We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions. by implementing the Principles for Responsible Investment) Integrate ESG issues into investment decision-making and ownership practices (e.g.Make sure product and service coverage, benefits and costs are relevant and clearly explained and understood.Educate sales and marketing staff on ESG issues relevant to products and services and integrate key messages responsibly into strategies and campaigns.Integrate ESG issues into repairs, replacements and other claims services.Respond to clients quickly, fairly, sensitively and transparently at all times and make sure claims processes are clearly explained and understood.Develop or support literacy programmes on risk, insurance and ESG issues.Develop products and services which reduce risk, have a positive impact on ESG issues and encourage better risk management.Integrate ESG issues into risk management, underwriting and capital adequacy decision‑making processes, including research, models, analytics, tools and metrics.Establish processes to identify and assess ESG issues inherent in the portfolio and be aware of potential ESG-related consequences of the company’s transactions.Integrate ESG issues into recruitment, training and employee engagement programmes.Dialogue with company owners on the relevance of ESG issues to company strategy.Establish a company strategy at the Board and executive management levels to identify, assess, manage and monitor ESG issues in business operations.We will embed in our decision-making environmental, social and governance issues relevant to our insurance business. To realise this aim, we will use our intellectual, operational and capital capacities to implement the Principles for Sustainable Insurance (the ‘Principles’) across our spheres of influence, subject to applicable laws, rules and regulations and duties owed to shareholders and policyholders. Therefore, it is our aspiration to build on the foundation the insurance industry has laid in supporting a sustainable society.The future we want is a society in which people are aligned and incentivised to adopt sustainable practices. However, many ESG issues are too big and complex and need widespread action across society, innovation and long-term solutions. We believe that better management of ESG issues will strengthen the insurance industry’s contribution to building a resilient, inclusive and sustainable society. Accordingly, we believe it is prudent for the insurance industry to adjust the range of risk factors considered in managing its business.ESG issues are increasingly influencing traditional risk factors and can have a significant impact on the industry’s viability.Therefore, a resilient insurance industry depends on holistic and far-sighted risk management in which ESG issues are considered.Īs risk managers, risk carriers and investors, the insurance industry has a vital interest and plays an important role in fostering sustainable economic and social development. This changing risk landscape is leading to diverse, interconnected and complex risks, and presents new opportunities. Our world is facing increasing environmental, social and governance (ESG) challenges. This responsibility includes working with our clients and business partners to understand and manage risks that are or can be material to the insurance business. The insurance industry has the responsibility of providing quality and reliable products and services. Sustainable insurance aims to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability. Sustainable insurance is a strategic approach where all activities in the insurance value chain, including interactions with stakeholders, are done in a responsible and forward-looking way by identifying, assessing, managing and monitoring risks and opportunities associated with environmental, social and governance issues.
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