Bahrain Kuwait Insurance Company (BKIC), which is part of Kuwait’s Gulf Insurance Group (gig), has launched an initiative to embed 32 metrics and indicators of Environmental, Sustainability and Governance (ESG) in its business functions and to undertake through annual ESG reporting.
The insurer says that it aims to: create shared value and inclusive growth; mitigate environmental risks such as climate change, carbon emission and waste; contribute towards sustainable development of the community; and enhance transparency in ESG performance.
Dr Abdulla Sultan, chief executive of BKIC, said: “Setting up a robust ESG compliance function at BKIC has been a top priority for the company considering the strategic outlook of the kingdom in terms of Vision 2030.”
He says that, in fact, the practice and spirit of ESG have been present in the culture and strategy of the company since its formation in one form or another.
However, this initiative of setting up the company’s first ESG framework, which is measurable in terms of quality and quantity, will give a tangible form to the pre-existing latent practice and spirit of ESG.
BKIC has appointed a management consulting firm AJMS Global Consulting, a pioneer in ESG implementation across GCC region, to incorporate the ESG framework in its operations.
The insurer has also set up an ESG management committee.
Source Middle East Insurance Review