Etiqa Malaysia first insurer to sign UN Principles for Sustainable Insurance

The insurance and takaful provider will integrate the four Principles for Sustainable Insurance in its business strategy.

The Malaysian insurance provider, Etiqa, said it commits its business toward sustainability.

In a recent announcement, the insurer said it has signed to become part of the United Nations’ Principle for Sustainable Insurance (UN PSI) under the United Nations Environment Programme Finance Initiative (UNEP FI).

“In 2019, Etiqa responded to the call by Bank Negara Malaysia 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,” Kamaludin Ahmad, Group Chief Executive Officer of Etiqa Insurance and Takaful said.

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This initiative aims to direct financial institutions in the private sector into serving both people and the planet.

Started in 2012, the programme developed four key Principles for Sustainable Insurance (PSI) to serve as a roadmap for risk management and solutions.

The UNEP FI works with above 400 banks, insurers and investors and is supported by more than 100 institutions. Presently, the PSI already has 135 insurance companies sign the commitment toward sustainability.