African insurance industry operators and regulators have stressed the relevance of prioritising Environmental, Social and Governance compliance (ESG).
They spoke at the two-day ninth CEO summit organised by Continental Reinsurance Plc in Victoria Falls, Safari Lodge, Zimbabwe.
The Group Managing Director, Continental Reinsurance Plc, Mr Lawrence Nazare in his opening remarks said, “The pervasive and dramatic impact of climate change on our environment and the extreme weather phenomena and events it brings must be top of mind in any discourse.
“Pressing challenges underscore the need for governments and regulators to adapt and manage unanticipated multiple scenarios.”
Speaking at the summit, with the theme, “Unity in diversity: Harmonising growth and responsibility in African insurance”, he said the various programmes at the event highlight key considerations that are at the confluence of ESG, and daily challenges that stakeholders face in business.
According to media reports, the setting of Victoria Falls, he said, serves as a microcosm, showcasing the challenges faced in navigating towards ESG compliance, as the future seems to consistently overwhelm the present capacity to cope.
Mr. Nazare noted that, “This town is Zimbabwe’s tourism hottest spot. Job seekers flock from all corners of the country, and the population has burgeoned from a manageable 15,000 in 2005 to over 50,000 in 2022.
“This highlights the dilemma we face in maintaining sustainable natural environments, but also the obvious social consequences of evolving demographics in which employers must navigate diversity and inclusion.
“Reflecting on the falls themselves, we cannot ignore the stark reality of the dwindling water levels that we are currently witnessing – a poignant testament to the unprecedented drought gripping our nation and other parts of Southern Africa.”
He noted the sense of overwhelming despair that comes with trying to manage businesses and cope as the pace of change defies traditional tools that operators are all accustomed to.
According to him, “Finally, as we all appreciate, human activity and natural phenomena breed risk and more than ever before we are called upon to provide cover for risk of increasing complexity.
“Risk ultimately manifests in insurance claims and inevitable contention. Our programme this year includes an intriguing conversation on insurance claims,” and observed that the two-day summit was enriched dialogue and meaningful interactive exchanges.
“This summit is not merely a professional endeavour but also an opportunity for networking, shared experiences and unwinding away from the hustle and bustle of our workplaces. Let us make the most of it,” he added.
Senator, Parliament of the Republic of Kenya, Crystal Asige, who is visually-impaired, spoke on how the African market could benefit from including disability and gender, enlightening on effective ways of communicating with the disabled.
Asige said companies would gain a lot by improving their recruitment practices to be inclusive, and by developing new products for a niche market and delivering positive change.
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