Insurance Industry Urged to Prioritise ESG to Sustain Businesses
The Acting Commissioner of the National Insurance Commission (NIC), Dr Abiba Zakariah, has urged players in Ghana’s insurance industry to place Environmental, Social and Governance (ESG) considerations at the centre of their operations to ensure long-term business sustainability.
According to Dr Zakariah, ESG-related challenges posed significant risks to the insurance sector and must be addressed proactively to position the industry for sustainable growth.
“The effects of ESG challenges are dire globally, but they are even more pronounced here in Africa. This reality is a call to action for us as individuals, as organisations and as an industry. We all have a role to play in making a meaningful difference,” she said.
Dr Zakariah was speaking at the 16th Cedants Awards ceremony of Ghana Reinsurance PLC (Ghana Re), held in Accra on Friday under the theme “ESG Excellence: Building Resilient Insurance for the Future.”
She stressed the need for collaboration within the industry, noting that insurers were uniquely positioned to influence responsible practices and support sustainable development.
“The insurance sector is uniquely positioned to drive positive change, influence responsible practices, and support sustainable development. We must therefore come together to achieve success,” she stated.
Dr Zakariah identified inclusive insurance as a critical area where the industry could make a tangible impact, calling for greater protection of vulnerable and underserved communities.
“We must encourage companies to rethink their products and services to ensure they are relevant, accessible and socially responsible,” she added.
She also highlighted the importance of changing public perceptions about insurance, particularly among the youth, noting that the industry’s future relevance and survival depended on engaging the next generation.
The Managing Director of Ghana Re, Mr Seth Aklasi, reaffirmed the company’s commitment to embedding ESG principles into its operations.
“At Ghana Re, our mandate is clear: to provide security and stability in an ever-evolving risk landscape. We remain steadfast in this responsibility, ensuring that businesses, institutions and national assets are adequately protected to support sustainable economic development,” he said.
Mr Aklasi explained that the company’s commitment was anchored in strong ESG strategic management.
“Ghana Re continues to champion green insurance, promote responsible risk practices and support initiatives that safeguard our environment while strengthening the long-term viability of our industry,” he added.
He emphasised that success within the insurance industry was interconnected, noting that the progress of one institution reinforced the strength of the entire ecosystem.
“I urge every institution represented here to move ESG from the periphery of our reports to the core of our business strategies. Our success is interconnected, and when we prioritise ESG, the entire ecosystem thrives,” he stated.
He further encouraged industry players to view the awards as benchmarks that inspire collaboration, higher standards and collective growth.
At the awards ceremony, Enterprise Insurance Company Limited emerged Cedant of the Year 2024 (General Business), with Hollard Insurance and SIC Insurance PLC placing second and third respectively.
In the Cedant of the Year (Life Business) category, Enterprise Life Insurance took the top honour, followed by Old Mutual Life Assurance Ghana Limited in second place and SIC Life Ghana Limited in third.
Under the General Business Special Awards category, Ghana Union Assurance Limited received the Premium Payment Award, Phoenix Insurance Ghana Limited won the Contribution to the Growth of Ghana Re Award, Provident Insurance Company Limited was recognised for Prudent Underwriting, while Coronation Insurance Ghana Limited received the Loyalty to Business Partnership with Ghana Re Award.
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BY TIMES REPORTER
