INSURANCE CONSSORTIUM OF OIL AND GAS UGANDA (ICOGU) VISIT TO GHANA OIL AND GAS INSURANCE POOL (GOGIP)
The Insurance Consortium of Oil and Gas Uganda (ICOGU) undertook a benchmarking trip to the Ghana Oil and Gas Insurance Pool (GOGIP) from 11th to 17th May 2024 in Accra Ghana. This visit was part of ICOGU’s ongoing efforts to enhance its capabilities of managing risks for various international Oil Companies in the Albertine region. As part of its policy implementation, ICOGU committed to train insurance members conducting progress reviews in the Albertine region, enroll students from the Albertine region in the insurance industry & undertake a benchmarking trip to a similar market in Africa.
ICOGU has already made significant progress in meeting these commitments where by funds have already been allocated to build its retention capacity, and a symposium held in February 2024 by the Uganda Insurers Association (UIA) provided essential training & capacity-building opportunities. Furthermore, arrangements are being finalized to place three students from the Albertine region in internships with UIA, Uganda Re, and UAP-Old Mutual while the recent benchmarking trip to GOGIP marks a critical step in ICOGU’s journey to strengthen its operations & risk management strategies.
The primary objective of the benchmarking trip was to empower the Technical Committee (TC) & Management team of ICOGU by enabling them to; Gain insights into the challenges faced by GOGIP & how they were effectively addressed, appreciate the management & operational dynamics between the pool & international markets, insurance brokers, reinsurers & the oil sector, study GOGIP’s pricing & retention strategies comparing them with international markets and to learn how GOGIP manages claim payments & premium collections from the oil sector among others.
On day 4 of the Ghana trip, our CEO- Ronald Musoke the ICOGU Manager, led the delegation from Uganda in a meeting with Ghana Reinsurance Company led by acting Managing Director (MD)- Monica Amissah & Deputy MD (Finance & Administration)- Joseph Adom. The reason for this meeting was to equip the ICOGU delegation with knowledge of the role of Ghana’s National Reinsurer in the Oil & Gas underwriting.
The delegates from Uganda included our CEO- Ronald Musoke, UIA Chairman- Lartimer Mukasa, Chairman ICOGU Technical Committee- Paul Kavuma, ICOGU TC Member- Bayo Foyalan, UIA CEO- Jonan Kisakye, UAP-OM CEO- James Maguru, UAP-OM- Carol Tayebwa, Chairman ICOGU Life Committee-Emmanuel Mwaka & Insurance Regulatory Authority, Director Supervision- Benerd Obel.
