AIO President and IFE Chairman Alaa El-Zoheiry Highlights Insurance’s Strategic Role in Climate Finance at Istanbul Pre-COP31 Dialogue

Mr. Alaa El-Zoheiry, President of the African Insurance Organisation (AIO) and Chairman of the Insurance Federation of Egypt (IFE), participated on 4 September 2026 in the GICFA Istanbul Dialogue – Pre-COP31: “Mobilising Islamic Finance for COP31 Implementation”, held at the Istanbul Financial Center, Türkiye, under the patronage of the Presidency of the Republic of Türkiye through the Investment and Finance Office.

The high-level strategic dialogue, moderated by GICFA Founding Convenors Dr. Mohamed Anouar Gadhoum and Dr. Moutaz Abojeib, brought together distinguished leaders and senior representatives from international and regional institutions across Islamic finance, climate finance, development finance, investment, insurance and sustainable finance. The dialogue featured the participation of H.E. Dr. Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda, alongside senior representatives from the Islamic Financial Services Board (IFSB), AAOIFI, Green Climate Fund (GCF), Islamic Development Bank (IsDB), UNDP, Development and Investment Bank of Türkiye and other leading institutions. With COP31 approaching in Antalya in November 2026, the Dialogue focused on translating climate-finance ambition into practical implementation, strategic partnerships and capital mobilisation, while advancing the institutional development of the emerging Global Islamic Climate Finance Alliance (GICFA) towards its anticipated launch at COP31.

Insurance as Part of the Investment Architecture

Representing the African insurance industry, Mr. El-Zoheiry highlighted the need for a fundamental shift in how insurance, reinsurance and Takaful are integrated into climate investment.

His key message was that insurance and Takaful should be considered as part of the investment architecture from the beginning not simply as protection purchased after an investment has been made.

He highlighted the ability of insurance and reinsurance to transfer climate, construction, operational and political risks, protect assets and cash flows, strengthen project bankability and enhance investor and lender confidence.

He also highlighted the significant climate-investment gap facing Africa and the opportunity to mobilise greater institutional capital from within the continent, while making greater use of innovative risk-transfer mechanisms, including Insurance-Linked Securities (ILS).

The approach can be summarised in three steps:

Assess the Climate Risk → Invest in Resilience → Transfer the Residual Risk.

This perspective positions insurance, reinsurance and Takaful not only as mechanisms for compensating losses, but as enablers of investment, resilience and sustainable development.

Building on Established Climate Engagement

The participation of AIO and IFE in the climate agenda builds on longstanding efforts to position insurance, reinsurance and Takaful as risk carriers, risk-management partners and institutional investors supporting climate resilience and sustainable development. IFE has been particularly active in Egypt through specialised events, workshops, publications and initiatives. At COP27 in Sharm El-Sheikh, IFE participated in the Green & Blue Zones and organised workshops on risk mitigation for sustainable transportation, while also contributing to discussions on climate risks to critical infrastructure and advancing the concept of a Natural Catastrophe Insurance Pool. AIO has continued to promote the role of African insurance and reinsurance in climate-risk assessment, adaptation, risk transfer, capital mobilisation and investment. The Istanbul Dialogue therefore represents a continuation of this engagement, reinforcing the shared ambition of bringing insurance, reinsurance and Takaful into climate investment structures and helping turn Africa’s climate priorities into bankable, resilient and investable projects.