Insurance industry titans have converged for a 3-day symposium on Oil and Gas at Four Points by Sheraton Hotel, orchestrating a narrative that promises not just financial gains but a legacy in the making.
As the curtain rises on this opulent affair starting today February 20 to 22, 2024, the anticipation among Insurance Consortium for Oil and Gas Uganda (ICOGU) members is palpable.
The air is thick with optimism as the consortium, under the charismatic leadership of James Maguru, reflects on a remarkable feat — a colossal $13 million registered in 2023, a mere prelude to the total investment of $20 million.
Maguru, with an air of confidence, addresses the audience, describing the returns as a testament to their daring venture into the uncharted waters of the oil and gas sector. His words resonate in the room, echoing the collective belief that they stand on the precipice of transforming the insurance landscape.
The symposium, unveiled with the finesse of a master storyteller, is not just a meeting; it’s an unfolding saga. ICOGU Technical Committee Chairman, Paul Kavuma, steps into the limelight, revealing the symposium’s purpose. Beyond being a mere update on industry developments, it is a meticulous attempt to fine-tune the expertise required for navigating the intricacies of Uganda’s Oil & Gas sector.
The agenda, laid out with meticulous detail, mirrors a strategic battle plan in a novel. Discussions span from the high-stakes world of underwriting oil and gas risks to the delicate nuances of claims and loss adjusting. Each topic, a plot twist, unfolds as they seek not just to understand but to master the complex landscape they have entered.
Against the luxurious backdrop, ICOGU emerges as the guardian of sustainability, portrayed as the insurance industry’s shield against the potential risks of the colossal operations synonymous with the Oil & Gas sector. The narrative emphasizes how insurance becomes not just a business but a key requirement for the sector’s uninterrupted continuity.
UIA Chairman Latimer Mukasa, the narrative’s guiding hand, speaks with a fervor that echoes through the hallowed halls. His words resonate as he emphasizes the industry’s duty to look out for the interests of its members, creating an image of a united front dedicated to the sector’s gainful contribution.
Yet, as with any epic tale, challenges emerge. The global campaign #StopEACOP casts a shadow over the narrative, introducing a twist in the plot. Foreign reinsurers face scrutiny, reshaping the dynamics of risk-taking. Jonan Kisakye, the charismatic CEO of ICOGU, acknowledges the hurdles but stands firm, emphasizing the importance of starting small and expanding gradually.
Maurice Amogola, the consultant and CEO of Minet Insurance Broker, provides a voice of reason, echoing Kisakye’s sentiments. The narrative introduces a subplot, highlighting the necessity of spreading risks across international markets, adding layers to the complexity of the tale.
Yet, in the face of adversity, ICOGU emerges as the beacon of success. Written premiums exceeding $24 million become a testament to its impact in fostering collaboration among local insurers. Kisakye’s pride in pooling capacity and de-risking the oil sector transforms ICOGU into a symbol of triumph in the face of uncertainty.
Project-specific premiums, unveiled with the suspense of a thriller’s climax, showcase ICOGU’s influence in shaping the destiny of the industry.
The challenges, artfully woven into the narrative, become stepping stones rather than stumbling blocks. The difficulty in negotiating with international insurers prompts a call for a government-backed reinsurance fund, adding a political dimension to the plot.
Alex Mukasa, the Managing Director of Marsh Uganda, steps onto the stage, emphasizing the importance of insuring assets and liabilities in the oil and gas sector. His references to historical incidents like the Piper Alpha oil rig disaster in 1998 add a somber undertone, grounding the narrative in the reality of the sector’s inherent risks.
The symposium unfolds not just as a meeting but a grand performance where insurance titans plot the course for the industry’s future amidst the glittering promise of the oil and gas sector.
The story, rich in detail and depth, captures not just financial transactions but the essence of an industry navigating uncharted waters with resilience and determination.
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