Ping An Leads Multi-Party Effort to Release Report on Climate Change Adaptation and Disaster Risk Management
Rhea-AI Summary
Ping An Insurance (Group) Company of China, (HKEX: 2318; SSE: 601318) has released a report on Climate Change Adaptation and Disaster Risk Management in collaboration with several institutions. The report addresses the challenges faced by the insurance industry due to climate change and outlines strategies for response.
Key highlights:
- Ping An's green insurance premium income reached RMB37.3 billion in 2023, up 49% YoY
- Green loan balance increased to RMB146.3 billion, up 25.7% YoY
- Green investment of insurance funds amounted to RMB128.6 billion, up 19% YoY
- 100% of insurance fund investments covered by ESG integration requirements
Ping An aims to support China's climate change strategy through the development of green insurance and climate risk insurance products, collaborating with various stakeholders to enhance society's resilience to climate risks.
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In the trading session that priced this news, PNGAY gained 1.75%, reflecting a mild positive market reaction.
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Against the backdrop of long-term climate change, the insurance industry is confronted with substantial challenges arising from the exacerbation of disaster risks. The frequent incidence of catastrophic events implies that insurance companies need to bear greater compensation liabilities and the associated payout pressures. The report outlines the impact and challenges of climate change on the insurance industry and describes how the Chinese and international insurance industries are responding to climate change. It also discusses the innovative measures to improve climate risk resilience and put forwards policy recommendations for climate change response. Furthermore, the report features Ping An's sustainable development practices and experiences in responding to climate change in recent years, to provide a multi-perspective analysis of how the insurance industry can turn climate change challenges into development opportunities.
Richard Sheng, Ping An's Board Secretary and Brand Director, said, "In recent years, extreme weather events have become more frequent around the world, which has endangered the safety of people's lives and their properties and led to massive social and economic losses. We are hoping that this report can help the industry to better respond to the challenges and opportunities brought by climate risks and refine the insurance system. Together, we will write a new chapter of green development, give full play to the functions of insurance as an economic shock absorber and a social stabilizer, and lead
In recent years, climate change risks have had an increasing impact on human society and economic activities and have become a global challenge. The insurance industry, as a stabilizer of the social economy, plays an important role in mitigating and adapting to climate change. Ping An actively promotes the concept of sustainable development through its business activities. As of the end of 2023, Ping An's green insurance premium income amounted to
Going forward, Ping An will strive to exert its influence in the industry in the field of sustainable development. By actively developing relevant insurance products, such as green insurance and climate risk insurance, Ping An will work with the government, insurance industry, public sector, and scientific research institutions to improve the society's ability to respond to the risks of climate change and natural disasters. Ping An will support the implementation of
To access the full report, please click here (only Chinese available).
To access the English summary of the original report, please click here.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services, Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its 234 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in
For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.
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SOURCE Ping An Insurance (Group) Company of China, Ltd.