Climate Change Data

Bangkok Insurance Public Company Limited

Climate Impact & Sustainability Data (2022, 2023)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:3,171 tCO2e (Scope 1 and 2)
Total Energy Consumption:28,497,298.47 MJ (2022)
Water Consumption:50,801.66 m3
Carbon Intensity:0.00171 Ton CO2e/policy (2020), 0.00260 Ton CO2e/policy (2021)

ESG Focus Areas

  • Governance
  • Social
  • Environmental

Environmental Achievements

  • Reduced electricity consumption by 8.80% compared to 2019 baseline through chiller overhaul and tube cleaning projects.
  • Reduced paper usage through e-Policy and digital systems.

Social Achievements

  • Maintained 96.8% customer satisfaction rate.
  • Provided Baht 54.77 million in social contributions.
  • Achieved 90% employee satisfaction rate.
  • Provided 22 hours of training per employee.

Governance Achievements

  • Listed in the Thailand Sustainability Investment (THSI) list for 2022.
  • Certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC) for three consecutive years.
  • Implemented policies for information security and data privacy compliance with PDPA.

Climate Goals & Targets

Long-term Goals:
  • Carbon neutral by 2050
  • Net-zero emissions by 2065
Short-term Goals:
  • Reduce electricity consumption by at least 5% by 2023.

Environmental Challenges

  • COVID-19 pandemic impacting claims payments and exceeding expectations.
  • Maintaining customer service levels during the pandemic.
Mitigation Strategies
  • Provided reassurance by offering coverage and no policy cancellations for COVID-19 related claims.
  • Expedited claim payments and implemented online claim submission systems.
  • Deployed employees from other departments to assist with claims processing.

Supply Chain Management

Responsible Procurement
  • Sustainable supply chain management considering environmental, social, and governance dimensions.

Climate-Related Risks & Opportunities

Physical Risks
  • Natural disasters (floods, windstorms)

Reporting Standards

Frameworks Used: GRI Standards

Certifications: ISO/IEC 27001:2013, ISO 9001:2015, Carbon Footprint for Organization by Thailand Green House Gas Management Organization

UN Sustainable Development Goals

  • Goal 5
  • Goal 8
  • Goal 9
  • Goal 11
  • Goal 12
  • Goal 13
  • Goal 16
  • Goal 17

The report details how various initiatives contribute to these SDGs.

Sustainable Products & Innovation

  • Office Syndrome Insurance
  • Drone Insurance
  • Motor Insurance for Electric Vehicles
  • Rak Su Kha Phab Insurance for Foreigners
  • Cyber Insurance for SME

Awards & Recognition

  • Thailand Sustainability Investment (THSI) list for 2022

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:3,349 tCO2e/year (Scope 1 and 2)
Scope 1 Emissions:806 tCO2e/year
Scope 2 Emissions:2,743 tCO2e/year
Scope 3 Emissions:2,181 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:30,344,295.53 MJ/year
Water Consumption:58,633.43 m3/year
Waste Generated:Not disclosed
Carbon Intensity:0.00265 TonCO2e/policy (2023)

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Electricity consumption decreased by 4.27% compared to the base year of 2019 (set a target to reduce electricity use by at least 5% by 2023 compared to the base year 2019)
  • Reduced greenhouse gas emissions through initiatives like the SCGP Recycle Project and Waste Separation Project

Social Achievements

  • Launched affordable personal accident insurance products (Micro Insurance) for retail customers with premiums of only 159 baht and 222 baht per year
  • Participated in government insurance programs, such as providing personal accident insurance for the “New Year, travel with peace of mind” and home fire insurance policy “Happy on New Year” projects
  • Implemented measures to ease the financial burden on customers by allowing installment payments for insurance premiums
  • Increased efficiency in supply chain management by incentivizing contracted repair shops and accident survey companies
  • Provided mental health counseling and training for employees
  • Provided fire extinguishers to 4 nearby communities

Governance Achievements

  • Installed an Endpoint Detection and Response (EDR) system to enhance cybersecurity
  • Established a security operation center to prevent data leaks from cyberattacks
  • Achieved AAA level in SET ESG Ratings, the highest level among non-life insurance companies
  • Received Excellent CG Scoring (5 stars) from the Thai Institute of Directors (IOD) for the 4th consecutive year
  • Received an award for outstanding labor relations and labor welfare for the 5th year in a row
  • Received an award for promoting outstanding insurance policies for the public for the 4th year in a row

Climate Goals & Targets

Long-term Goals:
  • Become a carbon-neutral organization by 2050
  • Achieve net-zero emissions by 2065
Medium-term Goals:
  • Increase the proportion of clean energy usage to at least 20% of all the Company’s office buildings by 2030
  • The proportion of personal accident and health insurance premiums to be equal to 20% of the Company’s direct insurance premiums by 2030.
  • The proportion of insurance policies that provide coverage for one natural disaster (windstorm, earthquake, flood) to be equal to 100% of all property and fire insurance policies by 2030.
  • The number of insurance policies for SMEs protection products to grow 100% from the number of insurance policies in 2022 by 2030.
  • Number of product packages designed for people who have difficulty accessing insurance to be at least 5 packages by 2030.
Short-term Goals:
  • Reduce electrical energy consumption by at least 5% by 2028 compared to 2023 data

Environmental Challenges

  • Climate change risks (physical and transition risks)
  • Cyberattacks and data breaches
  • Inflation and increased living costs affecting customer income
Mitigation Strategies
  • Adequate reinsurance coverage for natural disasters
  • Risk assessment platform for flood and windstorm risks
  • Policies for information security and cybersecurity training
  • Installment payment options for insurance premiums

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Incentivizing contracted repair shops and accident survey companies to improve services
  • Strict control of contracted garages’ performance

Climate-Related Risks & Opportunities

Physical Risks
  • Increased compensation costs from natural disasters (windstorms and floods)
Transition Risks
  • Underwriting business groups that do not comply with a low-carbon economy
Opportunities
  • Supporting property insurance in the Renewable Energy business group, including alternative energy vehicles

Reporting Standards

Frameworks Used: GRI Standards

Certifications: ISO 9001:2015, ISO/IEC 27001:2013

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • SDG 3
  • SDG 7
  • SDG 8
  • SDG 10
  • SDG 11
  • SDG 12
  • SDG 13
  • SDG 16

The Company's operations and initiatives contribute to these SDGs through various programs and policies related to health, renewable energy, employment, inequality, disaster resilience, responsible consumption, climate action, and good governance.

Sustainable Products & Innovation

  • e-Policy
  • Electronic Care Card via LINE
  • Affordable personal accident insurance products

Awards & Recognition

  • AAA level in SET ESG Ratings
  • Excellent CG Scoring (5 stars) from the Thai Institute of Directors (IOD)
  • Award for outstanding labor relations and labor welfare
  • Award for promoting outstanding insurance policies for the public