Climate change seemed to be taking its toll when in December 2021, Malaysia was hit by the Great Malaysian Flood (GMF 2021), the country’s deadliest and costliest natural catastrophe in its history.

To avert such disaster and limit global warming to 1.5 degrees Celsius, Malaysia had signed the Paris accord in 2015, committing to reduce its greenhouse gas emissions.

Insurance is thought to play a key role in transitioning the country’s economy towards a less carbon intensive business model, as the industry assesses and covers environmental risks and invests into new technologies.

Against this backdrop, Malaysian Re decided to dedicate its annual survey, the Malaysian Insurance Highlights, released today, to the increasing importance of environmental, social and governance (ESG) issues and their impact on Malaysia’s insurers.

Although insurance is key in facilitating and establishing a global net zero economy, often enough its means are limited.

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