ESG adoption key to resilient insurance sector – NIC Commissioner

The Acting Commissioner of the National Insurance Commission (NIC), Dr Abiba Zakariah, has called on players in the insurance industry to fully integrate Environmental, Social and Governance (ESG) principles into their core business strategies, warning that sustainable growth and long-term resilience depend on collective action.

She made the call at the 16th Ghana Re Cedants Awards Ceremony held in Accra on Friday January 23, 2026, under the theme “ESG Excellence: Building Resilient Insurance for the Future.” She urged industry players to prioritise ESG principles to ensure long-term sustainability.

According to her, ESG-related challenges pose significant risks to the insurance sector and require proactive responses to position the industry for sustainable growth.

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“The effects of ESG challenges are dire globally, but they are even more pronounced here in Africa. This reality is a call to action for us as individuals, as organisations, and as an industry. We all have a role to play in making a meaningful difference,” she said.

Dr Zakariah stressed the importance of collaboration, noting that insurers are uniquely positioned to influence responsible practices and support sustainable development.

“The insurance sector is uniquely positioned to drive positive change, influence responsible practices, and support sustainable development. We must therefore come together to achieve success,” she stated.

She identified inclusive insurance as a key area where the industry could make a tangible impact, particularly in protecting vulnerable and underserved communities.

“We must encourage companies to rethink their products and services to ensure they are relevant, accessible, and socially responsible,” she added.

Dr Zakariah also underscored the need to change perceptions about insurance, especially among the youth, noting that the industry’s future relevance depends on effectively engaging the next generation.

“I encourage everyone here to be part of the transformation needed to align our industry with ESG principles. Together, we can build a stronger, more resilient, and sustainable insurance sector,” she said.

The Managing Director of Ghana Re, Seth Aklasi, also reaffirmed the company’s commitment to ESG-driven strategic management as a means of protecting businesses, strengthening industry resilience, and safeguarding national assets.

“At Ghana Re, our mandate is clear; to provide security and stability in an ever-evolving risk landscape. We remain steadfast in this responsibility, ensuring that businesses, institutions, and national assets are adequately protected to support sustainable economic development,” he stated.

He noted that Ghana Re continues to champion green insurance, promote responsible risk practices, and support initiatives that protect the environment while strengthening the long-term viability of the insurance industry.

Aklasi emphasised that success within the insurance sector is interconnected, stressing that the growth of one institution reinforces the strength of the entire ecosystem.

“I urge every institution to move ESG from the periphery of our reports to the core of our business strategies. Our success is interconnected, and when we prioritise ESG, the entire ecosystem thrives,” he said.

Congratulating the award winners, he described the ceremony as not only a celebration of excellence but also a reaffirmation of the industry’s shared commitment to growth, resilience, and collaboration.

“As we celebrate achievements tonight, let us recognise them as benchmarks, standards that inspire us to do better, collaborate more effectively, and protect the future we are collectively building. Together, let us remain focused on our shared roadmap to collective growth and excellence,” he added.