- June 18, 2019
- Posted by: Uganda Insurers Association
- Category: Featured, News
The Consortium for Oil and Gas Uganda (ICOGU) is pleased to announce the increase in membership to 16. Her new members are Alliance Africa, Liberty General and First Insurance company.
ICOGU was approved to operate by the Insurance Regulatory Authority of Uganda (IRA) in October 2016 and since then, has worked to ensure that locally domiciled risks in this sector are insured by locally licenced Insurance Companies.
As a special purpose vehicle, the Consortium will only insure medium and high risks implemented through well-constructed contracts that particularly relate to the International Oil Companies, the East Africa Crude Oil Pipeline (EACOP) and the Refinery Consortium. All other risks such as worker’s compensation and motor vehicles can be insured directly with the individual insurance companies.
Membership and participation in the Consortium is open to all licensed non-life insurance companies in Uganda and therefore is it at the discretion of each company to decide whether to join the Consortium and when.
The Consortium’s first Annual General Meeting will be held on 5th June, 2019. All members are invited to attend.