ASEAN insurers to play a key role in decarbonizing the region's economy
Malaysian Re together with Faber Consulting launched the 6th edition of the ASEAN Insurance Pulse 2022 at the 48th ASEAN Insurance Council Meeting, held in Bangkok, from 6 to 9 December. This year's edition focuses on the decarbonization of ASEAN economies and its implications for the insurance industry.
The ASEAN Insurance Pulse 2022 highlights the contribution of the region’s insurers to climate adaptation and resilience building. The industry plays a prominent role in promoting climate action, ranging from its own asset management and underwriting to supporting clean technologies and changes in its own operations. Reflecting on the different activities and stages that the ASEAN insurers assume to contribute to the transformation of their economies, the ASEAN Insurance Pulse surveyed the region’s risk carriers and intermediates on the relevance of the Paris accord, how the decarbonization of the ASEAN economies shapes their strategies and operations and how they measure and disclose their progress.
ASEAN insurers are well aware of the Paris accord. The region has experienced a steady increase in losses resulting from climate change. Most ASEAN insurers already have taken strategic steps to incorporate the Paris accord or ESG into their operations. However, a general taxonomy how to classify assets and liability according to a clear ranking is still being developed in most markets. Regulators in ASEAN countries play an important role in integrating ESG or decarbonization objectives into insurers' operations and reporting.
Click here to access the research.
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