of energy and insurance. Scott outlined the increasing demand for renewable energy and Uganda’s heavy reliance on hydropower. He highlighted the challenges facing the renewable energy sector, particularly in securing financing for hydropower due to climate risks such as fluctuating water levels. Scott suggested that parametric insurance, an innovative solution that relies on third-party data could be a valuable tool for mitigating risks in the renewable energy sector, especially in times of low energy production.

Richard Scott, the Global Head of Renewables at Oneglobal Broking UK delivers the keynote speech at the Symposium

He also discussed energy storage solutions as a critical part of the energy transition, pointing to successful models in places like Texas and the UK. These systems help stabilize energy supplies and provide a buffer against extreme weather events. For Uganda, he argued that the insurance sector should anticipate the emerging risks, especially as the country diversifies into solar energy.

In the second panel, moderated by Carol Tayebwa, Head of Marketing & Distribution at UAP Old Mutual, the focus shifted to the intersection of insurance, climate action, and sustainability. Bashir Akinsiku, Chief Underwriting Officer at Continental Re-emphasized the need for the insurance sector to "insure green," covering renewable energy projects and ensuring their long-term sustainability. He explained that the role of insurance in managing risks associated with natural disasters, equipment failures, and accidents is critical to the success of the energy transition.

Bashir Akinsiku, Chief Underwriting Officer at Continental Re-emphasizing the need for the insurance sector in the coverage of renewable energy projects

Joshua Akena, Head of Operations at UAP Old Mutual Life Assurance, elaborated on the changing skillset required to meet the demands of the energy sector. He noted that as the sector evolves, insurers must become more adept at addressing complex issues such as economic displacement and disruption caused by energy transitions. Joshua stressed the need for continuous mentorship and skill development to ensure that the industry is well-prepared to meet these new challenges.

Joshua Akena, Head of Operations at UAP Old Mutual Life Assurance, explains the changing skillset required to meet the demands of the energy sector

As Uganda’s energy sector continues to evolve, the role of insurance in managing risks and securing investments remains crucial. ICOGU is poised to play a leading role in shaping Uganda’s energy future, leveraging strategic partnerships and technical expertise to enhance the capacity of insurers in the energy space.

Tony Sserubiri, from the Ministry of Energy and Mineral Development, reiterated the importance of responsible resource development and local content growth. He challenged the insurance sector to embrace innovation and adapt to the emerging risks associated with energy projects.

Tony Sserubiri, from the Ministry of Energy and Mineral Development explaining the importance of responsible resource development and local content growth

Internship experiences, such as those shared by Nyakato Phoebe, an Actuarial Science Graduate from Makerere University, also demonstrate the vital role of skills development. Phoebe’s experience with ICOGU underscores how mentorship and exposure to real-world industry challenges are key in shaping the next generation of insurance professionals.

Nyakato Phoebe, an Actuarial Science Graduate from Makerere University shares ICOCU Internship experiences

The ICOGU Energy Symposium 2025 proved to be a pivotal moment in Uganda's energy transition. As the country moves toward a more sustainable energy future, the need for innovative insurance solutions to mitigate risks, manage financial stability, and support renewable energy initiatives is crucial. Through partnerships, capacity building, and policy engagement, the insurance sector is poised to play an increasingly important role in Uganda’s energy transition.

By continuing to embrace innovation, foster collaboration, and develop tailored insurance products, Uganda’s insurance industry can support the growth of a sustainable and resilient energy sector. As ICOGU continues to lead the charge, the future of Uganda’s energy sector looks bright, covered by a robust and forward-thinking insurance industry.

Group Photo moment after the second panel discussion

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IGOCU Members tipped to take lead in the energy transition Agenda

AdminUIA — Sun, 30 Mar 2025 16:28:25 +0000

IGOCU Members tipped to take lead in the energy transition Agenda AdminUIA Sun, 03/30/2025 - 19:28

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”,

Managed by Uganda Reinsurance Company, ICOGU pools expertise and capacity to effectively cover the sector’s high-risk exposures, such as accidents, environmental damage, and oil spills. This initiative enhances risk retention within Uganda, ensuring that local insurers play a significant role in underwriting these risks.

“As Uganda advances towards commercial oil production and embraces the broader energy transition, the insurance sector must rise to the challenge of providing financial security, mitigating risks and ensuring the sustainability of investments in this dynamic sector.

