Insurers tasked to embrace social responsibility
The survey recommends that insurers should find a way of offering genuine incentives to policyholders, who do not make a claim during the policy term. Photo / File
What you need to know:
- Ms Deborah Mwesigwa, Corporate Service Manager San-lam Insurance said they were already walking the talk by partnering with other organisations to serve the needy communities in parts of Northern Uganda.
The Principal of Insurance Training College (ITC), Mr Saul Sseremba has said insurers' focus should go beyond minting profits from their clients and start tackling societal problems as a way of giving back to the community.
Briefing journalists in Kampala on Wednesday about the 4th International Insurance Conference slated for October 26th to 27th, 2023 in Mbarara City, Mr Sseremba said insurers must come up with initiatives to better the lives of people living in communities in which they operate.
"Insurance is not merely a financial safeguard. It is a critical instrument for a sustainable and resilient future. We must be able to address societal problems including environmental, social and governance issues," he said.
"By integrating Environmental, Social and Governance (ESG) principles into our industry, we are not just protecting our assets, we are preserving our planet and improving the well-being of society," Mr Sseremba further stated.
Quoting a Pricewaterhouse Cooper's report, Mr Sseremba said 57 per cent of insurers globally are struggling with implementing ESG principles due to challenges in understanding regulations and guidelines as well as matching ESG initiatives with customer needs.
He said the conference offering is among the avenues the Insurance Training College was using to bring together players in the insurance industry and experts to delve into the critical intersection between making profits and giving back to the community.
Ms Deborah Mwesigwa, Corporate Service Manager San-lam Insurance said they were already walking the talk by partnering with other organisations to serve the needy communities in parts of Northern Uganda.
"We have taken a deliberate move to invest in social services. We partnered with World Vision to build schools. We built two in Pader district in addition to constructing classroom blocks in other areas," Ms Mwesigwa said.
David Tumuhaise from, Africa- Reinsurance Corporation said," We should not only focus on how much profits to make but also on the sustainability of the environment."
The conference will be graced by 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 be the keynote speaker of the day.
