Hong Kong insurance industry launches charter to combat climate change

Hong Kong insurance industry launches charter to combat climate change | Insurance Business Asia

Environmental

Hong Kong insurance industry launches charter to combat climate change

Member companies collectively hold around 80% of industry’s market share

Environmental

By
Roxanne Libatique

The Hong Kong Federation of Insurers (HKFI) has introduced the Insurance Industry Climate Charter during a special event that combined its official launch with a forum for sharing knowledge.

This effort – introduced on Feb. 29 – represents Hong Kong’s inaugural Climate Charter initiated by an insurance industry body, with 33 member companies, which collectively hold around 80% of the industry’s market share, signing up as the first participants.

The role of Climate Charter

The development of the Climate Charter signifies a unified move by the insurance sector towards addressing the urgent issue of climate change. This was previously highlighted by HKSAR chief executive John Lee at the Asian Insurance Forum in December, underscoring the industry’s dedication to environmental sustainability.

Eric Hui, who leads the HKFI’s Task Force on Green Insurance, pointed out the critical role of the Climate Charter in the industry’s fight against climate change.

“This achievement represents a crucial milestone, underscoring the proactive approach our industry

is taking to combat climate change,” he said. “The undeniable and catastrophic impacts of extreme weather on our city, coupled with the escalating levels of risk we all confront, demand immediate action.

“We express our sincere gratitude to our member companies for their commendable endeavours and unwavering dedication to forging a more sustainable future. We also extend our appreciation to the Insurance Authority for their continuous support of our Climate Charter.”

The initiative was part of the Hong Kong Green Week, organised by the HKSAR government, aiming to foster dialogue on sustainability across the territory. The event also included two panel discussions after the ceremony, where experts from different sectors shared their insights on sustainable investment and managing risks associated with extreme weather, offering a range of perspectives on these pressing matters.