Kenyan insurance players lead the way on support for UN sustainable development goals
Sanlam Kenya Plc and Minet Kenya have become the latest members of the country’s insurance industry to join the Nairobi Declaration on Sustainable Insurance (NDSI), an industry initiative to support the achievement of the UN Sustainable Development Goals (SDGs).
Philip Lopokoiyit, Chair of NDSI and Group CEO of ICEA LION, said Kenya “leads the way in terms of signatories to the Declaration, underscoring the commitment of the Kenyan insurance industry to sustainability”.
Sanlam and Minet join more than 130 other African signatories to NDSI which commits them to act on some of humanity’s biggest challenges including climate change, biodiversity loss, extreme hunger, human rights violations, poverty and social inequality. This includes the creation of the African Climate Risk Facility, a commitment to underwrite $14bn of cover for climate risks by 2030 providing protection for 1.4 billion people against floods, droughts, and tropical cyclones.
Sanlam Kenya Plc is a diversified financial services group listed on the Nairobi Securities Exchange that provides a comprehensive suite of financial solutions tailored to meet the distinctive Kenyan market needs. Through its subsidiaries Sanlam Life Insurance Limited and Sanlam General Insurance Limited, Sanlam Kenya is well positioned to meet unique client needs in the General and Life Insurance space. Founded on a rich heritage and good corporate citizenship, Sanlam Kenya currently features a branch network of 10 client experience centres across Kenya’s major towns. The firm enjoys an estimated market share of 6% in the life insurance industry in Kenya, insuring over 1,500,000 lives under individual life and group life. The group enjoys a market share of about 2% in the Kenyan general insurance industry, serving over 16,000 policyholders under Personal Lines and more than 1,200 under Commercial Lines. Minet Kenya is a leading provider of insurance broking, risk management and human capital consulting solutions with 850 colleagues in 10 countries across Africa. It is Aon’s largest global network correspondent.
Welcoming the growing number of firms from Kenya joining NDSI, Lopokoiyit said: “The African insurance sector is undoubtedly on the right path, with more and more Africa firms embracing the Declaration…This commitment is essential for achieving the Insurance Sustainable Development Goals (iSDGs) and, subsequently, the broader Sustainable Development Goals (SDGs). Given that we’re already past the halfway mark of the SDGs timeline with only 15% global achievement, Kenya’s proactive stance sets a positive example. Furthermore, the Kenyan insurance space’s forward momentum, ahead of regulatory requirements, is a testament to its genuine dedication to these principles and sustainability/ESG at large. This approach not only showcases commitment but also fosters real implementation and execution of sustainable practices. It’s a promising sign of progress”.
Quote from Sanlam
“Sanlam Kenya published their first Integrated Sustainability report for year 2022. With an approved Sustainability policy and Roadmap reiterating our commitment is to conduct sustainable business practices with a long-term view. We are particularly passionate about Environmental, Social and Governance (ESG); our pillars are on Climate action and Decarbonization, Financial Inclusion and ESG integration and resilience, as we contribute positively towards achieving the Sustainability Development Goals (SDGs). As part of ESG integration, we embrace collaboration which is one of our core values and we have ESG champions across the organization to help drive ESG actions. Through Sustainable Partnerships such as joining The Nairobi Declaration on Sustainable Insurance (NDSI), Sanlam Kenya is dedicated to remaining Resilient and to adopting evolving ESG trends through collaboration”.- Dr. Patrick Tumbo, Group CEO
Quote from Minet Kenya
“Signing the Nairobi Declaration on Sustainable Insurance is not just a commitment; it’s a pledge to shape a future where our actions today fuel a sustainable legacy for our clients, families and communities we serve both directly and indirectly, tomorrow. We are the architects of change, the guardians of a better world, and together, we redefine insurance, ensuring it not only protects lives and assets but also nurtures the planet we call home. Let our signatures be the ink that writes a narrative of resilience, responsibility, and hope for generations to come.” -Mr Sammy Muthui, CEO
The NDSI commits members to take concrete actions in support of the United Nations Sustainable Development Goals (SDGs) including:
Action on Climate Change by proactively assessing, managing, and transparently disclosing climate change-related risks and opportunities.
Support for Insurance SDGs by aligning their strategies with the Insurance Sustainable Development Goals in pursuit of social and environmental sustainability within the insurance sector.
Net-Zero Emissions Economy by joining the global drive towards a resilient, net-zero emissions economy. This endeavour will help mitigate the impacts of climate change while fostering economic growth in Africa.
Engaging Stakeholders by collaborating closely with policymakers, regulators, and industry associations on key sustainability issues specific to the African insurance industry. Such collaboration is vital to promoting sustainable insurance practices.
For more information contact:
NDSI Communications Working Group