In recent years, the world has continued to face various drastic changes. Global pandemic conditions eased in 2023, but there continues to be unceasing challenges from climate and environmental change. Heatwaves, forest fires, floods, heavy rains, and other extreme climate conditions not only affect people’s lives and safety on a large scale, but also have serious impacts on economic activities.
COP28 stated that last year (2023) was the hottest year in history, countries around the world should face climate issues more actively. In addition to reducing carbon emissions, it also continued the topic of "Loss and Damage" and held the "Health Day" for the first time to declare the connection between climate and health.
Faced with these complex environmental, social and governance issues, Cathay Century Insurance works hand in hand with stakeholders to respond to risks in advance and proactively formulate countermeasures to strengthen the resilience of corporate operations and move towards a sustainable future with society.
In order to respond to various sustainability issues, Cathay Century Insurance adopts a comprehensive and corporate perspective. Regarding climate, we actively respond to the COP28 "Loss and Damage" issue. Since 2020, we have established an energy team, led by senior managers to lead multiple departments, incorporated resources to integrate underwriting, loss prevention, reinsurance, and claims services across all insurance types; implement research on energy industries, industry positioning, product development, and talent cultivation; expand support for the development of the green energy industry. The insured amount of offshore wind power insurance has reached 210.76 billion.
In terms of health, we continue to care about the physical and mental health and safety of the public, and plan a diverse series of risk prevention education courses for different age groups. Since 2012, we have held more than 400 publicity activities, reaching more than 29,000 people, and used Zero Accident Academy continues to promote correct traffic safety concepts and has accumulated 2.45 million views.
In terms of training, professional capabilities are enhanced through Certification Village activities and certification awards for new employees. In 2023, our colleagues obtained 44 certifications related to underwriting and claims, and also passed 90 certificate subjects. We also hope to use the group's ESG online courses, internal related education and training, and hold 8 dialogue activities to invite general managers to senior managers to communicate and interact face-to-face with colleagues, and share work and life at close range experience and shape a communication culture of two-way dialogue.
For long-term operation and development, enterprises must formulate a sustainable vision for the future. In the face of the rapidly changing trends in global sustainability and the assessment requirements of the competent authorities (such as sustainable financial assessment, fair hospitality, due diligence, etc.), we hope to become a leader in sustainable development of the property insurance industry.
Since 2017, we have become the first property insurance company in Taiwan to comply with the United Nations' “Principles for Sustainable Insurance (PSI)” on our own. In 2020 and 2021, we acquired the first Carbon Reduction Label certification for insurance policies in the property insurance industry, thus becoming the first and only insurance company to acquire dual label certifications, and was the first company certified by the Ministry of Health and Welfare to promote accident safety risk courses in long-term care institutions.
In order to actively respond to various stakeholders, starting from last year (2023), we have re-created a corporate sustainability section. In response to issues of concern to stakeholders, we have combined the group's sustainability vision and strategic blueprint goals to launch a series of implementation projects and implement regular annual review and publish it in the corporate sustainability section to demonstrate the company's determination to be sustainable.
In a changing environment and turbulent international situation, only unremitting innovation and investment can better meet future challenges. We will continue to demonstrate our determination to promote net zero carbon emissions through climate action and work with the public, drives positive influence internally and externally, and creates value for society!
