Climate Change Data

Environmental Metrics

ESG Focus Areas

• Strong governance and ethical business conduct
• Addressing climate change effects
• Community engagement and support
• Employee wellbeing
• Promotion of diversity and inclusion

Environmental Achievements

• Planting of 8,000 trees in Kenya as part of a 30,000-tree planting initiative across operational markets.
• Support for 100 renewable energy projects (59 hydro, 27 solar, 14 wind) since 2021.

Social Achievements

• Launched the DRIVE project in four countries (Djibouti, Ethiopia, Kenya, and Somalia) providing drought insurance and supporting private sector investment in livestock value chains.
• Acquisition of a majority stake in ACRE Africa to enhance agricultural insurance for smallholder farmers.
• Young Professional Programme (YPP) providing internships and potential employment opportunities for university students and recent graduates.
• Continued focus on diversity in hiring practices and increasing representation of all employee groups in executive and senior management roles.
• Collaboration with a counselling services provider to offer mental health support to employees.
• Gym subscription program offered as part of employee benefits.

Governance Achievements

• Development of an Environmental and Social Management System (ESMS) to be implemented in 2024.
• ESG Policy documented and approved by the Board.
• Board Governance and Human Resources Committee assigned oversight of sustainability issues.
• Designation of an ESG & Impact function.
• Adaptation of underwriting guidelines to account for ESG factors.
• Embedding of positive screening in investment processes.
• First-ever ESG Board training conducted.

Climate Goals & Targets

Environmental Challenges

• Increased frequency and severity of weather-related events impacting the reinsurance industry.
• Heightened premiums due to climate change risks potentially limiting access to essential coverage.
• Reduced demand for insurance products in some regions due to high costs.

Mitigation Strategies

• Enhanced risk assessment frameworks to account for climate-related events.
• Proactive risk mitigation strategies, including portfolio diversification and strengthened risk management practices.
• Innovation and development of products offering resilience against climate and ESG risks while maintaining affordability.
• Close collaboration with regulators, industry peers, and policyholders.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Droughts, storms, floods

Reporting Standards

Frameworks Used: GRI, UN Principles for Sustainable Insurance, Nairobi Declaration for Sustainable Insurance, UN Sustainable Development Goals, IFC Performance Standards, UN Guiding Principles on Business and Human Rights, International Labour Organisation (Core Labour Standards)

Sustainable Products & Innovation

• Index-Based Livestock Insurance (IBLI)
• Picture-Based Insurance (PBI)
• Agricultural loan cover
• Collateral Replacement Indemnity (CRI)