He said the insurance compa­nies should develop products to cover farmers against drought, pest and excessive rainfall.

The Finance Minister, who made the appeal in a speech read on his behalf at the closing of the maiden Sustainability Insurance Conference in Accra yester­day, outlined that there was an urgent need for climate-sensitive insurance products in view of the growing threat of climate change on agriculture and hydro power generation.

He noted that farmers often incurred losses due to drought or excessive rainfall occasioned by climate change.
    

The three-day event, held in Accra and ended at the weekend, was organised by the National Insurance Commission (NIC) in collaboration with the Secretariat of the Nairobi Declaration on Sustainable Insurance (NDSI).

Under the theme: ‘Building a New Sustainability Culture for Africa’s Insurance Markets,’ the summit brought together insur­ance leaders, policymakers, and regulators from across Africa to discuss the integration of sustain­ability and climate resilience into insurance practices.

The conference discussed issues such as agriculture insurance, cli­mate risk mitigation, and sustain­able underwriting to position the insurance sector as a key player in Africa’s development and resil­ience agenda.

The conference also urged insurance companies in African region to implement sustainable policies that can enhance the in­dustry’s contribution to economic and environmental resilience.

Dr Forson reiterated govern­ment’s commitment to advancing green financing and sustainable risk management.

“A sustainable insurance indus­try is essential to protect policy­holders,” he mentioned.

The Acting Commissioner of Insurance, Dr Abiba Zakariah, in her remarks said the conference aligned with the NIC’s vision to attract investment, technical ex­pertise, and innovation to Ghana’s insurance sector.

She urged African regulators to embrace Environmental, Social, and Governance principles to protect the environment.

Dr Zakariah also said insurance companies must shift from con­ventional compliance models, and include climate risk disclosures in their regulatory frameworks.

The key speakers at the pro­gramme summit, included Philip Lopokoiyit (NDSI Chair and CEO of ICEA Lion Group), Kelvin Massingham (FSD Africa), Emeka Akwiwu (Continental Reinsurance), and Patty K-Martin (NamibRe), emphasised collabora­tion between governments and the private sector in driving sustain­able insurance solutions.