Ghana hosts maiden Africa Sustainability Insurance Conference in Accra

Ghana has taken a bold step toward reshaping the future of the insurance industry in Africa by hosting the continent’s first Sustainability Insurance Conference.

The three-day event, held at the Movenpick Ambassador Hotel in Accra, was a collaboration between Ghana’s National Insurance Commission (NIC) and 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.

In a speech delivered on behalf of Finance Minister Dr Cassiel Ato Forson, the government reiterated its commitment to advancing green financing and sustainable risk management.

“A sustainable insurance industry is essential to protect policyholders,” the statement read, emphasising the need to develop insurance solutions for climate-sensitive sectors such as agriculture and renewable energy.

Acting Commissioner of Insurance, Dr Abiba Zakariah, highlighted the conference’s alignment with the NIC’s vision to attract investment, technical expertise, and innovation to Ghana’s insurance sector.

She urged African regulators to embrace ESG (Environmental, Social, and Governance) principles, shift from conventional compliance models, and include climate risk disclosures in regulatory frameworks.

Key voices at the summit, including 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.

The conference explored issues such as agricultural and parametric insurance, climate risk mitigation, and sustainable underwriting, aiming to position the insurance sector as a key player in Africa’s development and resilience agenda.

The event concluded with a call to action for stakeholders to move beyond discussions and begin implementing sustainable policies that enhance the industry's contribution to economic and environmental resilience.

Source: myjoyonline.com