The global energy landscape is undergoing a significant transformation driven by technological advancements, regulatory shifts and the growing need for sustainability. Uganda’s energy sector is evolving with the twin objectives of developing its petroleum resources while also investing in renewable energy sources,” Lubega added.

He explained that the transition presents both opportunities and risks which on one hand enables economic growth, infrastructure development, and job creation while on the other introduces complex challenges such as environmental risks, project financing uncertainties, and regulatory compliance.

Jonan Kisakye the Uganda Insurers Association CEO highlighted the need for insurers to buffer their financial muscles so as to write off all the available businesses in the oil and gas sector.

“We are currently conducting business in the Tilenga, Kingfisher and East African Crude Oil Pipe Line fields and we are confident we shall take on more projects as they come,” Kisakye explained.

Since its inception, ICOGU has significantly contributed to premium generation and risk retention, with a total contribution of $22m about sh82bn to date.

However, in 2024, written premiums declined by 82% compared to 2023. Encouragingly, 2025 has seen a strong recovery, with premiums surpassing last year’s total.

The oil and gas industry is inherently high-risk, involving large-scale investments, operational hazards and environmental concerns.

Source: The New Vision (click here to view)

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Local Insurance Companies Raise UGX 200bn in Insuring Oil and Gas Projects

AdminUIA — Sun, 30 Mar 2025 16:03:56 +0000

Local Insurance Companies Raise UGX 200bn in Insuring Oil and Gas Projects AdminUIA Sun, 03/30/2025 - 19:03

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.

There are 36 insurance companies in the National Suppliers Database and 13 of these have so far been contracted by the oil and gas sector licensees to underwrite the different activities.

Previously, there were concerns that local insurance companies would not be able to benefit from the oil and gas sector due to an assumed lack of financial and technical capacity.

The Insurance Regulatory Authority of Uganda (IRA) rallied local companies which then formed the Insurance Consortium for Oil and Gas Uganda (ICOGU) to take advantage of the local content policy that provides that Ugandan citizens and companies would access at least 40 percent of the opportunities in the oil and gas sector.

IRA Chief Executive Officer, Haji Ibrahim Kaddunabbi Lubega urged the companies to be mindful of the global market shift toward sustainability and renewable energy.

“Uganda’s insurance industry must align with these changes,” he said, adding, “The energy transition presents challenges and opportunities for Uganda’s economy, and the insurance sector, through ICOGU, has a pivotal role in ensuring its success.”

To take advantage of Uganda’s transition towards a more diversified energy sector, Lubega advised the insurance industry to innovate to address risks, by developing new insurance products tailored to green energy projects, carbon capture initiatives and clean technology investments.

He also urged them to strengthen Reinsurance Capacity to handle large-scale claims, especially in complex energy projects, enhance Public-Private Partnerships to support sustainable energy financing through risk-sharing mechanisms, as well as build capacity and skills development to equip insurers with expertise in underwriting energy transition-related risks.

Paul Kavuma, the ICOGU Technical Committee Chairperson and CEO of Jubilee Allianz, says that since then, the companies have gained capacity in different areas including financial and technical, “to the point of exporting its competence in Oil and Gas within the region, like Nambia.”

Speaking at the ICOGU Energy Symposium 2025 under the theme: The Role of Insurance in the Energy Transition, Kavuma Paul promised that they will continue to grow and enhance its efficiency as insurers cover the risks associated with the Oil and Gas and the wider Energy sector.

The bulk of the insurance premium (45.6 million dollars) from the oil and gas has come from underwriting Tier 1 contractors’ activities, while 7.62 million went towards insurer Tier2 activities, according to Ernest Rubondo, the Executive Director, of the Petroleum Authority of Uganda.

Areas that have attracted insurers include Insurance and Reinsurance Brokerage Services and Insurance Policies; all construction risks; Third Party Liability, insurance for equipment including vehicle fleets, office equipment and premises; provident fund administration; Medical Insurance for staff across projects and Group Personal Accident and Group Life Insurance.

Richard Scott, Global Head of Renewables at Oneglobal Broking UK, in his keynote address at the Symposium, said Uganda’s oil and gas sector had the potential to attract many investors but that the cost of financial services was still high.

