Maagap Insurance Inc. has become the first non-life insurance company in the Philippines to sign the Principles for Sustainable Insurance (PSI) of the United Nations Environment Programme Finance Initiative (UNEP FI). The commitment reinforces the company’s focus on integrating environmental, social, and governance (ESG) factors into its operations.
“By incorporating sustainability into our business practices, we are setting a benchmark for responsible insurance that addresses the unique challenges faced by Filipino communities, from climate resilience to equitable access to insurance services,” said Martin Dela Rosa, president and CEO of Maagap Insurance Inc. “This is a significant moment not just for Maagap but for the entire Philippine insurance industry.”
Founded in 2001, Maagap Insurance Inc. offers a range of non-life insurance products, including motor, property, casualty, marine, personal accident, and surety. By signing the PSI on Nov. 26, 2024, the company joins a global network of insurers working to address climate risks, disaster resilience, and financial inclusion.
The PSI provides a framework for insurers to integrate ESG considerations into decision-making. The principles focus on embedding ESG issues into business strategies, collaborating with stakeholders to raise awareness, developing solutions for sustainability challenges, and ensuring transparency in reporting progress.
The Philippines faces an average of 20 typhoons annually, along with other climate risks such as rising sea levels and earthquakes. Recognizing the role of insurance in reducing risks and promoting financial stability, Maagap aims to develop insurance solutions that address natural disasters and extreme weather threats.
Maagap Insurance also plans to align its disclosures with global ESG standards and collaborate with industry leaders to advance sustainable insurance practices.