EVENT: INSURANCE ASIA FORUM
Zurich Malaysia reaches for positive impact in sustainability
The company's 2023-2025 framework aims to drive transformative change and create a positive impact on the planet, people, and customers whilst fostering net-zero initiatives. of “fairness, transparency, and accountability.” Its last pillar is attaining work sustainability. This translates to increased gender diversity within high-rank roles, continued increase of learning hours, a hybrid work set-up, and improved employee satisfaction.
Panel discussion on the future of digitalised and sustainable insurance at the Insurance Asia Forum in Kuala Lumpur
MALAYSIA
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wiss insurer Zurich Malaysia took centre stage at the 2023 Insurance Asia Forum in Kuala Lumpur, spreading the value of sustainability and its positive implications for Malaysians in the years to come. Sharing insights into the company’s enduring commitment to a zerocarbon emissions future at the forum on 24 May was Teresa Wong, Zurich’s Chief Risk Officer covering the General Segment who is also Head of Sustainability Risks. Wong said Zurich has embraced a comprehensive 2023-2025 framework that aims to drive transformative change and create a positive impact on the planet, the people, and the customers. At the core of this framework is a focus on interconnected goals, including achieving net-zero emissions and promoting a positive environmental footprint whilst ensuring the resilience of the planet and society. The company has established three pillars to guide its sustainability efforts. The first pillar revolves around a commitment to a 1.5-degree Celsius future. This entails avoiding involvement in greenfield oil exploration projects, completely
30 INSURANCE ASIA
Zurich gives importance to establishing trust in a digitalised society
Teresa Wong
phasing out coal from its underwriting portfolio, and refraining from engaging in oil and gas drilling and production in the Arctic region. According to Wong, Zurich has been on track to reaching this pillar and has made advancements sooner than expected. “We are hitting 1.5 degrees Celsius [Paris commitment] probably this year or next year,” she said during the panel discussion. Building upon the achievements of the first pillar, Zurich has set additional goals focused on reducing carbon emissions in both investments and operations. As part of this commitment, the company has introduced the Carbon-Neutral Fund and other environmental, social, and governance (ESG) funds tailored to its life clients. Moving to the second pillar, Wong said Zurich gives importance to establishing trust in a digitalised society. The company has made significant progress towards fulfilling its global execution data commitment, approaching full implementation worldwide. Also, Zurich is dedicated to adopting an assurance framework guided by artificial intelligence (AI) that adheres to ethical principles
Targeting the key areas According to Wong, Zurich was able to conceive its framework on sustainability from a materiality assessment in 2022. “We’ve conducted entirely, with all the necessary stakeholders from each business function and drew up the metrics to state where we should look and what the risks were,” the Zurich expert said. The sustainability framework 2023-2025 – implemented across regional offices – is based on the previous three pillars which now focus on customer, planet and people sustainability. The framework to be implemented pivots on achieving net-zero actions or nature-positive outcomes, becoming a global employer with an upskilled inclusive workforce, and collaborating with customers to insure the transition whilst pushing for sustainable living, the Zurich expert said. By recognising the interconnectedness of three core focus areas, Zurich aims to develop innovative underwriting and claims solutions that not only benefit its customers but also contribute to the well-being of people and the planet. Through responsible investment practices, the insurer strives to enhance the positive impact generated by its invested assets. In addition, their strategic community investments, facilitated by the Z Zurich Foundation, are also dedicated to building a brighter future for the most vulnerable members of society. Read the full event coverage at https://insuranceasia.com/