Oneglobal Broking and TRS Consultancy have extensive expertise in providing insurance solutions to various renewable projects worldwide and within the region.

“Considering the small size of projects in Uganda as well as the insurance decisions being dictated by pricing, OGB and TRS are open to setting up a local market facility to alleviate costs of insurance. We have established long-lasting partner relationships with markets in the area and are well suited to guide them in navigating Renewables projects,” said Scott.

He noted that the increasing risks in the renewable sector, particularly solar energy, which is vulnerable to extreme weather events like hailstorms calls for insurers to adapt to these evolving risks, drawing lessons from global markets, to ensure sustainable energy insurance solutions.

Jonan Kisakye, Uganda Insurers Association Chief Executive Officer, said the formation of the consortium had enhanced the understanding of the insurance sector by the members, especially in facilitating the insurance industry’s involvement in oil and gas projects.

Source: Uganda Radio Network (click here to view)

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Uganda’s Insurance Sector Scores UGX 6.5 Billion in Oil and Gas Premiums

AdminUIA — Sun, 30 Mar 2025 16:00:55 +0000

Uganda’s Insurance Sector Scores UGX 6.5 Billion in Oil and Gas Premiums AdminUIA Sun, 03/30/2025 - 19:00

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.

“Since the inception of the Insurance Consortium on Oil and Gas, the sector has significantly contributed to premium generation and risk retention, with a total contribution of UGX 82 billion by 2022,” said Kaddunabbi. “It is imperative that we build the capacity required to support this sector’s sustainability and ensure that investments are well protected.”

The symposium brought together key players in the insurance and energy industries to discuss the sector’s future and the role of insurance in risk management.

Jonan Kisakye, the Chief Executive Officer of the Uganda Insurers Association, highlighted the consortium’s role in deepening the understanding of insurance for industry players and enhancing insurers’ involvement in oil and gas projects.

“The formation of the consortium has significantly improved industry knowledge on how best to facilitate the insurance needs of oil and gas investments,” Kisakye noted. “This symposium serves as a platform to discuss the sustainable extraction of fossil fuels and analyze the unique risks associated with different energy sources.”

Richard Scott, Global Head of Renewables at Oneglobal Broking UK, delivered the keynote address, stating that Uganda’s oil and gas sector has strong investment potential. However, he pointed out the high cost of financial services as a major barrier.

“Uganda has a promising oil and gas industry that could attract significant investment. However, the financial services sector, including insurance, needs to become more affordable,” Scott said.

Source: Sanyu FM - Online (click here to view)

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Insurance has key role to play in Uganda’s energy transition- Experts

AdminUIA — Sun, 30 Mar 2025 15:52:54 +0000

Insurance has key role to play in Uganda’s energy transition- Experts AdminUIA Sun, 03/30/2025 - 18:52

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.

“It's not necessarily the oil and gas companies that are investing in renewables. It's the independent power producers, small companies and banks around the world. Insurance is therefore critical to have it in place to facilitate the financing, otherwise the renewable energy projects will not proceed. And this is not just an issue here in Uganda but worldwide,” Scott said.

He said that this is where insurance companies come in handy.

Insurance Regulatory Authority CEO, Alhaj Ibrahim Kaddunabbi Lubega said the global energy landscape is undergoing a significant transformation driven by technological advancements, regulatory shifts and the growing need for sustainability.

“Uganda’s energy sector is evolving with the twin objectives of developing its petroleum resources while also investing in renewable energy sources. This transition presents both opportunities and risks. On one hand, it enables economic growth, infrastructure development, and job creation. On the other hand, it introduces complex challenges such as environmental risks, project financing uncertainties, and regulatory compliance. Therefore, the role of insurance in navigating these challenges is critical,” Kaddunabbi said.

He mentioned that as the country transitions towards a more diversified energy sector, the insurance industry must innovate to address risks.

“There is need for developing of new insurance products tailored to green energy projects, carbon capture initiatives and clean technology investments, strengthening reinsurance capacity to handle large-scale claims, especially in complex energy projects and enhancing public-private partnerships to support sustainable energy financing through risk-sharing mechanisms as well as capacity building and skills development to equip insurers with expertise in underwriting energy transition-related risks," he said.

