Insurance Industry Declares 'ESG Management' "Enhancing Trust Through Consumer-Centered Management"

On the 23rd, the CEOs of the life and non-life insurance industries held an ESG management declaration ceremony to enhance trust in the insurance industry and promote sustainable growth, and announced the insurance industry's ESG management declaration.

[Asia Economy Reporter Oh Hyung-gil] The insurance industry has declared its commitment to practicing ESG (Environmental, Social, and Governance) management that pursues sustainable growth together with consumers, shareholders, and employees.

On the 23rd, the CEOs of the life and non-life insurance sectors held an ESG management declaration ceremony to enhance trust in the insurance industry and promote sustainable growth, announcing the insurance industry's ESG management declaration.

The insurance industry expects that ESG management will not only secure stable investment returns but also serve as an opportunity to increase consumer trust as a responsible company.

First, insurance companies will enhance consumer trust through consumer-centered management across all business areas, including product development and insurance claim payments.

They will also fulfill the insurance industry's fundamental role as a social safety net contributing to solving rapid aging and environmental and social issues, and practice inclusive finance through products and social contribution activities for marginalized groups.

As trustees managing consumers' assets, they will consider ESG factors in asset management and participate in the global financial industry's efforts to reduce greenhouse gas emissions and transition to a low-carbon economy.

They will strive to create a transparent corporate culture through ethical and compliance management, along with spreading eco-friendly practices such as energy saving and paperless initiatives, and fostering trustworthy financial talent.

At the declaration ceremony, Eun Sung-soo, Chairman of the Financial Services Commission, said, "ESG is emerging as a new opportunity for the insurance industry," adding, "We expect the insurance industry to play roles as risk guarantors covering ESG-related risks, promoters of ESG management expansion through ESG investments, and practitioners of ESG management, and we will actively support these through institutional improvements."

Jung Hee-soo, Chairman of the Life Insurance Association, stated, "ESG management, which pursues sustainable management from a long-term perspective, aligns closely with the long-term nature of the insurance industry, and we should work together with the industry to spread the culture of ESG management."

Jung Ji-won, Chairman of the Non-Life Insurance Association, suggested, "The paradigm of corporate management is shifting to the Triple Bottom Line era, which balances social and environmental values, and the insurance industry also needs participation and consistent practice of ESG management."

This content was produced with the assistance of AI translation services.