Examining the impact of COVID-19 on the role of insurance in the petroleum industry

Abstract

The research project deals with the impact of COVID-19 on the role of insurance in the petroleum industry. The COVID-19 pandemic is correlated with the excess crude oil in the market due to a halt in the major businesses therefore causing the price of crude oil in the market to drop substantially. The role of this research is to examine the activities of the petroleum industry whilst reviewing the type of insurance and insurance policies that are employed covering the exposure and risk faced by the industry so as to establish the exact role that insurance plays in the petroleum industry in Uganda. The study is to examine if the insurance policies provided adequate protection during the course of the COVID-19 pandemic and if so make improvements where need be. The study is divided into five chapters whereby chapter one is the General introduction that provides an insight into what the entire study is about, chapter two is the literature review that goes into all existing literature about oil and gas insurance, COVID-19 and the petroleum industry, chapter three discusses the methodology employed throughout the study from the source of data to the factors and variables concerned in the research study, chapter four discusses the presentation and dissemination of results of the data analyzed in the study and chapter five discusses the summary, findings, conclusions and recommendations based off the results from chapter four.