Sustainability developments in QIC
- In order to achieve set out ESG objective, QIC has established a governance structure that sets the tone from the top. A dedicated line of function for ESG has been launched that will have a reporting structure to the Group CEO for which an ESG Committee within the ambit of Management Committee has been set up.
- QIC Group has developed an ESG framework outlining mechanisms to achieve ESG goals. The business segments have signed off on the ESG agenda and are geared to work as one integrated unit together to achieve this common goal. QIC has also assessed the ESG risks that may exist across the organization in different lines of businesses and functions and set a target to eliminate, diversify or mitigate those risks that will help build resilient foundation for QIC Group to enjoy a sustainable future
- QIC lays down performance targets and metrics via which it will pursue, monitor and evaluate its performance on the ESG front. QIC considers the global standards for sustainability performance and reporting like UN Sustainable Development Goals, UNEP Principle for Sustainable Insurance, UNEP Principle for responsible investment, GRI Standards (Global Responsibility Index), MSCI ESG Ratings, TCFD (Task Force for Climate Related Financial Disclosure) so that our performance can be measured and compared at the global level.
- ESG integrated into its core strategy and operating models covering insurance underwriting, investments and operations & support functions will help the business to achieve its long-term ESG objectives.
- ESG risks will be evaluated, and the plan will be in place to address those risks at an acceptable level.
- The key ESG Issues will be identified and addressed across the organization. An ESG Support structure has been established that are consisting of governance structure, policies, standards, SOPs, manuals, committed resources and funds and the incentivized business targets will facilitate the achievement of our ESG goals.
- Plans are also put in motion to achieve ESG rating as early as possible.
- QIC aims to be a responsible insurer and a responsible investor and will work closely with all the stake holders including customers to achieve this