Oil and gas insurance: Managing high risk ventures
As Uganda awaits its first oil, expected in 2026, the role of insurance in attracting investment in the sector has come to the forefront. Local insurers under the Insurance Consortium for Oil and Gas Uganda have been urged to take a more proactive approach to underwrite the sector’s complex risks.
Richard Scott, a consultant to the consortium, said Uganda cannot attract financing for oil and gas projects without a strong insurance framework. He urged stakeholders to pool expertise and build capacity to cover high-risk exposures in the sector.
