• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, July 1, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Feature

ESG Risks Trending, Take Significant Space In 2023

Nwanne Ikemefune by Nwanne Ikemefune
December 19, 2022
in Feature
0 0
0
Tripod Agenda Of Insurance Regulator Shifts Insurance Landscape
0
SHARES
56
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

‘The world is going through rapid changes economically and environmentally and the need to bring Directors of insurance entities to speed on these developments to enable sustainability.’

This was part of the establishing points in the address of the Commissioner for Insurance, National Insurance CommissionSunday Thomas at the 2022 Directors Conference in Lagos where the theme was “Transforming the Insurance Industry Through ESG Principles: Directors’ Roles.”

The charge is important for several reasons, first the timing, coming at the end of the year is a clear indication that the focus is for the coming year, 2023 and a lot of responsibilities rests with directors of insurance companies not to fall short of ESG global goals.

Thomas took the stage but not alone, he beckons on the directors to come up higher and ne takes the next step to open the the ESG book he wants them to digest and execute not only for the nation’s business good but to conform to global ESG demands. “We must take cognisance of the fact that industrialisation and economic development have given rise to a wide spectrum of environment externalities and social impacts bringing to the fore issues such as board structure, shareholders rights, business ethics, risk management, incentives and execution compensation.”

Escalating the ESG mandate for todays corporate world, NAICOM helmsman said, “for businesses to continually develop, they must take into consideration the community in which they operate, ensure consistent value to customers, maintain the highest standards of governance and ethics, and mitigate its overall impact on the environment.”

ESG he said now resonates with different segments of business including sustainable finance and he boxed it in. “Sustainable finance which is a creation of economic value through the provision of financial services now integrates environmental, social and governance (ESG) considerations for the lasting benefit of stakeholders and the society at large. The objective is to achieve a balance in the pursuit of economic prosperity with environmental protection and social development.”

He builds further on sustainable finance, “In the financial services industry, there is an increasing realisation that sustainable practices have a positive potential to save costs, increase revenues, reduce risks, develop human capital and improve access to finance thus, ignoring sustainability issues increases legal and reputational risk.”

As germane as the ESG issues are, its not trending in global business as much as it should command and this create a risk for sustainable business. Both at home and abroad regulator and world finance institutions are calling for urgent compliance with ESG.

AGCS Allianz Global Corporate & Specialty in its current report highlighted ESG issues and the global head of financial lines, Vanessa Maxwell said “inadequate or non-compliant response to ESG issues are all among the key risk trends in D&O insurance space.”

Explaining more on the that covered the globe, Vanessa “ESG related liabilities – whether it is inadequate action on climate change or diversity and inclusion issues – can potentially become significant exposures for D&O insurance as well.”

AGCS exploration report gave a global picture of cyber risk going into 2023 and directors responsibilities and liabilities Rishi Baviskar, global cyber experts leader at AGCS’ Risk Consulting team, takes this on and harps on focus on directors: “Around the world, directors have already been called to account, including in derivative and direct litigation, due to their alleged failures to institute appropriate governance and protection against cyber security risk.

“Major breaches experienced by publicly traded firms have damaged investor confidence, causing share price drops, and thereby becoming ‘events’, which again can give rise to costly class action securities litigation. Boards therefore need to initiate and implement a cyber risk management structure that covers the entire organisation.”

Previous Post

PenCom Management Dares ‘Frivolous’ Petitioners, Welcomes Scrutiny

Next Post

Insurers Non-Life Claims Payment Ability Hit 72.4%, Generate N523bn in Q3 2022

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Feature

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
Premium Perspective: Insurers Earn Trust, Premium Spirals Up
Feature

Features of Insurance Make Insurance Rescue Made to Fit Obligation

June 2, 2025
AIICO Head office
Feature

Life Insurance Explained: Why Staying the Course Matters More Than Early Withdrawal

May 21, 2025
Next Post
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Insurers Non-Life Claims Payment Ability Hit 72.4%, Generate N523bn in Q3 2022

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

June 25, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

June 23, 2025
ADVERTISEMENT

Recent News

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

June 25, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

June 23, 2025
Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 28, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In