Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Redesigned investing policy to include sustainability issues; investing in entities with a low-carbon footprint and low ESG risk; imbibed the UN's Six Principles of Responsible Investment; engaging regulators to ensure compliance; monitoring and implementing international best practices; avoiding investments with high risk of stranded assets; developing products and training stakeholders on climate change impacts and solutions; offering reinsurance protection against extreme weather events.

Social Achievements

• Developing products increasing response time using WhatsApp; using technology to enhance client services (WAICA Re EasyFac); developing transparent products; annual training, seminars, and attachments for customers; developing employees through training and succession planning; caring for employee wellbeing; attracting and engaging talented employees from diverse backgrounds; linking remuneration to performance and productivity; involving staff in decision-making; fostering open dialogue and feedback; sponsoring harmonisation of insurance regulation in West Africa; running annual training programmes for insurance practitioners in Africa; sponsoring training of cedants across West Africa.

Governance Achievements

• Separation of power between Board and executive management; diversity in skill and capacity at Board level; annual Board assessment by an independent party; 36% independent Board members; institution of Board sub-committees; term limits for Board members; measures to prevent conflict of interest; redesigning company remuneration to conform with performance and productivity; clear understanding of staff progression opportunities; balanced and performance-oriented compensation system.

Climate Goals & Targets

Environmental Challenges

• Climate-related risks (transition risks from policy/legal changes, technology shifts, market changes, reputational damage; physical risks from acute and chronic weather events); potential financial impacts from increased costs, write-offs, reduced demand, etc.

Mitigation Strategies

• Adopted the Task Force on Climate-related Financial Disclosures (TCFD) recommendations; implementing measures to mitigate risks, harness opportunities, and limit negative financial impacts; discussed climate-related and emerging risks at the Board level.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Increased severity of extreme weather events
• Changes in precipitation patterns
• Rising mean temperatures
• Rising sea levels

Transition Risks

• Increased pricing of GHG emissions
• Enhanced emissions reporting obligations
• Mandates on and regulation of existing products and services
• Exposure to litigation
• Substitution of existing products and services
• Unsuccessful investment in new technologies
• Changing customer behavior
• Uncertainty in market signals
• Increased cost of raw materials
• Shifts in consumer preferences
• Stigmatization of sector
• Increased stakeholder concern

Opportunities

• Use of more efficient modes of transport
• Use of more efficient production and distribution processes
• Use of recycling
• Move to more efficient buildings
• Use of lower-emission sources of energy
• Use of supportive policy incentives
• Use of new technologies
• Participation in the carbon market
• Shift toward decentralized energy generation
• Development and/or expansion of low-emission goods and services
• Development of climate adaptation and insurance risk solutions
• Development of new products or services
• Ability to diversify business activities
• Shift in consumer preferences
• Access to new markets
• Use of public-sector incentives
• Access to new assets and locations needing insurance coverage
• Participation in renewable energy programs
• Adoption of energy efficiency measures
• Resource substitutes/diversification

Reporting Standards

Frameworks Used: UN Sustainable Development Goals, UN Principles for Responsible Investment

UN Sustainable Development Goals

• 5

Committed to UN SDG 5: Achieve gender equality and empower all women and girls.

Environmental Metrics

ESG Focus Areas

• Responsible Investment
• Climate-Related Risks (Physical and Transition)
• Carbon Footprint Own Operations
• Community Relations
• Human Capital Development
• Occupational Health and Safety
• Data Privacy and Security
• Human Rights
• Business Ethics
• Corporate Governance
• Bribery and Corruption
• Product Governance
• Responsible Marketing

Environmental Achievements

• Digitalization of processes to reduce printing consumables, aiming for a fully digital and paperless environment by 2024
• Deployment of cloud infrastructure to reduce energy consumption and Scope 2 emissions
• Holding online meetings to reduce Scope 3 emissions from business travel
• Optimizing renewable energy to reduce Scope 1 and 2 emissions
• Energy efficiency improvements through initiatives like turning off lights and using energy-saving bulbs

Social Achievements

• Implementation of career development programs, including training, retention, and recruitment programs
• Maintenance of ethnic and culturally diverse executive teams and promotion of an inclusive culture
• Diversity and inclusion programs ranging from education and internship programs to promoting a multilingual work culture
• Providing health insurance and COVID-19 related benefits to employees
• Employee wellness strategy including health talks and an online library of resources
• Corporate Social Responsibility initiatives across various African countries (details in section 7)

Governance Achievements

• Establishment of an ESG governance structure with Board-level oversight and executive management involvement
• Development of an Anti-Bribery and Corruption Policy
• Board diversity initiatives, aiming for a 40/60 women/men diversity ratio by 2024
• Establishment of four Board sub-committees (Finance and Investment, Strategy and Operations, Human Resource, Remuneration, Ethics and Corporate Governance, and Risk Management, Audit, and Internal Compliance)

Climate Goals & Targets

Environmental Challenges

• Climate-related physical and transition risks
• Reducing carbon footprint

Mitigation Strategies

• Commitment to setting a long-term science-based target and reaching Net-Zero value chain GHG emissions by 2050
• Initiatives to reduce carbon footprint (digitalization, CSR, cloud infrastructure, online meetings, renewable energy optimization, energy efficiency improvements)

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Principles for Responsible Investing (PRI), UN Global Compact (intending to become a signatory)

UN Sustainable Development Goals

• SDG 1
• SDG 2
• SDG 3
• SDG 4
• SDG 5
• SDG 8
• SDG 9
• SDG 10
• SDG 13
• SDG 16

Details provided in sections 6.3.2 through 6.3.11