We took part in the 28th ICPAU Annual Seminar where we were represented by our CEO – Jonan Kisakye, who featured as one of the panelists. The 2-day seminar commenced on 20th September, 2023 at Imperial Resort Beach Hotel, Entebbe under the theme: “Empowering change for corporate & personal growth.” The Institute of Certified Public Accountants of Uganda (ICPAU) is the National Professional Accountancy body.

At the seminar, Jonan’s submission revolved around ESG (Environment, Social and Governance) and he highlighted the role of Insurance in ESG Risk Management which is supporting businesses as they transition to new ESG-aligned business models. 

He explained that all transitions have risks and that the Insurer’s role in the transition process is to support clients in managing these risks through engaging, quantifying the risks, mitigating them and protecting them from any resulting liabilities. He added that, the use of risk engineering and innovative solutions can help clients to safely navigate these transitions. 

Jonan also noted that a lot of companies are facing pressure from the different stakeholders including customers to align their operations to ESG and that the Insurance Industry hasn’t been spared either.

He called upon businesses & organizations to have an ESG Strategy in place with a framework which will enable Insurers to support them effectively through intricate categorization & alignment of risks to solutions.

This will help Insurers to discover the risks, formulate structures to accommodate & manage these risks, evaluate the risks based on impact to the business and classify them into short, medium and long term.