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This has been revealed by the authority’s chief executive officer, Alhaj Kaddunabbi Ibrahim Lubega.
Capacity development is the ‘heart of the matter’ if the insurance sector plans to demand a bigger share of the pie.
“The Authority has ensured that a portion of the premiums generated from the oil and gas risks is set aside to train the industry on oil and gas risks,” he said.
He made these remarks while addressing queries about foreign insurance firms oppressing the local insurers.
The Uganda Insurers Association reported in 2022 how $9.4 million in premiums had been underwritten for the Tilenga project. This project is operated by Total E&P Uganda (TEPU).
In addition to that, policies totaling to $2 million were underwritten for the East African Crude Oil Pipeline. Also, $3.2 million for the Kingfisher project operated by CNOOC Uganda Limited.
The Uganda Insurers Association CEO, Jonan Kisakye revealed how the road has been rough.
“It has not been a bed of roses because oil companies have different interpretations of the laws and contracts,” he said.
He however agrees that local insurance sector companies should double efforts in financial and human resource muscle. He said this will be needed if they are to take on huge oil and gas risks.
Check Also
- Largest Contributions To Insurance Premiums Registered From Non-Life
- Fuel Price Crisis: Museveni Announces Ultimate Solution
- Uganda Back On Path To Produce First Oil By 2025
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
