The Thai General Insurance Association (TGIA) will soon publish a manual containing ESG guidelines to promote sustainable business practices among general insurers.
TGIA President Somporn Suebthawilkul said that promoting sustainability is in line with the 4th Insurance Development Plan for the years 2021–2025. According to Dr Suebthawilkul, it covered ESG issues and was released by the Office of Insurance Commission (OIC). Thus, the association has set out a vision, strategy and operational plan for ESG.
The non-life insurance business is a sector that must face rapid and unpredictable changes in the insurance ecosystem. Rapidly developing technology, rapidly changing consumer behaviour and expectations, climate change causing more severe natural disasters and the emergence of new risks that are difficult to manage, create challenges for businesses to grow sustainably.
The TGIA, together with academics and the Insurance Company Risk Management Club, has studied and pushed for the development of ESG guidelines to maintain holistic risk management and good corporate governance, and take into account all stakeholders over the long term.