Climate Change

Kenyan climate change victims paid up to Sh15 million in compensation

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Britam Group managing director and CEO, Tom Gitogo, said the launch of the Sustainability Report marks a significant milestone in the company's journey towards integrating sustainability into every aspect of its business.

Insurance firm Britam has stepped up its efforts to respond to climate change effects in the country with payment of up to Sh15 million to victims of climate-induced disasters.

In the one-year period to December 2023, the firm, for instance, paid claims amounting to Sh15 million to 300 vulnerable households in Tana River County under index-based flood insurance.

"Over 2,800 pastoralists in drought-prone counties benefited from the index-based livestock insurance, and over 7,500 smallholder farmers were covered against weather risks and pests/diseases under the Index-Based Crop Insurance countrywide," the firm says in its inaugural sustainability report.

The insurer also lists in the report its efforts at e-waste management, pointing out the recycling of 1,356 kg of decommissioned electronic equipment and the implementation of the E-Claims and E-Contracts initiatives to reduce paper waste.

"There were also bold efforts to reduce the consumption of electricity and fuel and a drive towards a circular economy."

Commenting on the sustainability drive, Britam Board chairman Kuria Muchiru said the company's long-term survival depends on the wellbeing of people and the environment.

Dr. Edward Mungai, CEO of Impact Consulting Africa and Kenya Climate Innovation Centre Board Member, Judy Njino, Executive Director of UN Global Compact, and Tom Gitogo, Managing Director of Britam Group, at the launch of Britam's 2023 Sustainability Report in June 2024. (Photo: Britam) Dr. Edward Mungai, CEO of Impact Consulting Africa and Kenya Climate Innovation Centre Board Member, Judy Njino, Executive Director of UN Global Compact, and Tom Gitogo, Managing Director of Britam Group, at the launch of Britam's 2023 Sustainability Report in June 2024. (Photo: Britam)

"Our sustainability strategy therefore prioritises environmental stewardship, employee and stakeholder well-being, empowering healthier lives by offering innovative microinsurance solutions to enable low-income populations to access healthcare, and deepening financial inclusion through collaboration and innovation," Muchiru said.

On his part, Britam Group managing director and CEO, Tom Gitogo, said the launch of the Sustainability Report marks a significant milestone in the company's journey towards integrating sustainability into every aspect of its business.

"It reflects the unwavering commitment to creating long-term value for stakeholders while ensuring a positive impact on society and the environment," Gitogo said.

"We have embedded sustainability into our corporate governance and business operations, employee development and training on sustainability, customer care, access to financial services for underserved communities, innovation of solutions like flood and crop insurance, robust cyber security, and data privacy frameworks."

Considering the future prospect of the drive, the insurer says it will build on the outcomes achieved in 2023 to realise stronger results in the environmental, social and governance pillars this year.

It says the investments made in embedding sustainability into the business will pay sustainable dividends to the business, the people and the environment in the short, medium and long term.

Red Cross workers wade through floods in North Eastern Kenya in September 2023. (Photo: Handout)Red Cross workers wade through floods in North Eastern Kenya in September 2023. (Photo: Handout)

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