The insurance sector has voluntarily taken the lead in responding to sustainability issues by taking preventative measures to mitigate ESG risks, specially climate change.
NamibRe is signatory of the UNEP FI Principles of Sustainable Insurance (PSI) initiative and has implemented the principles of sustainable development in its strategy and business operations. The signatories of the PSI initiative turn the fundamental aspirations into concrete actions. Under the UNEP FI initiative, an insurers integrate the Environmental Social and Governance principles into the company’s operational and management decision making.
Through sustainable insurance, a company can reduce systematic risks, offer innovative solutions, increase business performance, and improve profitability through a better design of insurance value chain. Therefore, sustainable insurance is a strategic approach that contributes to environmental, social, and economic sustainability. Under this strategy the activities are done in a responsible and forward-looking approach by analysing and evaluating risks and opportunities associated with systematic risks such as environmental, social and governments issues. This is done by integrating environmentally sound choices into insurance businesses.