As one of the leading general insurance companies in Malaysia, Berjaya Sompo strives to provide the best insurance solutions and services to our customers. With our strong financial background and consistent comparative global insights, we have increased our paid-up capital to over RM100 million way before the enforcement of the regulatory requirement for all insurance companies in Malaysia.
Governance Structure
In order to establish robust governance, a Climate-related Risks Policy was discussed and formulated by BSIB’s Board of Directors in 2020 which sets out BSIB’s commitment, identification of the risks, governance structure, roles and responsibilities as well as scope of initiatives to mitigate risk and support the transition to a lower carbon economy.
Key Initiatives
Integration of climate-related risks in BSIB’s Risk Management
In August 2020, BSIB revised its Enterprise Risk Management Policy to integrate climate-related risks into the existing Risk Management processes, stress testing and risk dashboard. In 2021, BSIB identified Climate Risk as one of its new Tier 1 risks (Material Risk) which is monitored quarterly.
New construction of coal-fired plants
Since coal-fired power plants emit more greenhouse gases than other power generation methods, there is a growing call on the need to curb new development and shift to energy with less environmental impact. BSIB do not insure or invest in the new construction of coal-fired power plant.
End of Life Vehicle for own damage claims
BSIB has embarked on an End of Live Vehicle (ELV) initiative with an Automotive Treatment Facility Company (ATF) for actual total loss vehicles since August 2020, which involves the reuse and recycling of vehicle parts components and regulating the use of hazardous or toxic materials to prevent adverse impact on the environment.
Employees’ engagement initiatives on climate change
BSIB has continuously conducted employee engagement initiatives since 2020 to enhance awareness and understanding of the impact of climate change and the importance of adopting environmentally friendly practices in our daily lives. BSIB has published newsletters and educational materials on how employees can adopt environmentally friendly practices daily by using their own shopping bags and energy-efficient appliances at home and cultivating a recycling/repurposing habit. To reinforce its commitment, BSIB conducted an Upcycling contest in September 2021 to encourage employees and customers to reduce waste which received encouraging responses in terms of participation and BSIB will continue to conduct similar initiatives in the future.
Environmentally friendly office
BSIB Headquarter is located in Green Certified Building and the office room temperatures are set to 24℃, to promote greater efficiency in electricity consumption.