A declaration of commitment by African insurance industry leaders to support the achievement of the UN Sustainable Development Goals
Advance the assessment, management and disclosure of climate change-related risks and opportunities, building on the PSI’s project to pilot the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).
Advance the assessment, management and disclosure of environmental, social and governance (ESG) risks and opportunities across all lines of business (non-life, life & health, pensions), building on the PSI’s ESG guide for non-life insurance business and other PSI guidance on specific sustainability issues (e.g. illegal, unreported and unregulated fishing; plastic pollution, tobacco risks, UNESCO World Heritage Sites).
Support the Insurance Sustainable Development Goals (Insurance SDGs) being developed by the PSI to harness insurance products and solutions to help achieve the SDGs.
Close the insurance protection gap by actively developing and promoting inclusive and innovative insurance solutions (including through insurtech and nature-based solutions) for households, businesses and governments in order to build resilient cities and communities as well as sustainable food and agriculture systems, among others.
Support the transition to a resilient, net-zero emissions economy, building on the work of the PSI to establish a Net-Zero Insurance Alliance.
Support the transition to a resilient, net-zero emissions economy, building on the work of the UN-convened Net-Zero Asset Owner Alliance.
Engage with policymakers, regulators and industry associations on key sustainability issues for the African insurance industry, including through the work of the Sustainable Insurance Forum (SIF), International Association of Insurance Supervisors (IAIS), and Vulnerable Twenty Group of Ministers of Finance (V20).
Promote the adoption and implementation of the four Principles for Sustainable Insurance across African insurance markets.
Enhance the knowledge and capacity of the African insurance industry on sustainable insurance.
Shape the sustainable insurance agenda in Africa and strengthen the global effort of insuring for sustainable development.
We encourage CEOs and senior executives from insurers, reinsurers, brokers, insurance associations, regulators, and policymakers, as well as academia and civil society organisations to join us by committing to the 5 pillars or action points in this Declaration.
The UN Sustainable Development Goals (SDGs)—a shared vision to end poverty, rescue the planet and build a prosperous and peaceful world—are gaining global momentum. While progress is being made in many places, action to meet the SDGs is not yet advancing at the speed or scale required.