GA Insurance Joins African Natural Capital Alliance and The Nairobi Declaration on Sustainable Insurance to drive Sustainable Insurance practices in Africa

• GA has received the PAS 2060:2014 Carbon Neutral Certificate for the Eco Drive product, making it the first insurance company in Africa to achieve this certification.

Nairobi, 21st November 2024 …. GA Insurance Limited, a leading insurance provider in Kenya, has announced its membership in the African Natural Capital Alliance (ANCA) and its signing of the Nairobi Declaration on Sustainable Insurance to drive sustainable Insurance. This strategic move reinforces GA’s commitment to sustainability and positions the company as a leader in driving sustainable insurance practices in Africa.

The African Natural Capital Alliance (ANCA) is a collaborative multi-stakeholder initiative aimed at promoting nature-related financial disclosures and driving coordinated advocacy across the African continent. By joining ANCA, GA Insurance gains access to valuable technical support, networking opportunities, and a platform for advocating for sustainable insurance practices.

“We are delighted to welcome GA Insurance to the African Natural Capital Alliance as they set a pioneering example in sustainable insurance. By preparing for the IFRS S1 and S2 standards, GA Insurance demonstrates a forward-thinking approach to transparency in sustainability reporting that aligns with our mission to embed nature-positive practices across Africa’s financial landscape. Their leadership in sustainability initiatives, like the Eco Drive product, reflects a deep commitment to a future where business and the environment can thrive together. We look forward to working with GA Insurance to drive transformative change in the insurance sector and to inspire broader integration of natural capital in finance.” – Dorothy Maseke, Lead, Nature Finance & TNFD, FSD Africa

The Nairobi Declaration on Sustainable Insurance is a global commitment to accelerating solutions to major sustainability challenges, including climate change, ecosystem degradation, and poverty. By signing the declaration, GA Insurance reaffirms its dedication to addressing these critical issues and contributing to a more sustainable future.

GA Group CEO Mr. Vijay Srivastava said “At GA Insurance, we believe that sustainability is not just a corporate social responsibility issue, but a fundamental aspect of our business. By joining ANCA and signing the Nairobi Declaration on Sustainable Insurance, we are demonstrating our commitment to driving sustainable insurance practices and contributing to a more resilient and equitable future for Africa.

The company has already taken significant steps towards sustainability, including launching the Eco Drive Cover, the first motor insurance product in Kenya specifically designed for electric vehicles. Additionally, GA has received the PAS 2060:2014 Carbon Neutral Certificate for the Eco Drive product, making it the first insurance company in Africa to achieve this certification.  GA has also embarked on a 10,000-tree planting journey as it steps up efforts towards carbon neutrality commencing with the tree planting programme done at Osupuko Primary School in Upper Kajiado. Through the tree planting drive, GA is seeking to play a crucial part in ensuring regeneration and further collaboration with the local community in conserving the natural habitat.

‘GA Insurance’s commitment to the Nairobi Declaration on Sustainable Insurance exemplifies the forward-thinking approach needed to drive sustainability in Africa’s insurance sector. By embedding sustainable practices into its core business, GA is not only meeting regulatory requirements but is setting a strong example of the role insurers can play in advancing climate resilience across the continent.’ Zillah Malia, Senior Manager – Climate Finance, FSD Africa.

As part of its commitment to sustainability, GA Insurance is also actively preparing for the upcoming mandatory sustainability reporting standards (IFRS S1 and IFRS S2). By joining ANCA and NDSI, GA will gain valuable insights and support in meeting these regulatory requirements.