Insurance Companies "Pursuing Sustainable Growth and Practicing ESG Management"... Eun Seong-su "System Improvement" (Comprehensive)

ESG Management Declaration Ceremony for Enhancing Trust and Sustainable Growth in the Insurance Industry

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, announcing the Insurance Industry ESG Management Declaration. From the back row, left to right: Won Jong-gyu, President of Korean Re; Albert Kim, President of Chubb Life Insurance; Cho Yong-il, President of Hyundai Marine & Fire Insurance; Kim Ki-hwan, CEO of KB Insurance; Kang Sung-soo, President of Hanwha General Insurance; Oh Jun-seok, President of BNP Paribas Cardif Life Insurance; Byun Jae-sang, President of Mirae Asset Life Insurance; Choi Won-jin, CEO of Lotte Insurance; Kim Yong-beom, Vice Chairman of Meritz Fire & Marine Insurance; Heo Jeong-soo, President of KB Life Insurance. From the front row, left to right: Gil Promazo, CEO of AXA General Insurance; Kim Jeong-nam, Vice Chairman of DB Insurance; Choi Young-moo, President of Samsung Fire & Marine Insurance; Ahn Cheol-kyung, President of the Korea Insurance Research Institute; Jung Hee-soo, Chairman of the Life Insurance Association; Eun Sung-soo, Chairman of the Financial Services Commission; Jung Ji-won, Chairman of the General Insurance Association; Jeon Young-mook, President of Samsung Life Insurance; Yeo Seung-joo, President of Hanwha Life Insurance; Yoon Yeol-hyun, President of Kyobo Life Insurance; Kim In-tae, President of NongHyup Life Insurance; Kim Young-man, President of DB Life Insurance.

[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 ensure 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-centric management across all business areas, including product development and insurance claim payments.

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

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 nurturing trustworthy financial talent.

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 I urge the industry to work together to spread the culture of ESG management."

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

Eun Sung-soo, Chairman of the Financial Services Commission, explained, "ESG management is emerging as a new opportunity for the insurance industry. Changes in climate, environment, and social factors are new growth engines for the insurance industry, and due to the business model requiring long-term investment strategies, it is an industry optimized for long-term projects such as the Green New Deal. Pursuing sustainable growth through ESG will enhance trust in the industry and its social evaluation."

The Chairman added, "We will actively invest in ESG-friendly companies and businesses and reflect ESG performance in insurance premium calculations. ESG factors should be incorporated into management principles and evaluations, and short-term performance orientation and corporate governance must also be improved. These roles are both social demands on the insurance industry and new opportunities to increase growth, profitability, and reliability."

The Financial Services Commission promised to steadily establish a core infrastructure ESG disclosure system by 2030 and reflect the industry's efforts in ESG management and investment as incentives in management performance evaluations. It also pledged to continuously communicate with the field to expand ESG and boldly improve various regulations, systems, and practices.

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