Adopt practical measures against climate risks-Sam Jonah urges insurance industry
Sir Sam Jonah urged the local insurance industry to adopt practical measures against climate risks at the 2026 Annual Conference of the Insurance Brokers Association of Ghana yesterday. He stated, "The question is whether our industry is ready to answer that knock with adequate products, pricing sophistication, and the reinsurance capacity to back its commitments."
Dr. Jonah noted that agricultural risks, coastal flooding, and erratic rainfall are present realities in Ghana. He said that old models of catastrophe risk are no longer adequate. He also said that extreme weather is occurring in places that historically never experienced it, and insurers globally are being forced to fundamentally rethink their underwriting assumptions, their pricing models, and their capacity deployment strategies. The Swiss Re Institute estimates that global insured losses from natural disasters continue to rise sharply - with first-half 2025 losses reaching $80 billion, nearly double the 10-year average.
Dr. Jonah mentioned technological disruption with specific reference to artificial intelligence (AI); the growing fragmentation of the global economic and geopolitical order; talent crisis; and "the residual damage of the Domestic Debt Exchange Programme" as some of the challenges confronting the local industry. He said the DDEP was a blow to the capital base of many firms.
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Sir Sam Jonah has entreated the insurance industry to institute practical measures against climate change. He also mentioned some challenges confronting the local industry - but what are they?
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