Insurtech industry strategizes to address environmental challenges

The conference addresses urgent environmental issues and risk management strategies.

THE roundtable discussion "Ensuring Your Future: Protecting the Planet, Premises, and People" provided insurance technology (insurtech) leaders a vital platform for rigorous deliberation on pressing environmental challenges and developing strategies for effective risk management. Representatives from diverse sectors advanced initiatives crucial for safeguarding the environment, premises and communities.

Cielo Canta, country president of Chubb, emphasized the imperative need for legislative support to address environmental risks comprehensively. Revisiting and expanding existing legislation had to encompass a broader spectrum of industries, including small and medium enterprises (SMEs). Advocacy efforts had to garner support for expanded legislation and environmental protection measures.

Discussions delved into mitigating risks such as pollution vents affecting extensive properties, groundwater contamination and health hazards facing various worker demographics. Additionally, attention was drawn to the perils associated with the disposal of computer hardware, posing threats to educational institutions, properties and condominiums. Environmental protection measures had to be more accessible and affordable, and the pivotal role of insurance in risk mitigation strategies had to be explored.

Oliver James McCaughly, head of Environmental Risk Portfolio of Asia, Chubb, emphasized the importance of advocacy and consensus-building for developing insurance programs, acknowledging the societal benefits of comprehensive coverage. Viviene Villena, head of Broking, Chubb, highlighted the need for an educational campaign to democratize insurance access through technology and digitalization. Amor Maclang, convenor of Digital Pilipinas, stressed the importance of driving meaningful change through investments and collaborative action.

To tackle environmental risks, a push to broaden existing legislation to include SMEs was proposed, ensuring comprehensive protection across sectors. Collaborative efforts with the government were proposed to advocate for expanded environmental protection measures. Insurers committed to developing and promoting tailored environmental risk insurance products, such as Premises Pollution Liability policies, catering to diverse industries, including SMEs. Recognizing the crucial role of education and awareness, there were calls for intensified campaigns targeting both businesses and individuals to promote environmental protection and risk mitigation.

Leveraging technology, particularly proptech (property technology), was highlighted as essential for enhancing the tracking and management of environmental risks.

The discussion concluded with a call for concerted efforts from all stakeholders to safeguard the environment and communities, recognizing the interconnectedness of environmental protection, business resilience and community well-being.