The future of Uganda's energy sector is increasingly intertwined with its insurance landscape, as evidenced by the recent ICOGU Energy Symposium 2025, held on 19th March, at the Sheraton Hotel Kampala. This event hosted by the Insurance Consortium for Oil & Gas Uganda (ICOGU) served as a vibrant forum for key stakeholders to discuss how insurance can effectively support Uganda’s transition to a more sustainable energy future. With a theme focused on "The Role of Insurance in the Energy Transition," the symposium brought together a diverse group of leaders, regulators, and experts from the energy & insurance industries, to explore challenges, opportunities, and chart a way forward.
Our CEO Jonan Kisakye opened the symposium with a call for unity and collaboration in the energy transition. He emphasized the important role of ICOGU in shaping the country's insurance landscape, in alignment with the evolving energy needs. Jonan highlighted the UIA’s Strategic Plan for 2023-2027, which is dedicated to enhancing member knowledge on specific insurance needs, and in this case, for energy sector. His remarks set the tone for an event focused on cross-sector engagement and problem-solving. “Insurance plays an essential role, not just in managing risk, but in enabling investment in Uganda’s energy sector. We are committed to supporting this transition with innovative solutions that protect the future of our energy infrastructure,” Jonan said, emphasizing UIA's dedication to building a stronger insurance industry for Uganda’s energy sector.
Representing the Chairperson, Paul Muwanga, UIA Vice Chairman and CEO of Excel Insurance weighed in on the symposium’s desired impact, reflecting on UIA’s impressive 60-year history. He noted that the symposium's contributions to ICOGU’s technical development are critical for enhancing the capacities of Uganda’s insurance industry. His recognition of ICOGU’s efforts to unify all Non-Life Insurance companies in Uganda reflected the growing importance of collaboration within the sector.
A key highlight of the symposium was Chairperson of ICOGU’s Technical Committee & and CEO of Jubilee Allianz - Paul Kavuma’s update on the evolution of ICOGU. Kavuma shared how ICOGU has expanded beyond Uganda, supporting the development of insurance frameworks for oil and gas in Namibia. He emphasized that ICOGU’s commitment to building local skills was vital, noting that hands-on programs like the Albertine Progress Visit offer invaluable real-world exposure to emerging energy sector opportunities. In his remarks, Paul urged ICOGU members to actively engage in continuous professional development, calling it essential for navigating the changing landscape of energy risk management.
Ernest Rubondo, Executive Director of the Petroleum Authority of Uganda (PAU), also underscored the importance of transparency in the insurance sector’s involvement with the oil and gas industry. Referencing the significant amount of money generated by the industry to the tune of over $53 Million,he emphasized the potential for joint ventures and further investments in the sector.
As part of the symposium's discussions, a panel session focused on the role of policy and regulation in Uganda’s energy transition. Francesca N. Kakooza, Director of Legal at the Insurance Regulatory Authority (IRA), spoke on the growing capacity of Uganda’s insurance sector to handle large claims, especially with regard to regional collaboration within the East African Community. She emphasized the importance of strengthening both technical and financial capabilities to tackle the unique risks in the energy sector.
Humphrey Asiimwe, CEO of the Uganda Chamber of Energy & Minerals (UCEM), echoed this sentiment, advocating for ongoing dialogue between the insurance industry and energy regulators. He stressed that tailored insurance products and forward-thinking risk management strategies are critical for Uganda's energy future. PAU’s Director of Legal & Corporate Affairs - Ali Sekatawa, also encouraged insurers to forge strong partnerships that ensure that the country’s energy sector remains competitive on a global scale.
Richard Scott, the Global Head of Renewables at Oneglobal Broking UK, delivered the Symposium’s keynote address, offering a global perspective on the intersection of energy and insurance. Scott outlined the increasing demand for renewable energy and Uganda’s heavy reliance on hydropower. He highlighted the challenges facing the renewable energy sector, particularly in securing financing for hydropower due to climate risks such as fluctuating water levels. Scott suggested that parametric insurance, an innovative solution that relies on third-party data could be a valuable tool for mitigating risks in the renewable energy sector, especially in times of low energy production.
He also discussed energy storage solutions as a critical part of the energy transition, pointing to successful models in places like Texas and the UK. These systems help stabilize energy supplies and provide a buffer against extreme weather events. For Uganda, he argued that the insurance sector should anticipate the emerging risks, especially as the country diversifies into solar energy.
In the second panel, moderated by Carol Tayebwa, Head of Marketing & Distribution at UAP Old Mutual, the focus shifted to the intersection of insurance, climate action, and sustainability. Bashir Akinsiku, Chief Underwriting Officer at Continental Re-emphasized the need for the insurance sector to "insure green," covering renewable energy projects and ensuring their long-term sustainability. He explained that the role of insurance in managing risks associated with natural disasters, equipment failures, and accidents is critical to the success of the energy transition.
Joshua Akena, Head of Operations at UAP Old Mutual Life Assurance, elaborated on the changing skillset required to meet the demands of the energy sector. He noted that as the sector evolves, insurers must become more adept at addressing complex issues such as economic displacement and disruption caused by energy transitions. Joshua stressed the need for continuous mentorship and skill development to ensure that the industry is well-prepared to meet these new challenges.
As Uganda’s energy sector continues to evolve, the role of insurance in managing risks and securing investments remains crucial. ICOGU is poised to play a leading role in shaping Uganda’s energy future, leveraging strategic partnerships and technical expertise to enhance the capacity of insurers in the energy space.
Tony Sserubiri, from the Ministry of Energy and Mineral Development, reiterated the importance of responsible resource development and local content growth. He challenged the insurance sector to embrace innovation and adapt to the emerging risks associated with energy projects.
Internship experiences, such as those shared by Nyakato Phoebe, an Actuarial Science Graduate from Makerere University, also demonstrate the vital role of skills development. Phoebe’s experience with ICOGU underscores how mentorship and exposure to real-world industry challenges are key in shaping the next generation of insurance professionals.
The ICOGU Energy Symposium 2025 proved to be a pivotal moment in Uganda's energy transition. As the country moves toward a more sustainable energy future, the need for innovative insurance solutions to mitigate risks, manage financial stability, and support renewable energy initiatives is crucial. Through partnerships, capacity building, and policy engagement, the insurance sector is poised to play an increasingly important role in Uganda’s energy transition.
By continuing to embrace innovation, foster collaboration, and develop tailored insurance products, Uganda’s insurance industry can support the growth of a sustainable and resilient energy sector. As ICOGU continues to lead the charge, the future of Uganda’s energy sector looks bright, covered by a robust and forward-thinking insurance industry.
