TAKAFUL EMARAT - INSURANCE (P.S.C)
Climate Impact & Sustainability Data (2021, 2023-03, August 2022, February 2023, July 2023)
Reporting Period: 2021
Environmental Metrics
ESG Focus Areas
- Digital Transformation
- Health & Safety
- Insurance & Sharia Compliance
- Governance & Risk Management
- Data Privacy & Security
- Sustainable Solutions
- Financial Market Stability
- Employee Engagement
- Customer Experience
- Training & Development
- Sustainable Procurement & Goals
Environmental Achievements
- Energy saving methods are used in the lighting of offices and workplaces.
Social Achievements
- Launched a CSR initiative in the form of Free Personal Accident Plan for COVID-19 frontline workers.
- 98% digital payments, 88% documents signed digitally, 97% attendance of all customer calls.
- Successfully conducted & certified 122 employees in “Financial Crime Compliance for the Insurance Sector in the UAE” from ICA.
- Conducted EIBFS Cyber Security Essentials training for employees.
Governance Achievements
- Implemented the rules of corporate governance and standards of corporate discipline under Federal Decree Law 32 of 2021 concerning the Commercial Companies and the decision of the Securities and Commodities Authority’s Chairman of the Board of Directors No. (3) of 2020 regarding the Standards of Institutional Discipline and Corporate Governance guide.
- Participated in a session organized by HAWKAMAH on The Role of Governance and Sustainability in Attracting Long-Term Investments.
Climate Goals & Targets
Environmental Challenges
- Solvency deficit as compared to the Minimum Capital Requirements of AED 100 million.
- Certain actions included in the business plan to address solvency are not wholly within management’s control, casting significant doubt on the Group’s ability to continue as a going concern.
Mitigation Strategies
- Developed a business plan to meet solvency requirements by end of September 2022 and provide a bank guarantee for remaining solvency deficit. The plan is approved by the Central Bank of UAE, and monthly progress reports are submitted.
Supply Chain Management
Responsible Procurement
- Sustainable procurement processes; sourcing locally whenever feasible; implementing cost-saving initiatives to reduce financial impact and minimize environmental impact.
Climate-Related Risks & Opportunities
Sustainable Products & Innovation
- 3 Digital Life Insurance products (Term life insurance, CSR Initiative Accident Insurance, Personal Accident Insurance)