Speaking on behalf of the Permanent Secretary, the Ministry of Energy Principal Geologist, Tony Sserubiri said Uganda’s oil and gas sector has coincided with the global push towards clean energy sources but noted that government is committed to counter the narrative.

He said this will be done while ensuring Uganda’s resources are developed responsibly and sustainably to support national economic growth.

“Government aims todiversify its energy mix with renewables becoming the dominant source, over time. We have the renewable energy policy which will accelerate the transition by promoting clean energy alternatives and approaching investments,” Sserubiri said.

In all this, the principal geologist said insurance will be key in supporting the energy transition.

“In the renewable sector, opportunities exist for project insurance and as renewable project scale, there is also demand for liability insurance for developers and contractors. There is also climate risk insurance that covers environmental impacts on energy generation. Insurance can also offer investment protection and political re-insurance to safeguard investments.”

The Chief Executive Officer at Uganda Insurers' Association Jonan Kisakye, who is also the secretary for the ICOGU technical committee said insurers have the responsibility to support energy transition to promote sustainable development.

“This symposium will help identify, evaluate and analyse the emerging and unique risks associated with different types of renewable energy sources, advancements in technology, climate change, political shifts, public health concerns and develop strategies to address them effectively,” Kisakye said.

The 2025 Energy Symposium organized by the Insurance Consortium for Oil and Gas Uganda (ICOGU) under the theme, “The Role of Insurance in the Energy Transition’, will run for three days up to March 23.

Source: The NilePost (click here to view)

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Insurance Consortium fuels Uganda’s Oil Sector

AdminUIA — Sun, 30 Mar 2025 15:44:54 +0000

Insurance Consortium fuels Uganda’s Oil Sector AdminUIA Sun, 03/30/2025 - 18:44

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.

This was highlighted during the 2025 ICOGU Energy Symposium held in Kampala on March 19, themed “The Role of Insurance in the Energy Transition.” The event brought together key stakeholders, including regulators, insurers, and energy developers, to discuss the sector’s challenges and opportunities.

Jonan Kisakye, the Secretary for ICOGU and CEO of the Uganda Insurers Association (UIA), emphasized the symposium’s importance in fostering collaboration and knowledge-sharing. He noted that the event aimed to share developments in relation to insurance products and services tailored to the needs of International Oil Companies (IOCs) and other energy-specific customers.

Kisakye, however, said there’s need for the insurance industry to adapt to technological advancements, climate change, and regulatory shifts to effectively manage risks in Uganda’s evolving energy sector.

ICOGU, formed by licensed non-life insurers in Uganda, operates on a co-insurance model managed by Uganda Reinsurance Company. This innovative approach pools the expertise and capacity of local insurers to effectively cover high-risk exposures in the oil and gas sector, such as accidents, environmental damage, and oil spills.

Since its inception, ICOGU has generated a total of Shs200bn in premiums, demonstrating its ability to mobilize resources and provide financial security for large-scale energy projects.

Despite a temporary decline in written premiums in 2024, ICOGU has shown remarkable resilience, with 2025 figures already surpassing last year’s totals, signaling a strong recovery and positive growth trajectory.

Addressing high-risk challenges

The oil and gas industry is inherently high-risk, involving massive investments, operational hazards, and environmental concerns. ICOGU plays a fundamental role in addressing these challenges through comprehensive insurance solutions that cover asset damage, business interruption, liability claims, and environmental protection.

By offering policies that address pollution liability, decommissioning risks, and ecological restoration, ICOGU ensures that Uganda’s energy projects are not only financially secure but also environmentally responsible.

As Uganda transitions towards a more diversified energy sector, Humphrey Asiimwe, the chief executive officer of Uganda Chamber of Energy and Minerals (UCEM) said insurers should continue to be at the forefront of innovation, developing new insurance products tailored to green energy projects, carbon capture initiatives, and clean technology investments.

The consortium is also working to strengthen reinsurance capacity to handle large-scale claims, particularly in complex energy projects. By enhancing public-private partnerships and promoting risk-sharing mechanisms, ICOGU is helping to support sustainable energy financing in Uganda.

Meanwhile, the Insurance Regulatory Authority of Uganda (IRA) has been instrumental in fostering a resilient and responsive insurance industry.

