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

The Insurance Regulatory Authority (IRA) has 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.