MAAGAP Insurance Inc. achieved another significant milestone, in its continued operations in the Philippines, by being the country’s first non-life insurance company to sign the Principles for Sustainable Insurance (PSI) of the United Nations. This milestone underscores MAAGAP’s commitment to integrating environmental, social, and governance (ESG) factors into its operations, reinforcing its role as a leader in responsible and sustainable insurance in the country.
By signing the PSI on November 26, 2024, MAAGAP joins an esteemed network of global and regional insurers taking proactive steps to address 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 United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between the United Nations and the global financial sector, working to promote sustainable finance. A major framework, the Principles of Sustainable Insurance (PSI), stands as the foremost global sustainability benchmark for the insurance sectors, assisting insurers in incorporating ESG factors into their decision-making processes. The PSI is founded on four fundamental principles: embed in decision making environmental, social and governance issues relevant to the insurance business; work together with the clients and business partners to raise awareness of the ESG issues; manage risk and develop solutions, work together with the governments, regulatory and other key stakeholders to promote widespread action across society ESG issues; and demonstrate accountability and transparency in regularly disclosing publicly the progress in implementing the principles.
MAAGAP’s adoption of these principles marks a bold step forward in aligning its business with global sustainability standards while addressing the unique risks facing Filipino communities. As one of the most climate-vulnerable nations, the Philippines faces an average of 20 typhoons per year, alongside earthquakes, floods, and rising sea levels. Acknowledging insurance as an essential mechanism for reducing risk, ensuring financial stability, and preparing for disasters, MAAGAP is dedicated to fostering innovation and resilience throughout the industry.
“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,” stated Martin Dela Rosa, President/CEO of MAAGAP “This is a significant moment not just for MAAGAP but for the entire Philippine insurance industry.”
In line with its sustainability plan, MAAGAP commits to incorporating ESG factors into the decision-making process throughout all its business divisions. The firm is dedicated to improving climate resilience by creating groundbreaking insurance solutions aimed at natural disasters and severe weather threats. It is also emphasizing transparency and accountability by aligning its disclosure with global ESG standards and actively working with industry leaders to advance responsible insurance practices.
MAAGAP INSURANCE INC. is a non-life insurance corporation licensed and registered under the laws of the Republic of the Philippines. MAAGAP started its operations in 2001 and has progressed in time providing comprehensive non-life insurance products on the lines of motor, property, casualty, engineering, marine, personal accident, bonds and surety as well as claims services.
With this commitment, MAAGAP joins other leading insurers across Southeast Asia, the Middle East, and beyond who have embraced sustainable insurance principles as a business imperative. This reinforces MAAGAP’s dedication to supporting national and global climate goals, ensuring that insurance is not just a financial safety net, but a driving force for long-term resilience and progress.
