Insurers are being asked to adopt an environmental, social and governance (ESG) approach, rather than focusing solely on profit generation.
Saul Sseremba, CEO of Insurance Training College, says it is important that insurance companies are responsible to the environment and society in which they operate.
Research shows that insurers are not yet fully prepared to adopt ESG practices.
David Timhayes, chairman of the African Reinsurance Cooperation, said: “Today, it’s not just about profits, it’s about contributing to the sustainability of society by promoting the environment and promoting inclusiveness.” states.
He advocated fairness in all activities and emphasized the vital role of governance.
Timuhaise says his organization is actively involved in training initiatives within the industry, both locally and regionally. He also emphasizes equity in all his efforts and has supported agricultural and environmental initiatives.
Penetration of insurance
Mr Seremba said at a press conference on Tuesday ahead of the 4th annual ITC International Insurance Conference to be held next week (October 26-27) at the Las Vegas Hotel in Mbarara City, that Uganda and many other African countries said that the penetration rate remains low, with the exception of South Africa.
Insurance penetration measures the contribution of the insurance industry to a country’s GDP. A higher penetration rate indicates a greater contribution to a country’s economic output.
In Uganda, insurance penetration is less than 1%, which means the insurance industry’s contribution to GDP is less than 1%.
Mr Seremba stressed that steps have been taken to work with schools, including integrating insurance into the curriculum of secondary schools. They believe that educating students about insurance will lead to a deeper acceptance of the concept when students become decision makers.
Furthermore, to increase interest in insurance among young people, we have launched various initiatives with universities and clubs, and organized quizzes at schools.