China Taiping Insurance (Singapore) Pte. Ltd
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:205 tCO2e/year
Scope 1 Emissions:11 tCO2e/year
Scope 2 Emissions:194 tCO2e/year
Water Consumption:116 m3/year
Waste Generated:2200 kg/year
ESG Focus Areas
- Climate Change
- Governance
Environmental Achievements
- Launched additional liability insurance coverage for Electrical Vehicle (“EV”) Charging Point in Financial Year 2022.
- Underwrote some EVs in 2022.
Governance Achievements
- Established an Environmental Risk Policy approved by the Board Audit Risk Committee.
- Implemented an Environmental Risk Management framework and policy.
Climate Goals & Targets
Long-term Goals:
- Achieve net-zero emissions in investment portfolio in line with Singapore’s aspiration to achieve net-zero emissions.
Medium-term Goals:
- Achieve carbon neutral business operations by 2030
- Offer more renewable energy insurance products or developing new products that incentivize climate-friendly practices
Short-term Goals:
- Reduce carbon emissions in operational activities year by year
Environmental Challenges
- Vulnerability to climate change impacts (sea level rise, extreme weather events) impacting built environment, infrastructure, and economy.
- Potential decline in market value of assets due to increased physical risks.
- Increased credit risk from climate-related impacts on carbon-intensive industries.
- Potential losses in investments in carbon-intensive industries due to transition risks (carbon taxes, policy measures).
- Lack of claims statistics and visibility on EV repair costs.
Mitigation Strategies
- Underwriting processes with environmental risk assessment for high-risk industries.
- Review of investment portfolios for material environmental risk exposures.
- Stress-testing to assess solvency impact of carbon taxes and excise duty increases.
- Prudent approach to EV insurance due to lack of data.
- Intention to adopt Current Policies, Delayed Transition, and Net Zero 2050 scenarios in future analysis.
Supply Chain Management
Climate-Related Risks & Opportunities
Physical Risks
- Sea level rise
- Extreme weather events
Transition Risks
- Carbon taxes
- Policy measures impacting carbon-intensive industries
Opportunities
- Development of new insurance products for EVs and renewable energy
Reporting Standards
Frameworks Used: TCFD
Sustainable Products & Innovation
- Liability insurance for EV charging points
- EV insurance
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:237 tCO2e
Scope 1 Emissions:12 tCO2e
Scope 2 Emissions:225 tCO2e
Water Consumption:171 m3
Waste Generated:2600 kg
Carbon Intensity:1663 tonnes CO2e per SGD million sales
ESG Focus Areas
- Climate Change
- Governance
Environmental Achievements
- Reduced direct energy consumption (petrol) - Scope 1 emission to 12 t CO2e in 2023
- Reduced indirect energy consumption (office electricity) - Scope 2 emission to 225 t CO2e in 2023
- Reduced total water consumption to 171 m3 in 2023
- Reduced non-hazardous discharge waste to 2600 kg in 2023
- Launched additional liability insurance coverage for Electrical Vehicle (“EV”) Charging Point and underwritten some EVs
Governance Achievements
- Board oversight of environmental risks and risk management framework
- Implementation of environmental risk management framework and policy by Senior Management
- Risk Management Committee reporting to Senior Management and handling environmental risk issues
Climate Goals & Targets
Long-term Goals:
- Reduce carbon emissions in the investment portfolio until the portfolio achieves net-zero emissions by the timeline in line with Singapore’s aspiration to achieve net-zero emissions
Medium-term Goals:
- Optimize opportunities to offer more renewable energy insurance products or develop new products that incentivize climate-friendly practices
Short-term Goals:
- Reduce carbon emissions in operational activities year by year until business operations are carbon neutral by 2030
- Reduce water consumption per employee from previous year
Environmental Challenges
- Vulnerability to physical risks of climate change (sea level rise, extreme weather events) impacting built environment, infrastructure, and economy
- Increased credit risks from climate-related impacts on carbon-intensive industries
- Potential losses in investments in carbon-intensive industries
- Increased competition from new entrants offering low-carbon insurance products
Mitigation Strategies
- Underwriting processes with environmental risk assessment for high-risk industries
- Review of investment portfolio for material environmental risk exposures
- Stress-testing to assess impact of environmental risks
- Diversification of investments across industries and geographical locations
- Development of new risk models accounting for changing climate conditions
Supply Chain Management
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events
- Sea level rise
Transition Risks
- Carbon taxes
- Changes in investor preferences
- ESG disclosure requirements
- Global energy policies
- Net-zero emission initiatives
Opportunities
- Development of renewable energy insurance products
- Development of products incentivizing climate-friendly practices
- Investment in capabilities and technologies to better assess climate risks
Reporting Standards
Frameworks Used: TCFD
Sustainable Products & Innovation
- Liability insurance coverage for EV charging points
- EV insurance