ASEAN: Insurers incorporate climate-related measures in their operations
Source: Asia Insurance Review | Jan 2023
Most ASEAN insurers already have taken strategic steps to incorporate the Paris accord – an international treaty on climate change – or ESG into their operations. However, a general taxonomy to classify assets and liabilities according to a clear ranking is still being developed in most markets.
These points are made in the 6th edition of the “ASEAN Insurance Pulse 2022” at the 48th ASEAN Insurance Council Meeting in Bangkok that started on 6 December and ends today. This year’s edition focuses on the decarbonisation of ASEAN economies and its implications for the insurance industry.
All ASEAN countries are signatories to the Paris Agreement and have committed to reducing their CO2 emissions to limit the rise of the global temperature to 1.5 Celsius above pre-industrial levels. Most ASEAN countries have announced that they will reduce their greenhouse gas emissions by 20% to 70% by 2030 compared to the business-as-usual scenario.
The findings of the report, published by Malaysian Re and Zurich-based Faber Consulting, are based on structured interviews with executives representing 24 regional and international (re)insurance companies, intermediaries, policymakers and trade associations. The interviews were conducted from July to October 2022. A