In a briefing held in Kampala on Wednesday, industry experts emphasized the importance of insurers adopting a more socially responsible approach. The discussion took place in preparation for the 4th International Insurance Conference scheduled for October 26th to 27th, 2023 in Mbarara City.
Mr. Saul Sseremba, the Principal of Insurance Training College (ITC), stressed that insurers should look beyond profit-making and actively engage in addressing societal problems within the communities where they operate. He asserted that insurance is not just a financial safeguard but a crucial instrument for ensuring a sustainable and resilient future. This involves addressing issues related to the environment, social well-being, and governance.
Mr. Sseremba also highlighted the importance of integrating Environmental, Social, and Governance (ESG) principles into the insurance industry, stating that it not only safeguards assets but also contributes to the well-being of society and the preservation of the planet.
Citing a report by Pricewaterhouse Coopers, Mr. Sseremba noted that 57% of insurers worldwide face challenges in implementing ESG principles. These challenges include understanding regulations, guidelines, and aligning ESG initiatives with customer needs.
The upcoming conference, organized by the Insurance Training College, aims to bring together insurance industry stakeholders and experts to explore the vital intersection between profitability and community engagement.
Ms. Deborah Mwesigwa, Corporate Service Manager at San-lam Insurance, highlighted her company’s commitment to social responsibility. San-lam Insurance has partnered with organizations such as World Vision to support needy communities, including building schools and classroom blocks in Northern Uganda.
David Tumuhaise from the Africa Reinsurance Corporation emphasized the need to consider the sustainability of the environment alongside profit considerations.
The 4th International Insurance Conference is expected to host notable speakers, including State Minister for Agriculture, Mr. Bright Rwamirama, and Mr. Grek Coleman, the Founder and Managing Director of Future Energy Partners based in England, who will serve as the keynote speaker.