The role of insurance industry in addressing climate change prominently in the Pioneer Sustainability Talk
Pioneer Insurance invited Butch Bacani, its former head of reinsurance and UNEP insurance, to engage in an engagement discussion with company officials and employees about the role of insurers in addressing climate change.
Mr. Bakani stressed that sustainability should not only be a goal, but a way to do business, emphasizing how insurers can drive resilience, reduce risks and transition to a net zero economy, in which case any released greenhouse gas can be balanced by eliminating the same amount from the atmosphere.
Mr. Bakani shared his knowledge from his global work, highlighting the growing role of insurance companies in climate summits such as COP29. He stressed the need to go beyond loss assessment and invest in risk prevention, climate adaptation and sustainable claims management.
“Most insurance companies know how to support communities to withstand the impacts of climate change. However, many insurers are under-represented in helping reduce emissions,” Bakani said.
He also discussed a forum to ensure the transition to net zero (FIT), a global initiative that helps insurers integrate sustainability, urge audiences to interact with corporate customers about carbonization programs, and explore supporting insurance solutions.
Mr. Bakani started his career as a management cadet at Pioneer Insurance and became head of reinsurance from 1999 to 2006. He later joined the United Nations Sustainable Insurance Principles (UN PSI) and is currently the insurance leader for the United Nations Environmental Program (UNEP).
He leads the UN PSI initiative to promote the inclusion of sustainability into the global insurance industry and supports the development of more inclusive communities and economies. Since 2006, he has also chaired the United Nations forum on the Transition to Net Zero (FIT).
In response, Pioneer Group head Lorenzo Chan, Jr. Encourage pioneer leaders to be one of the early sustainable adopters of the industry. He acknowledged the challenges of change, saying, “I think there is a lot of resistance to anything related to change, whether it’s good or gradual change. My point is simple – we do the right thing, and that’s how we move forward.”
Mr. Bakani concluded his speech, calling for intergenerational rights and challenging attendees to keep the next generation in mind in their pursuit of sustainability. “If we really care about our children, we have to act,” he urged, followed by a fascinating Q&A with pioneer officials and staff.
Over the past few years, pioneers have been integrating sustainability and climate resilience in their operations and products. Among various initiatives, such as its LEED certified property, micro-insurance work, etc. By learning from experts like Butch Bacani, pioneers reiterate their commitment to a forward-looking approach to sustainability.
Can be https://pioneer.com.ph/sustainability.
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