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Insurance companies have been urged to adopt an approach that embraces environmental, social and governance (ESG) considerations, rather than solely focusing on profit generation.

Insurance Training College chief executive officer Saul Sseremba says it is important for insurance companies to take responsibility for the environment and the societies in which they operate.

Research indicates that insurers are not yet fully prepared for the implementation of ESG practices.

David Timuhaise, the president of the Africa Reinsurance Cooperation, says: "Today, it's not just about profits; it's about contributing to the sustainability of society by promoting the environment and fostering inclusivity".

He urges fairness in all their activities and emphasized the pivotal role of governance.

Timuhaise states that his organisation has been actively involved in training initiatives within the industry, both locally and regionally. They have also supported agriculture promotion and environmental protection initiatives, with a strong commitment to fairness in all their endeavours.

Insurance Penetration

Speaking during a press conference on Tuesday ahead of the 4th Annual ITC International Insurance conference which will be held at the Las Vegas Hotel in Mbarara City next week (October 26-27) Sseremba said insurance penetration remains low in Uganda and many other African countries, except South Africa.

Insurance penetration measures the contribution of the insurance industry to a country's GDP. Higher penetration indicates a more significant contribution to the country's economic output.

In Uganda, insurance penetration is below one per cent, signifying that the insurance industry's contribution to the GDP is less than one per cent.

Sseremba highlighted that they have taken steps to engage with schools, incorporating insurance into the secondary school curriculum. They believe that educating students about insurance will lead to greater acceptance of the concept when they become decision-makers.

Furthermore, they have initiated various engagements with universities and clubs and organised quizzes in schools to pique the interest of young people in insurance.