ARC Limited pushes for Nairobi Declaration action
The Nairobi Declaration on Sustainable Insurance is a declaration of commitment by African insurance industry leaders to support the achievement of the UN Sustainable Development Goals (SDGs). ARC Limited is among the signatories taking action on their commitment.
The Nairobi Declaration was launched by the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) during the virtual 4th PSI African Market Event on 22 April 2021. Its importance lies in the key role that the African insurance industry members have to play in promoting all forms of sustainable development on the continent.
ARC Limited, due to its strong presence in Africa where it helps member countries recover from natural disasters, is committed to leading by example. It has stressed that other insurance leaders also have a critical role to play in promoting the declaration's values.
The hope is that many more companies headquartered on the continent will follow suit not only in signing but also by actively promoting economic, social, and environmental sustainability.
The need to step up the pace
While the declaration ties in strongly with the UN SDGs of a shared global vision to “end poverty, rescue the planet and build a prosperous and peaceful world”, it is generally understood that humanity is not advancing in these goals at the speed or scale required.
However, ARC Ltd has welcomed the attainment of 50 signatories within half a year, as a “tremendous achievement, demonstrating how high this topic is on the agenda of most African insurers”.
While the declaration is a tangible first step towards increasingly more sustainable business, in which stakeholders will strive to better integrate ESG into their business models, in alignment with the goals envisioned by the Net Zero Insurance Alliance, it is also important for leaders to engage with other signatories and support them.
ARC Ltd points out that more than a signature on paper, companies that become signatories need to understand the full impact of this declaration on their operations. The journey now is towards activities and adjustments that will eventually add up to make sustainable business a reality. However, everyone must play their part.