The National Insurance Commission says the United Nations Sustainable Development Goals will be stretched thin if the insurance role of risk prevention, risk reduction and risk sharing is not factored in the listed SDGs where insurance has significant role.
Commissioner of Insurance, Sunday Thomas, made the remark at the concluded declaration of insurance with development partners which includes Financial Sector Deepening Africa (FSD Africa), UK Aid and the United Nations Environment Programme, at a Lagos conference on sustainable insurance.
Thomas who remarked that insurance was out of place in the attainment of the set goals hoped for a reversal after now, because the conference “aims to explore ways that insurance can play a significant role in helping African countries achieve the United Nations sustainable Development Goals (UN SDGs) in terms of economic growth, social inclusion, and environmental protection and ensure sustainable development in the African insurance sector.”
He said raising the insurance emblem would be the right move now because, “It would appear that the role of insurance has been somewhat relegated within the context of SDGs. This is because the current indicators largely do not capture specific insurance related metrics.”
NAICOM boss still speaking for insurance said, “To be able to better assess the role of insurance and motivate the industry to contribute more to the SDGs, more consistent and disaggregated data collection is recommended.”
Resting on the insurance oars, Thomas said it was “an acknowledged fact that the insurance industry performs a very critical role in promoting economic, social, and environment sustainability and can help countries achieve the UN SDGs. The insurance industry helps protect society through risk prevention, risk reduction, and risk sharing. The industry therefore, plays an important role in nine (9) of the sustainable development goals (SDGs) namely: no poverty; reduced inequalities; zero hunger; good health and well-being; gender equality; decent work and economic growth; industry innovation and infrastructure; climate change; and partnership for goals.”
Coming after these he stated, is insurance industry indirect and supporting role in five f the SDGs, namely: quality education; industry; innovation and infrastructure; reduced inequalities; and partnerships for goals and sustainable cities and communities.
He declares, “Therefore, the insurance sector holds the potential for enhancing sustainable development with the2030 agenda.”