The IRA is working on policy and regulatory adjustments to accommodate emerging risks and align with global best practices. In a significant move toward sustainability, the IRA, in partnership with Financial Sector Deepening (FSD) Africa, has developed an Environmental, Social, and Governance (ESG) Framework for the insurance sector. This framework aims to integrate best practices into the industry, ensuring that Uganda’s insurance sector aligns with global shifts toward sustainability and renewable energy.

Industry leaders weigh in

Ernest Rubondo, the executive director of the Petroleum Authority of Uganda (PAU), highlighted the significant contributions of the insurance sector to the country’s burgeoning oil and gas industry. He noted that 36 insurance companies are currently registered on the National Supplier Database (NSD), with 13 entities, including ICOGU, actively providing services at both Tier 1 and Tier 2 levels of the oil and gas sector.

These companies have collectively facilitated insurance coverage worth US$53.2 million, covering areas such as construction all risks, third-party liability, and medical insurance for staff.

Rubondo also pointed out emerging opportunities for the insurance sector, particularly in specialized areas such as cyber insurance, carbon credit insurance, and environmental liability insurance. He stressed that as Uganda’s oil and gas sector continues to grow, the demand for innovative insurance products will increase, especially in areas like pipeline insurance, marine cargo insurance, and well control insurance – an area that may require the pulling of resources to meet sector demands.

Richard Scott, ACII Global Head of Renewables at Oneglobal Broking, emphasized that the transition from fossil fuels to green energy is fraught with complex challenges that require careful consideration.

In his keynote address, Scott highlighted critical issues such as high investment costs, climate risks, and lack of energy access, which can hinder the adoption of renewable energy in developing economies.

He also pointed out infrastructure deficits, lack of grid interconnectedness, and insufficient energy diversity as barriers to a seamless transition. Additionally, Scott underscored the importance of addressing human capital gaps and socio-cultural issues, which can impact the acceptance and implementation of green energy solutions.

Source: The Independent (click here to view)

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

AdminUIA — Mon, 09 Sep 2024 09:25:45 +0000

Insurers Turn to Capacity Building to Tap into the Oil and Gas Industry AdminUIA Mon, 09/09/2024 - 12:25

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.

"The sector poses significant risks that could expose the insurance industry to huge losses if the players lack adequate knowledge to insure these complex operations," Kisakye explained.

In the oil-rich Bunyoro region, where developments are intensifying in the CNOOC-operated Kingfisher field and TOTAL’s Tilenga Area, the need for robust insurance coverage is becoming increasingly evident.

Projects such as the East African Crude Oil Pipeline (EACOP), currently in the Engineering, Procurement, and Construction (EPC) phase, and the refinery project pending a Final Investment Decision (FID) with UAE’s Alpha MBM Investments LLC, are high-risk endeavors requiring specialized insurance solutions.

Ibrahim Lubega Kaddunabbi, CEO of the Insurance Regulatory Authority, expressed satisfaction with the rising insurance premiums in the sector.

"I am pleased to report that regulations mandate all International Oil Marketing Companies (IOCs) to source insurance locally. To strengthen our industry, sector players have formed a consortium to approach these insurance needs jointly," Kaddunabbi said during a recent insurance training session in Kampala.

While the sector recorded premiums of up to $13 million in 2023 from a total investment of USD 20 million, the Consortium's leadership emphasizes that building sector-specific skills is more crucial than simply retaining premiums.

Kisakye stressed the importance of expertise, particularly in handling large-scale projects.

"Consider the EACOP, a $4 billion project insuring it alone would greatly expose the balance sheet of any individual insurer. It's vital that we equip ourselves with the necessary skills to insure the IOCs effectively," Kisakye noted.

Insurers have also observed a significant rise in microinsurance, reflecting increased appreciation of insurance services within the business community.

"Total premiums in microinsurance used to be less than 500 million shillings annually, but in just the first six months of 2024, we've already written 500 million shillings in premiums. This represents about 0.6% of total non-life insurance premiums, which is encouraging," Kaddunabbi added.

Experts highlight that the insurance sector, which contributes approximately 530 billion shillings in taxes and employs more than 1,500 people, is poised for further growth as more businesses in the oil and gas industry and beyond take up insurance services.

Source: The New Vision (click here to view)

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

AdminUIA — Mon, 09 Sep 2024 09:20:37 +0000

Insurance sector shifts focus to capacity building in oil and gas industry AdminUIA Mon, 09/09/2024 - 12:20

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.

