The Minister of Finance, Dr Cassiel Ato Forson, has entreated insurance companies to develop innovative insurance packages for farmers in order to cover them against losses and boost the country’s food production.
He said the insurance companies should develop products to cover farmers against drought, pest and excessive rainfall.
The Finance Minister, who made the appeal in a speech read on his behalf at the closing of the maiden Sustainability Insurance Conference in Accra yesterday, outlined that there was an urgent need for climate-sensitive insurance products in view of the growing threat of climate change on agriculture and hydro power generation.
He noted that farmers often incurred losses due to drought or excessive rainfall occasioned by climate change.
The three-day event, held in Accra and ended at the weekend, was organised by the National Insurance Commission (NIC) in collaboration with the Secretariat of the Nairobi Declaration on Sustainable Insurance (NDSI).
Under the theme: ‘Building a New Sustainability Culture for Africa’s Insurance Markets,’ the summit brought together insurance leaders, policymakers, and regulators from across Africa to discuss the integration of sustainability and climate resilience into insurance practices.
The conference discussed issues such as agriculture insurance, climate risk mitigation, and sustainable underwriting to position the insurance sector as a key player in Africa’s development and resilience agenda.
The conference also urged insurance companies in African region to implement sustainable policies that can enhance the industry’s contribution to economic and environmental resilience.
Dr Forson reiterated government’s commitment to advancing green financing and sustainable risk management.
“A sustainable insurance industry is essential to protect policyholders,” he mentioned.
The Acting Commissioner of Insurance, Dr Abiba Zakariah, in her remarks said the conference aligned with the NIC’s vision to attract investment, technical expertise, and innovation to Ghana’s insurance sector.
She urged African regulators to embrace Environmental, Social, and Governance principles to protect the environment.
Dr Zakariah also said insurance companies must shift from conventional compliance models, and include climate risk disclosures in their regulatory frameworks.
The key speakers at the programme summit, included Philip Lopokoiyit (NDSI Chair and CEO of ICEA Lion Group), Kelvin Massingham (FSD Africa), Emeka Akwiwu (Continental Reinsurance), and Patty K-Martin (NamibRe), emphasised collaboration between governments and the private sector in driving sustainable insurance solutions.
BY KINGSLEY ASARE
