Maagap Insurance Pioneers Sustainable Practices in the Philippines
Maagap Insurance Inc. has become the first non-life insurance provider in the Philippines to adopt the Principles for Sustainable Insurance (PSI) set forth by the United Nations Environment Programme Finance Initiative (UNEP FI). This move underscores the company’s commitment to incorporating environmental, social, and governance (ESG) considerations into every facet of its operations.
“By integrating sustainability into our business practices, we are establishing a new standard for responsible insurance,” stated Martin Dela Rosa, the President and CEO of Maagap Insurance Inc. “This approach directly addresses the specific challenges faced by Filipino communities, particularly concerning climate resilience and providing equitable access to insurance services. This is a pivotal moment not just for Maagap, but for the entire insurance sector in the Philippines.”
Established in 2001, Maagap Insurance Inc. offers a wide range of non-life insurance products, catering to diverse needs including motor vehicle, property, casualty, marine, personal accident, and surety coverage.
The company solidified its commitment to sustainable insurance practices on November 26, 2024, through the signing of the PSI. This action places Maagap within a worldwide network of insurers dedicated to addressing critical issues like climate risks, enhancing disaster resilience, and promoting financial inclusion.
The PSI provides a comprehensive framework, guiding insurers in the integration of ESG factors into their decision-making processes. Key principles include embedding ESG concerns within business strategies, fostering collaboration among stakeholders to boost awareness, developing innovative solutions to address sustainability challenges, and ensuring transparency in reporting progress.
Given the Philippines’ exposure to an average of 20 typhoons annually, alongside other climate-related threats such as rising sea levels and seismic events, Maagap recognizes the crucial part insurance plays in mitigating risks and reinforcing financial stability. The company aims to strengthen its insurance solutions to effectively address the impacts of natural disasters and extreme weather phenomena. In addition, Maagap Insurance plans to align its sustainability reporting with international ESG standards and collaborate with industry leaders to promote sustainable insurance practices throughout the sector.