"The sector poses significant risks that could expose the insurance industry to huge losses if the players lack adequate knowledge to insure these complex operations," Kisakye explained.

Ibrahim Lubega Kaddunabbi, CEO of the Insurance Regulatory Authority, expressed satisfaction with the rising insurance premiums in the sector.

Kisakye stressed the importance of expertise, particularly in handling large-scale projects.

"Consider the EACOP, a $4 billion project—insuring it alone would greatly expose the balance sheet of any individual insurer. It's vital that we equip ourselves with the necessary skills to insure the IOCs effectively," Kisakye noted.

Insurers have also observed a significant rise in microinsurance, reflecting increased appreciation of insurance services within the business community.

Source: Nile Post (click here to view)

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ICOGU AGM 2024 at Paraa Safari Lodge

AdminUIA — Thu, 20 Jun 2024 12:57:31 +0000

ICOGU AGM 2024 at Paraa Safari Lodge AdminUIA Thu, 06/20/2024 - 15:57

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’s Chairman, Technical Committee - Paul Kavuma lauded the consortium’s strides & growth trajectory. He commended the members for their steadfast adherence to ICOGU’s principles and their collective efforts under the guidance of the Consortium Leader. Kavuma underscored ICOGU’s dedication to self-regulation, pro-activeness in seeking regulatory advice from the Insurance Regulatory Authority (IRA) and its success in establishing comprehensive frameworks through stakeholder engagement with support from the UIA Secretariat.

ICOGU Chairman, Technical Committee - Paul Kavuma speaking at the AGM

Central to Kavuma's remarks was the recognition of the Ghana Oil and Gas Insurance Pool (GOGIP) as a benchmark for ICOGU, showcasing the importance of local content and calling for a reassessment of current structures to boost operational efficiency in Oil & Gas ventures.

Participants delved into discussions on sustainability & technological progress that affect the oil and gas market. This sharing of insights and experiences reinforced ICOGU’s position as a front runner in advocating for the oil & gas industry best practices & standards.

The ICOGU AGM underway

To conclude the AGM on a memorable note, ICOGU members enjoyed a game ride through the magnificent landscapes of Murchison Falls National Park. This excursion not only offered a moment of relaxation and amity but also underscored the importance of preserving natural environments amidst rapid industrial development.

Group Photo moment during the game drive

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ICOGU Leadership undertakes high-level benchmarking trip to Ghana

AdminUIA — Thu, 30 May 2024 13:11:14 +0000

ICOGU Leadership undertakes high-level benchmarking trip to Ghana AdminUIA Thu, 05/30/2024 - 16:11

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.

Day One of the trip saw the ICOGU Delegation hold an engagement with the Ghana Oil Gas Insurance Pool (GOGIP) led by Head of the Pool - Kwabena Larbi aimed at sharing the ICOGU experience from inception to date, understanding the GOGIP set-up, structure, management, challenges, solutions, opportunities, prospects and discuss ESG matters like Environmental Management. Technical Committee Chairman – Paul Kavuma took the lead on this one. In a separate engagement, the ICOGU Delegation met with the GOGIP Leader - Enterprise Insurance led by Managing Director - Akosua Ansah Antwi to understand their role & share with them the experience of the ICOGU Leader.

Head of Ghana Oil Gas Insurance Pool (GOGIP) - Kwabena Larbi speaking at the engagement

ICOGU Technical Committee Chairman – Paul Kavuma delivering his remarks

The final engagement of Day One was with Enterprise Life Insurance led by the General Manager, Operations - Solace Odamtten-Sowah & General Manager, Distribution - Francis Akoto Yirenkyi. This was to understand how Ghana’s Life Insurance industry has taken advantage of the Oil & Gas opportunities. Chairman, Life Committee UIA & CEO ICEA Lion Life - Emmanuel Mwaka led the Ugandan delegation.

