Minet Kenya Joins The Nairobi Declaration On Sustainable Insurance

by Business Watch Team

Minet Kenya has become the latest member of the country’s insurance industry to join the Nairobi Declaration on Sustainable Insurance (NDSI), an industry initiative to support the achievement of the UN Sustainable Development Goals (SDGs).

Philip Lopokoiyit, Chair of NDSI and Group CEO of ICEA LION said Kenya “leads the way in terms of signatories to the Declaration, underscoring the commitment of the Kenyan insurance industry to sustainability”.

Minet joins more than 130 other African signatories to NDSI which commits them to act on some of humanity’s biggest challenges including climate change, biodiversity loss, extreme hunger, human rights violations, poverty, and social inequality.  This includes the creation of the African Climate Risk Facility, a commitment to underwrite $14bn of cover for climate risks by 2030 protecting 1.4 billion people against floods, droughts, and tropical cyclones.

Minet Kenya is a leading provider of insurance broking, risk management, and human capital consulting solutions with 850 colleagues in 10 countries across Africa. It is Aon’s largest global network correspondent.

Welcoming the growing number of firms from Kenya joining NDSI, Lopokoiyit said: “The African insurance sector is undoubtedly on the right path, with more and more African firms embracing the Declaration…This commitment is essential for achieving the Insurance Sustainable Development Goals (SDGs) and, subsequently, the broader Sustainable Development Goals (SDGs). Given that we’re already past the halfway mark of the SDGs timeline with only 15% global achievement, Kenya’s proactive stance sets a positive example. Furthermore, the Kenyan insurance space’s forward momentum, ahead of regulatory requirements, is a testament to its genuine dedication to these principles and sustainability/ESG at large. This approach not only showcases commitment but also fosters real implementation and execution of sustainable practices. It’s a promising sign of progress”.

“Signing the Nairobi Declaration on Sustainable Insurance is not just a commitment; it’s a pledge to shape a future where our actions today fuel a sustainable legacy for our clients, families, and communities we serve both directly and indirectly, tomorrow. We are the architects of change, the guardians of a better world, and together, we redefine insurance, ensuring it not only protects lives and assets but also nurtures the planet we call home. Let our signatures be the ink that writes a narrative of resilience, responsibility, and hope for generations to come.”- Mr Sammy Muthui, CEO of Minet Kenya

The NDSI commits members to take concrete actions in support of the United Nations Sustainable Development Goals (SDGs) including:

  1. Action on Climate Change by proactively assessing, managing, and transparently disclosing climate change-related risks and opportunities.
  2. Support for Insurance SDGs by aligning their strategies with the Insurance Sustainable Development Goals in pursuit of social and environmental sustainability within the insurance sector.
  3. Net-Zero Emissions Economy by joining the global drive towards a resilient, net-zero emissions economy. This endeavor will help mitigate the impacts of climate change while fostering economic growth in Africa.
  4. Engaging Stakeholders by collaborating closely with policymakers, regulators, and industry associations on key sustainability issues specific to the African insurance industry. Such collaboration is vital to promoting sustainable insurance practices.

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