Kenya is set to host the African Insurance Organization (AIO) Conference and Annual General Assembly from 25th to 30th June 2022 at the Edge Convention Centre situated at the College of Insurance in Nairobi.
The deliberations at the conference will focus on insurance and climate change in Africa. Some of the key sessions will tackle climate risk financing, implementing Environmental Social and Governance (ESG) standards for insurers, technology and data-driven insurance solutions, among others.
The insurance industry’s experience over the last 20 years tells us that disasters are becoming more frequent and more severe. Climate change-related risks such as floods, fires, and drought, coupled with population growth and urbanisation these disasters are forecasted to increase. These issues have been a driver of market innovation, policy engagement and analysis and are now stimulating new regulatory approaches for insurance in many countries.
As risk managers, insurance companies help individuals, business and governments understand, prevent, and reduce risk. As the carriers of the risk, they help manage their financial loss by paying claims. As institutional investors, underwriters place insurance premium into different financial instruments. Insurers can therefore play a role in securing sustainable development by applying Environmental, Social and Governance (ESG) criteria in investment selection and support sustainable projects through the financial markets.
The AIO Conference deliberations are being held as Africa is preparing to ensure it has its voice heard in the ongoing climate change discussions ahead of the COP27 to be held in Egypt in November 2022. Africa has contributed the least to the carbon emissions yet, the Continent is bearing the brunt of the effects of climate change. According to the World Metrological Department, four out of 10 of the worst climate disasters in 2021, occurred in Africa.
The AIO Secretariat, based in Douala, Cameroon is working together with the Kenyan insurance industry through the Association of Kenya Insures (AKI), Insurance Regulatory Authority (IRA) and the College of Insurance to host the event. The Conference is expected to bring in over 1,000 foreign delegates from the insurance industry in Africa and beyond, a boon to the recovery of the tourism and hospitality sector.