What is ICOGU?
The Insurance Consortium for Oil and Gas Uganda (ICOGU) is a body consisting of local licensed Non-Life Insurance Companies to provide insurance cover to the Oil & Gas sector under a co-insurance arrangement. ICOGU is managed by the national reinsurance company- Uganda Reinsurance Company. As a special purpose vehicle, the Consortium only insures 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.
Background
In the wake of the Oil and Gas sector in Uganda, it was evident that the risks to be covered were too enormous to be adequately insured in Uganda.
Therefore, in a bid to grow local capacity and .... read more
ICOGU Objectives
To provide a framework for regulation, supervision, monitoring and control of the Consortium.
To facilitate and consolidate the financial and technical capacity of the Ugandan insurance companies to participate in the underwriting of oil and gas risks.
To enable local retention and effective spread of risks amongst Ugandan insurance and reinsurance companies.
To protect the interests of Ugandans and enhance local capacity in tandem with local content requirements.
To provide an arrangement that is fair, open, and equitable for the participation of other insurance intermediaries in the oil and gas sector in Uganda.
ICOGU Membership
