Namibia, as a member of the United Nations is one of the signatories to the Sustainable Development Goals (SDGs), also known as the Global Goals, which were adopted by all Member States in 2015. Governments, NGOs, as well as, private and public entities, have put measures in place to address the 17 SDGs listed below:
Sustainability
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.
NamibRe can have the biggest impact on climate change through the following:
- Underwriting Portfolio. Drive change through the customer base and adapt product and service offerings to support climate action.
- Investment Portfolio. Adopt investment practices and tactics that drive climate progress. These can include engaging with portfolio companies; integrating environmental, social, and governance (ESG) factors, such as carbon emissions, into investment decisions and targets; and investing in specific sectors, such as renewables.
- Internal Emissions. Measure and actively work to reduce emissions for internal company operations, including those that involve suppliers.
- Regulatory and Reporting. Offer transparency around the company’s climate-related risk, carbon footprint, and efforts to support climate action.
Below is a summary of how NamibRe can contribute to the goals:
Zero Hunger
Support the agriculture sector (crop products) through the provision of agriculture insurance products.
Good Health and Well-Being
Support the establishment of a national health scheme and private medical aid insurance scheme as a reinsurer.
Quality Education
NamibRe provides bursaries as part of its CSR as well as support the development of infrastructure for the education sector.
Clean Water and Sanitation
This can be provided through infrastructure development through PPPs and providing risk cover for major national projects
Affordable and Clean Energy
This can be provided through infrastructure development through PPPs and providing risk cover (subsidized) for projects which promote clean and affordable energy such as solar energy (green investments).
Industry, Innovation and Infrastructure
As a reinsurer NamibRe can use its investment funds to invest in innovation (to support SMEs) and development infrastructure which support economic growth.
Sustainable Cities and Communities
Investing in infrastructure projects and by forming public-private partnerships offering an opportunity for environmentally and socially responsible investing (i.e., decarbonized and climate-resilient infrastructure).
Climate Action
NamibRe, with the local insurance industry can offer incentives to policyholders to mitigate CO2 emissions; taking steps to mitigate carbon emissions (going green) as well as introducing non-traditional insurance covers (i.e., parametric insurance for famers)
The Corporation’s Sustainability Milestones:
Formed part of the first 10 signatories of the Nairobi Declaration for on Sustainable Insurance - https://sustainableinsurancedeclaration.org/signatories/
The First Namibian company to become a signatory of the UNEP FI PSI - https://www.unepfi.org/insurance/insurance/signatory-companies/
The appointment of Ms. Patty Karuaihe-Martin, NamibRe Managing director, as a member of the 2022 UNEP FI - Global Steering Committee - https://www.unepfi.org/about/structure/global-steering-committee/