<div class="v1v1elementToProof" style="text-align: justify; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">More than 250 insurance industry leaders, regulators and policymakers gathered in Accra for the first Nairobi Declaration on Sustainable Insurance (NDSI) Summit, a landmark event focused on driving sustainable insurance solutions across the continent. In the course of three days, industry leaders, regulators and policymakers explored strategies to build resilience against climate risks, scale up agricultural and renewable energy insurance, while unlocking the potential of insurance capital for sustainable investments.</div>
<div class="v1v1elementToProof" style="text-align: justify; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"> </div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">The Africa Sustainable Insurance Summit, hosted by NDSI in conjunction with the National Insurance Commission, Ghana, and supported by FSD Africa, took place at the Movenpick Ambassador Hotel in Accra from 2nd to 4th April 2025. The conference brought together a large representation of the African insurance sector to tackle critical sustainability issues, with a particular focus on disaster risk management, climate resilience, and the role of insurance in a just transition to a sustainable economy.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"> </div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">Welcoming delegates to the first NDSI summit, <strong>Dr Abiba Zakariah, Commissioner at the National Insurance Commission, Ghana</strong>, called for greater collaboration across the insurance industry to develop a more sustainable sector. Pointing to an old Ethiopian proverb, she said "When spiders work together, they can tie up a lion". Talking of the risks facing the continent, she said the financial losses in Africa resulting from climate change have been estimated at some US$440 billion. "We can survive the crisis and provide security for Africa as insurers, growing sustainably and protecting the most vulnerable. I call on insurers to adapt and revitalise to build a more resilient future."</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"> </div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"><strong>Dr Cassiel Ato Forson, Ghana's Minister of Finance and Economic Planning,</strong> stressed his new government's determination to drive sustainability and resilience through financial services, placing new priority on green financing. "A sustainable insurance industry is essential to protect policyholders. The government is working with the National Insurance Commission to deliver this. As country, we are highly vulnerable to climate change and we must accelerate agriculture models to protect the smallholder farms. On green energy, the insurance industry has a pivotal role in developing insurance solutions to promote green solutions. We need to derisk green energy products."</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 12pt 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">Among the topics discussed during the summit were the challenges of underwriting against agricultural and disaster risk. Despite agriculture's significance in African economies—where it accounts for about 60% of employment—the sector remains acutely vulnerable due to heightened exposure to climate variability and chronic under-investment in risk-absorbing instruments such as insurance. Currently, less than 3% of African farmers have access to agricultural insurance, leaving them exposed to financial shocks.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">Delegates were presented with case studies of agricultural insurance products, regulatory barriers, and opportunities to scale parametric insurance solutions across Africa. Speakers also discussed the regulatory barriers to greater development of agricultural risk products as well as the role of government in promoting this type of insurance.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 12pt 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">Elsewhere discussions focused on the role of insurance in supporting Africa's growing renewable energy sector. Given the high upfront capital investment required for renewable projects, insurance solutions can help de-risk investments and attract private sector funding. Insurance-backed de-risking mechanisms could help unlock up to $2.8 trillion in climate finance by 2030, according to United Nations Climate Change.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">Delegates discussed the ways that Africa's insurance industry can leverage insurance capital to change the risk profile of renewable energy projects and thereby attract private investment. They also considered transition risks as markets move away from traditional fossil fuels, again asking how regulatory change and government intervention could play their part.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"> </div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">One of the key themes which emerged from the summit was how the intersecting trends of decarbonization, decentralization, and digitization are shaping the future of insurance in Africa.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"> </div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000">Another key theme was the role of the insurance industry in mobilizing capital for sustainable investments. Insurers are not just underwriters—they are also major institutional investors, with long-term portfolios capable of driving systemic change. Yet in Africa, only a fraction of insurance capital is currently being deployed into green, resilient, or inclusive investments.</div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"> </div>
<div class="v1v1elementToProof" style="text-align: justify; line-height: normal; margin: 0in; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 12pt; color: #000000"><strong>Philip Lopokoiyit, NDSI Chair & CEO ICEA Lion Group, said:</strong> 'The insurance sector does hold immense potential as a catalyst for meaningful change. NDSI is dedicated to raising awareness, advocating for sustainable insurance integration in core business models, and fostering a unified African perspective on sustainable insurance practices. ' </div>
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