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).