MAAGAP Insurance Inc. has become the first non-life insurance company in the Philippines to sign the United Nations Environment Programme Finance Initiative’s (UNEP FI) Principles for Sustainable Insurance (PSI).
The signing, which occurred on Nov. 26, 2024, underscores MAAGAP’s commitment to integrating environmental, social, and governance (ESG) factors into its operations, the company said in a statement.
By joining the PSI, MAAGAP aligns itself with a global network of insurers focused on addressing 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 company said.
The UNEP FI’s PSI framework provides a benchmark for insurers to incorporate ESG factors into their decision-making processes. The principles include embedding ESG issues into business decisions, working with clients and partners to raise ESG awareness, managing risk and developing solutions, collaborating with stakeholders to promote widespread action, and demonstrating accountability and transparency through public disclosure.