He added: “While risks can be mitigated in various ways, insurance is very critical and must not be ignored by the government, the oil companies or their services providers. As an insurance consultancy, Minet’s job is to discuss with clients about the potential risks and, subsequently, connect them to suitable insurers to cover them.”
More than 40 insurance industry executives attended the workshop at Sheraton Kampala hotel. The Uganda Insurance Association (UIA) is already steering the Insurance Consortium for Oil & Gas, Uganda (ICOGU), where up to 16 local insurance companies have raised capital to cover some of the risks in the oil and gas sector.
Up to $20 billion is expected to be invested in Uganda’s oil and gas industry in the next five years.