The Insurance and Pension Commission (IPEC) plans to issue a sustainability guideline for insurers and pension funds in 2025,a move that it says will be a strategic milestone for next year.
Organisations covered in a survey in the Asia Pacific region are still in the early stages of integrating sustainability into their core business operations, with only 21% having a truly strategic approach to sustainability, according to a white paper released by IBM, in collaboration with research and advisory company Ecosystm.
The State Council, which is China's Cabinet, issued guidelines titled "Opinion on Accelerating the Comprehensive Green Transformation of Economic and Social Development" on 11 August.
The green insurance premium income of Ping An Insurance (Group) Company of China amounted to CNY37.3bn ($5.2bn) for the 2023 financial year, nearly 49% higher than in 2022.
The attitudes of high-net-worth individuals (HNWI) have changed over the past few years, driven by economic and social changes, with many of the younger generation putting an increased focus on ESG and sustainable investing. Asia Insurance Review spoke to Transamerica Life Bermuda's Jeremy Young on how the market has changed and how it has affected their business.
Increased risk from Nat CAT, as triggered by climate change, is set to complicate "an already intricate business risk landscape", according to WTW's Natural Catastrophe Review: Expert insights, lessons learned and outlook, published earlier in July.
Manulife has appointed Ms Bonnie Qiu as chief distribution officer, Asia, effective 19 August 2024 and Mr Rishi Srivastava as chief agency officer, Asia, also effective 19 August 2024. Both appointments are to Manulife's Asia distribution team.
AIA has announced a new agreement with BlackRock and BNY, as it looks to transforms its investment platform, to support the group's long-term investment programme.
"Over 70% of APAC insurers have already integrated ESG principles into their business models and policies or are doing so," said Income Insurance vice president and head of strategic communications and sustainability Shannen Fong.
The Insurance Federation of Egypt (IFE) and the Financial Regulatory Authority (FRA) are collaborating through the Sustainable Insurance Roadmap Committee to develop a sustainable insurance strategy for the Egyptian insurance market.