Insurance industry’s role in addressing climate change highlighted in Pioneer sustainability talk

11 hours ago

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United Nations Environment Programme Head of Insurance Butch Bacani (center) is joined by Pioneer Insurance’s senior officers: (from L-R) Group Head Lorenzo Chan, Jr., Senior Advisor Molly Uyecio, Shared Financials Head Tina de Guzman, President and CEO Atty. Betty Medialdea, Underwriting and Claims Head Armand Pesigan, and Shared Services Head Earl Ferrer.

Pioneer Insurance invited Butch Bacani, its former Reinsurance Head and current UN Environment Programme (UNEP) Insurance Head, for an engaging discussion with company officers and employees on the role of insurers in addressing climate change.

Mr. Bacani emphasized that sustainability should not just be a goal but a way of doing business, highlighting how insurers can drive resilience, risk reduction, and the transition to a net-zero economy, where any greenhouse gases released are balanced by removing the same amount from the atmosphere.

Sharing his learnings from his global work, Mr. Bacani highlighted the growing role of insurers in climate summits like COP29. He stressed the need to move beyond loss assessment and invest in risk prevention, climate adaptation, and sustainable claims management.

“Most insurers are aware of how they can support communities withstand the impacts of climate change. However, many are not doing enough in terms of their role in helping reduce emissions,” Mr. Bacani said.

He also discussed the Forum for Insuring the Transition to Net Zero (FIT), a global initiative that helps insurers integrate sustainability, urging the audience to engage with corporate clients about de-carbonization plans and explore supportive insurance solutions.

Mr. Bacani began his career as a Management Trainee at Pioneer Insurance and worked his way up to become Head of Reinsurance from 1999 to 2006. He later joined the United Nations Principles for Sustainable Insurance (UN PSI) and currently serves as the Head of Insurance at the UN Environment Programme (UNEP).

He leads the UN PSI initiative, driving efforts to integrate sustainability into the global insurance industry and support the development of more inclusive communities and economies. He also chairs the UN Forum for Insurance Transition to Net Zero (FIT) since 2006.

In response, Pioneer Group Head Lorenzo Chan, Jr. encouraged Pioneer leaders to be among the industry’s early sustainability adopters. Acknowledging the challenges that come with change, he remarked, “I think there is great resistance to anything that has to do with change, whether it’s good change or progressive change. My perspective is simple — we do what is right, and that’s how we move forward.”

Mr. Bacani ended his talk with a call for intergenerational equity, challenging attendees to keep the next generation in mind when pursuing sustainability. He urged, “If we really care about our children, we must act now.” An engaging Q&A with Pioneer officers and employees immediately followed.

Pioneer has been integrating sustainability and climate resilience in its operations and products over the past years. It is evident in various initiatives such as its LEED-certified properties, microinsurance efforts, and more. By learning from experts like Butch Bacani, Pioneer reaffirms its commitment to a forward-thinking approach to sustainability.

Pioneer’s sustainability journey can be viewed at https://pioneer.com.ph/sustainability.

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