Maagap Insurance Inc. achieved another significant milestone, in its continued operations in the Philippines, by being the country’s first non-life insurance company to sign the Principles for Sustainable Insurance (PSI) of the United Nations. This milestone underscores Maagap’s commitment to integrating environmental, social, and governance (ESG) factors into its operations, reinforcing its role as a leader in responsible and sustainable insurance in the country.
By signing the PSI on November 26, 2024, Maagap joins an esteemed network of global and regional insurers taking proactive steps to address climate risk, disaster resilience, and financial inclusion. As the insurance industry plays a critical role in helping economies adapt to climate change, emerging risks, and sustainability challenges, this commitment reinforces Maagap’s role in shaping a more resilient and forward-thinking Philippine insurance sector.
The United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between the United Nations and the global financial sector, working to promote sustainable finance.
A major framework, the Principles of Sustainable Insurance (PSI), stands as the foremost global sustainability benchmark for the insurance sectors, assisting insurers in incorporating ESG factors into their decision-making processes. The PSI is founded on four fundamental principles: embed in decision making environmental, social and governance issues relevant to the insurance business; work together with the clients and business partners to raise awareness of the ESG issues; manage risk and develop solutions, work together with the governments, regulatory and other key stakeholders to promote widespread action across society ESG issues; and demonstrate accountability and transparency in regularly disclosing publicly the progress in implementing the principles.
Maagap’s adoption of these principles marks a bold step forward in aligning its business with global sustainability standards while addressing the unique risks facing Filipino communities. As one of the most climate-vulnerable nations, the Philippines faces an average of 20 typhoons per year, alongside earthquakes, floods, and rising sea levels. Acknowledging insurance as an essential mechanism for reducing risk, ensuring financial stability, and preparing for disasters, MAAGAP is dedicated to fostering innovation and resilience throughout the industry.
