A few years ago, sustainability was largely confined to policy statements and long-term aspirations. Today, it has moved into boardrooms, underwriting committees and investment decisions. For Africa’s insurance industry, this shift has been accelerated by lived experience; droughts that disrupt livelihoods, floods that damage infrastructure, rising energy needs and growing pressure on public finances. In this context, sustainability is now a strategic necessity. Follow The Standard channel on WhatsApp This urgency is unfolding against a rapidly changing global backdrop. The international development landscape is being reshaped by fiscal pressures, geopolitical realignments, and shifting priorities in major economies. African insurers, regulators…
Author: By Philip Lopokoiyit
Philip Lopokoiyit, Chairman, Nairobi Declaration on Sustainable Insurance, and ICEA Lion Group CEO. [Courtesy] Sustainability has transitioned from a mere buzzword to a strategic necessity for businesses worldwide. For Africa’s insurance sector, traditionally seen as conservative, embracing sustainability is not optional, it’s critical for survival and relevance. As climate change intensifies, leaving devastating impacts on communities and economies, the role of African insurers in championing sustainability has never been more vital. Incorporating Environmental, Social, and Governance (ESG) principles is not just about meeting regulatory requirements; it is a moral imperative and a pathway to building long-term resilience and growth. The insurance industry must respond proactively…