Regional insurance group MUA has officially launched its next three-year Strategic Plan, at an event yesterday evening. The largest Mauritian insurer by market capitalisation has embarked on an ambitious strategic journey, by aiming to contribute meaningfully and significantly to creating sustainable value for all its stakeholders. The new strategic plan will articulate the purpose in the insurer’s actions and initiatives for the next three years and beyond. Aptly named TRANSITION 2023, it’s the culmination of past achievements and the foundations already laid over the last two strategic plans. Building on that strong base, its objective is to transform MUA into a company that contributes authentically to creating a more sustainable world, whilst being more purposeful and more innovative in its approach and engagement.
The events of 2020 and the current context strongly defined this new strategic direction. The world has been faced with a series of crises over the past year. Most countries have borne the brunt of the Covid-19 pandemic and its economic consequences, and there have been social and political crises. The planet faces an unprecedented environmental crisis, with tangible signs of climate change in many places. Bertrand Casteres, Group CEO of MUA explains “We are sensitive to the plight of many of our colleagues, our individual and corporate clients and all the communities in which we operate. We have all been forced to adapt, change our routines, connect in different ways and learn to navigate in this new reality. Reflecting, we asked ourselves ‘What could our response be as an insurer in the face of all these challenges?'
TRANSITION 2023 will direct much of our focus and energy towards the all-important principles of sustainability and solidarity in all that we do. Ultimately, we believe that our success as a business is intrinsically linked to the advancement of society. If we focus on building a more sustainable future in every aspect of our business and for the communities in our six markets, so too will our opportunities to flourish.
I am confident in our ambitious strategic objectives, the innovation we are injecting in our processes, in our human capital and the positive approach we have adopted to the challenges we will collectively face as a business and a society. Our combined energy, experience and output will create ever more value for all our stakeholders.”
MUA will focus on three pivotal areas, which already form an integral part of their core activities:
- Prevention: an insurer’s first responsibility is to sensitise its clients (individuals and businesses) on risks they may face daily, all too often ones they are unaware of. MUA takes this role seriously and is engaged in a number of campaigns and initiatives – pertaining to road safety, business risk management, awareness campaigns around cardio-vascular disease and diabetes, and the risks associated with climate change and cyclones to name a few. Prevention is better than cure, and that goes beyond campaigns, as the company looks to incorporate elements of prevention into their products.
- Protection: the essence of insurance is protection – people, livelihoods and assets. MUA has identified the need to close the protection gap – hidden risks are all too often ignored, individuals and businesses are sometimes under-insured. There is a strong motivation to identify new risks and evolving client needs, including cyber-risk and business interruption cover.
- Investment: with over Rs 17 billion under management, MUA also has a responsibility in the investment choices it makes, with a duty to evaluate the impact those choices have on the society, the environment, the sustainability of its portfolio and whether they are aligned with the company’s values and strategic principles. The aim is to incorporate Environmental, Social and Corporate Governance criteria into investment decisions.
MUA enters the Stock Exchange of Mauritius Sustainability Index
MUA is pleased to announce that the group has entered the Stock Exchange of Mauritius Sustainability Index (SEMSI) on 23 February 2021. This is the first tangible milestone in the group’s Strategic Plan, with a strong focus on sustainability and its role as responsible insurer. MUA’s inclusion in the SEMSI was awarded by the Supervisory Committee of the Stock Exchange of Mauritius (SEM), recognising MUA’s broad sustainable approach.
Launched by the SEM in 2015, the SEMSI tracks and assesses locally listed companies against the Global Reporting Initiative Guidelines. Consequently, the SEM has played a leading role in promoting a more sustainable and responsible local equity market and assisting investors to make informed decisions by benchmarking local companies against international ESG criteria and disclosure requirements. The assessment process consists of an in depth questionnaire which assesses companies across four categories (Governance, Social, Environment and Economy) and a sustainability audit.
“MUA is proud to become the first insurance company in Mauritius to have acquired the SEMSI status. The group achieved commendable scoring in each of the four assessed categories, ensuring eligibility into the SEMSI. Our inclusion is a reflection of the concerted efforts the group has made to improve on some key principles of sustainability”, said Bertrand Casteres, Group CEO of MUA. “Our focus has always been on creating value for all stakeholders: clients, community, employees and shareholders. This is aligned with the SEMSI’s objectives to promote and encourage robust processes, environmentally sensitive and sustainable business practices and effective stakeholder engagement.”