Etiqa, first local insurer to sign on to UN Principles for Sustainable Insurance

Etiqa International Holdings chairman Datuk R. Karunakaran

KUALA LUMPUR: Etiqa has become the first insurer in Malaysia to sign on to the United Nations’ Principles for Sustainable Insurance (UN PSI) under the UN Environment Programme Finance Initiative (UNEP FI).

In a statement, the insurer said it would incorporate the four principles for sustainable insurance as presented by the UN in its business strategy.

Etiqa said it would embed in its decision-making environmental, social and governance (ESG) issues relevant to its business.

“Etiqa will work together with its clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.

“Etiqa will work together with governments, regulators and other key stakeholders to promote widespread action across society on ESG issues,” it said, adding that it would also demonstrate accountability and transparency in regularly disclosing publicly their progress in implementing the principles.

Etiqa International Holdings chairman Datuk R. Karunakaran said: “Our Vision to ‘Make the World a Better Place’ supports the very essence of the good that we can bring to the industry and the Global community at large.

“We believe that for every action that we take, its impact will resonate far and wide in the world of Sustainability. We look forward in joining other sector leaders in playing our role in leaving a legacy worthy for our future generations.”

Meanwhile, Etiqa Insurance and Takaful group chief executive officer Kamaludin Ahmad said in 2019, Etiqa responded to the call by Bank Negara for companies to adopt value based intermediation (VBI), which is the Islamic equivalent of ESG.

“Since then, we have implemented sustainable practices and embraced our position in balancing the equation between people, planet & profit, in the way that we carry out our insurance & takaful business.

“Our four-year journey between 2019 to 2022 saw us establishing our sustainability governance, spreading Sustainability awareness, tracking our Sustainability baselines, and moving towards external facing Sustainable initiatives.

“We are honoured now to be able to declare to the global community that we are ready to disclose our progress in sustainability transparently, according to the 4 Principles of PSI in line with our vision of ‘Making the World a Better Place,” he added.

The UNEP FI is a partnership between the United Nations Environment Programme and the global financial sector to mobilise private sector finance to help create a financial sector that serves people and planet while delivering positive impact.

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