Sustainability

Driving Positive Change for Business and Society

Latest Update

An Inspiring SOLAR Energy Tour

In partnership with CarbonCare InnoLab (CCIL), Peak Re employees and their families joined students with special educational needs (SEN) from Mary Rose School on an inspiring solar energy tour on 17 May 2024.

Our day was filled with experiential learning sessions on renewable energy, interactive climate change games, and sharing with SEN students. This event not only deepened participants’ understanding of sustainable energy solutions but also demonstrated our commitment to fostering more diverse and inclusive communities.

Peak Re - Sustainability - Solar Energy Tour

Our Approach

Integration of ESG across Our Operations

Since Peak Re’s establishment in 2012, we have embedded the Sustainability Framework of the International Finance Corporation (IFC) into our risk management practices and operations. The framework underpins our commitment to support societies and close protection gaps while informing our strategic approach to risk management and value creation more generally.

ESG Governance and Framework

Sustainability Framework

Peak Re’s “Three Lines of Defence” model effectively mitigates and prevents potential risks arising from daily business operations by encompassing all major decision-making processes, including sustainability practices. Our ESG vision and policies also strictly adhere to compliance and corporate governance models.

ESG Training

Capacity building is critical to integrating ESG across our business. Sustainable business development should go beyond compliance and we embrace that concept to better meet environmental challenges and satisfy client demand for sustainable products and services. For instance, starting in 2023, we added “Diversity, Equality, and Inclusion” as a mandatory compliance e-learning module.

Diversity and Inclusion

Diversity and inclusion policies can be significant sources of corporate strength in decision making and we take pride in the diversity of our global operations. Our Code of Conduct prohibits discrimination on any grounds and we follow all discrimination laws and regualtions in the jurisdictions where we operate. We expect all employees to respect individual dignity, privacy, and personal rights with zero tolerance for any form of discrimination or harassment.

Dealing Fairly with Complaints

We are committed to fair and open dealings with staff, clients and business partners and have well-established policies and procedures, including a robust whistle-blowing policy for employees, to handle and resolve complaints.

Our Actions

ESG Screening

We conduct ESG screening on underwritig and investment portfolios to limit exposure to companies, sectors and risk factors that conflict with our sustainability goals. The screening list is regularly reviewed and updated. Starting in 2023, we further enhanced exclusions to better align ESG risk in our underwriting processes. Business transactions must comply with not only legal and regulatory requirements but also ethical and moral standards that respect human rights and support sustainable and environmentally friendly development.

ESG in Insurance

Reinsurance can be a tool for narrowing protection gaps and supporting sustainable development. As part of our core corporate mission, we work with clients and local governments to design protection products that reinforce sustainable development across Emerging Asia and beyond. Examples include critical illness coverage for children with autism, reinsurance of renewable energy production, enhance food safety through agricultural (re)insurance.

Responding to climate change

We constantly review our risk appetite in line with modelling developments to account for the impacts of climate change on our underwriting business. We also consider relevant emerging opportunities as we set the direction for our investments and develop new risk products. We are committed to developing innovative, market-relevant insurance solutions that can help expand our business and close protection gaps in Emerging Asia, which is among the fastest-growing insurance markets globally.

Supporting inclusive growth

Commitment to “Just Transition” aligns with our founding mission to modernise reinsurance while supporting the needs of emerging middle classes. This approach informs how we think about ESG integration across our operations, including our latest underwriting exclusions for coal-fired power plants that allow for exemptions in communities with low electrification rates.

Engagement activities

We actively communicate and engage with governments, regulators, academia, research institutions and other stakeholders on the development of sustainable investment and (re)insurance policies.