In the face of rising societal expectations, evolving regulatory demands, and intensifying global risks, Kenya’s insurance sector must embed sustainability at the core of its operations. This was the resounding message from today’s Insurance Sector Dialogue on Responsible Business and Sustainability, convened by the Global Compact Network Kenya.
While the sector has made commendable progress, speakers emphasized that much more needs to be done. A clear call to action emerged that the insurance industry must prioritize long-term, sustainable business models and leverage platforms like the United Nations Global Compact to access essential tools, resources, and networks that can fast-track responsible business practices.
The forum brought together industry leaders from the insurance sector to explore how the sector can better align with sustainability goals for impact.
Speaking on behalf of Insurance Regulatory Authority CEO Mr. Kiptum Godfrey, Anne Chelagat, Director Market Conduct, emphasized the need for regulatory frameworks to evolve in step with the sector’s sustainability ambitions. She highlighted the importance of developing innovative insurance instruments that support green growth and climate resilience.
Martin Ochien'g, Group MD and CEO of Sasini Plc and Chair of Global Compact Network Kenya Board, underlined the insurance industry’s unique potential to drive collective action sustainability efforts. He urged insurers to integrate ESG considerations into underwriting and investment strategies while promoting knowledge-sharing around emerging risks such as climate-related shocks and governance failures.
The Executive Director of Global Compact Network Kenya, Judy Njino, reminded participants that with just six years remaining to meet the Sustainable Development Goals (SDGs), the insurance industry has an immense opportunity to catalyze systemic change. She encouraged companies to leverage platforms like the United Nations Global Compact to accelerate their sustainability journeys and lead by example across their value chains.
Key Takeaways:
⏹️ Sustainability must be core to Insurance operations: The industry must move beyond traditional practices and embrace sustainable business models.
⏹️ Capacity gaps and short-term focus remain key barriers: While progress is evident, challenges such as lack of internal capacity, limited leadership commitment, and short-term profit pressures continue to slow momentum
⏹️ Partnership is critical: Advancing sustainability requires strong partnerships between insurers, government, private sector, and civil society to co-create insurance instruments and scalable solutions.