Enterprise Life Insurance's General Manager, Operations - Solace Odamtten-Sowah speaking at the engagement

Chairman, Life Committee UIA & CEO ICEA Lion Life - Emmanuel Mwaka speaking at the meeting

Group Photo moment on Day One

On Day Two, the ICOGU Delegation met with the Petroleum Commission of Ghana led by Deputy CEO - Prince Benjamin Aboagye & Director, Local Content - Kwaku Boateng. At this engagement, the ICOGU Delegation led by UIA Chairman – Latimer Mukasa sought to understand the legal and regulatory environment for the Oil & Gas sector in Ghana, their National and Community Content Commitments, how they apply to the Oil & Gas Insurance players & how the regulations have facilitated the growth of the GOGIP pool among others.

Petroleum Commission of Ghana Deputy CEO - Prince Benjamin Aboagye speaking to the ICOGU delegation

Petroleum Commission of Ghana Director, Local Content - Kwaku Boateng speaking at the engagement

Group Photo moment at the end of the engagement

Day Two also saw the ICOGU Delegation spearheaded by IRA Director, Supervision - Benerd Obel meet with the National Insurance Commission of Ghana (NIC Ghana) to appreciate the regulatory aspects in the management of the GOGIP pool, the insurance legal and regulatory regime in the underwriting of Oil & Gas Insurance, the licensing requirements for Oil & Gas insurance players, covering of life insurance risks in Oil & Gas as well as share the legal and regulatory regime for ICOGU & how the regulator (IRA) has facilitated the growth of the pool. NIC Ghana was led by Acting Commissioner of Insurance - Michael Kofi Andoh, Head, Supervision - Stella Jonah & Head, Reinsurance - Esther Armah.

IRA Director, Supervision - Benerd Obel delivers his speech at the engagement

National Insurance Commission, Ghana Acting Commissioner of Insurance - Michael Kofi Andoh speaking at the engagement

National Insurance Commission Head, Reinsurance - Esther Armah delivering her speech

Group Photo moment after the engagement

On Day Three, the ICOGU Delegation had an engagement with Ghana Insurers Association (GIA). This was led by GIA CEO - Dr. Kingsley Kwesi Kwabahson, UIA Chairman – Latimer Mukasa & CEO – Jonan Kisakye. Discussions revolved around the mandate of the Associations, their role in oil and gas pool & other insurance consortiums, revenue generation and creating value for members amongst other areas of common interest.

Ghana Insurers Association CEO - Dr. Kingsley Kwesi Kwabahson giving his remarks

Group Photo moment

The first engagement of Day Four was a meeting with Ghana Reinsurance Company. The Ghana Re Team was led by Acting MD - Monica Amissah & Deputy MD (Finance & Administration) - Joseph Adom. ICOGU Manager & CEO of Uganda Reinsurance Company Limited - Ronald Musoke took the lead as the ICOGU Delegation sought to familiarize themselves with the role of Ghana’s National Reinsurer in Oil & Gas Underwriting.

Ghana Reinsurance Acting Mananging Director - Monica Amissah speaking at the engagement

Ghana Reinsurance Deputy Managing Director (Finance & Administration) - Joseph Adom at the engagement

Group Photo moment at the end of the engagement

For the last official engagement of the final day of the trip, the ICOGU Delegation led by UIA Board Chairman – Latimer Mukasa & UIA CEO – Jonan Kisakye met with the Ghana National Petroleum Corporation led by CEO - Joseph Dadzie. He was joined by Manager, Risk & Insurance - Benjamin Nti & General Manager - Alex Prempeh Kwarteng. Head of GOGIP - Kwabena Larbi was also present. The meeting was to gain more insight into the role and mandate of the GNPC in the Petroleum sector in Ghana, the legal and regulatory environment for GNPC, its responsibility in the current exploration & production eco-system, explore the relationship between GNPC and GOGIP and understand the Local Content and National Content requirements for GNPC insurance suppliers.

Ghana National Petroleum Corporation CEO - Joseph Dadzie speaking at the meeting

Ghana National Petroleum Corporation Manager, Risk & Insurance - Benjamin Nti at the meeting

Group photo moment at the end of the meeting

The trip was then concluded with a farewell dinner at Sandbox Restaurant by the Atlantic Ocean. The dinner was attended by the Commissioner of National Insurance Commission of Ghana - Michel Andoh, Head of GOGIP - Kwabena Larbi & a team from the Petroleum Commission of Ghana.

Commissioner of the National Insurance Commission of Ghana - Michel Andoh speaking at the farewell dinner

Feature on ICOGU

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