The Hong Kong Federation of Insurers (HKFI) officially rolled out the Insurance Industry Climate Charter (Climate Charter) at its Launching Ceremony and Knowledge Sharing Forum held yesterday (29 February 2024).

The Climate Charter developed by the HKFI is a groundbreaking initiative that marks the first-ever Climate Charter led by an insurance association in Hong Kong. We are thrilled to have 33 companies, representing approximately 80% of the market share joining as the inaugural signatories for the Climate Charter.

As aptly pointed out by the HKSAR Chief Executive Mr John Lee in his remarks at the Asian Insurance Forum held last December, this Climate Charter shows a united commitment to responding to the climate crisis.

“This achievement represents a crucial milestone, underscoring the proactive approach our industry is taking to combat climate change," emphasized Mr Eric Hui, Chairman of Task Force on Green Insurance of HKFI, "The undeniable and catastrophic impacts of extreme weather on our city, coupled with the escalating levels of risk we all confront, demand immediate action. We express our sincere gratitude to our Member Companies for their commendable endeavors and unwavering dedication to forging a more sustainable future. We also extend our appreciation to the Insurance Authority for their continuous support of our Climate Charter.”

As part of the Hong Kong Green Week organized by HKSAR Government, this event also provided a platform for ideas exchanges regarding the sustainability across the territory.  Following the launching ceremony, two panel discussions were held with experts from various sectors to discuss and express views in sustainable investment and risk management under extreme weather from different perspectives.

About HKFI

Established on 8 August 1988, the Hong Kong Federation of Insurers (HKFI) was the representative body of insurance industry to advance and promote the development of the insurance business in Hong Kong. We are also a supporting institution of the global agenda of Principles for Sustainable Insurance (PSI) at the United Nations Environment Programme for the betterment of the society.

About the Climate Charter

The Climate Charter encompasses a comprehensive range of climate principles and objectives that are specifically tailored to the local insurance sector, setting clear expectations for signatories to adhere to. It introduces actionable goals within different sections of the charter, including Business Operations & Governance, Investments, Claims Management, Products & Underwriting, Societal Engagement, Reporting & Disclosures, and more. This meticulous design ensures that the Climate Charter is applicable to insurers of varying business natures and complexities. It is not an alliance with predefined business targets but rather an instrument for the insurance industry to foster free and transparent market operations. For details of the Climate Charter, please visit its website at https://www.climatecharter.hkfi.org.hk/.

About the Logo of Insurance Industry Climate Charter

The logo represents three components: the HKFI, the Climate Charter, and a sapling. Each component bears significant symbolism, coming together to represent our collective commitment in tackling climate change and showcasing the united efforts of HKFI Members.

About the Souvenir

The wood used in the souvenir was upcycled from collected red wine wooden boxes. Persons with Disabilities (PWDs) are a part of the production team. They assisted in tasks such as dispatching and polishing the wooden boxes, ensuring the quality of the products.