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Nairobi Declaration on Sustainable Insurance

Overview

Abstract

The Nairobi Declaration on Sustainable Insurance was launched by UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) during the 4th PSI African Market Event on 22 April 2021. The event was hosted by ICEA LION Group and supported by Financial Sector Deepening Africa (FSD Africa) and African Risk Capacity. It was  established to mobilise the Africa insurance industry to support the achievement of the UN Sustainable Development Goals. The Nairobi Declaration will bring together local and international Insurance firms to promote the achievement of SDGs, and make it easier for them to understand the commitment to support the achievement of the SDGs.

Results

Insurance protection gap closed by actively developing and promoting sustainable, inclusive and innovative insurance solutions (including through insurtech and nature-based solutions) for households, businesses, and governments in order to build resilient cities and communities as well as sustainable food and agriculture systems, among others.

Increased investments in sustainable/green assets

Project Details

Project Title

Nairobi Declaration on Sustainable Insurance

Implementing Partner

Donor(s)

FCDO

Value (in £)

50,000

Implementation Period

Jan – Oct 2022

Countries Covered

Kenya

Project Description

The Nairobi Declaration on Sustainable Insurance was launched by UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) during the 4th PSI African Market Event on 22 April 2021. The event was hosted by ICEA LION Group and supported by Financial Sector Deepening Africa (FSD Africa) and African Risk Capacity. It was  established to mobilise the Africa insurance industry to support the achievement of the UN Sustainable Development Goals. The Nairobi Declaration will bring together local and international Insurance firms to promote the achievement of SDGs, and make it easier for them to understand the commitment to support the achievement of the SDGs.

Target results

Insurance protection gap closed by actively developing and promoting sustainable, inclusive and innovative insurance solutions (including through insurtech and nature-based solutions) for households, businesses, and governments in order to build resilient cities and communities as well as sustainable food and agriculture systems, among others.

Increased investments in sustainable/green assets

Progress

So far, we have hosted market events in Nairobi, Addis Ababa, Lagos and Cairo.

Currently at 55 signatories with a list of more than 20 potential signatories who are still in discussion with their boards on signing the declaration.

First Steering Committee was held on 9 June, with the attendance of nominees from the original signatories with each organisation promising to support and host different markets in their markets.

Contact

Updated: November, 2022