The Insurance Association of China (IA China) has published the first self-regulating guidance on ESG disclosures for the country’s insurance industry, which the association said will help improve the quality of such disclosures. IA China said the guidance provides clear standards for insurance companies to disclose ESG information through 23 Tier 1 indicators and 49 Tier 2 indicators. The guidance takes reference from international mainstream ESG disclosure standards, such as those from the Global Reporting Initiative, Sustainability Accounting Standards Board) and Hong Kong Exchanges and Clearing while considering the unique characteristics of China and the insurance industry. The association said under the guidance of the National Administration of Financial Regulation it will help the country’s insurance industry to “do a good job in green finance and promote high-quality development” of the insurance industry. “It is our responsibility to assist supervision and serve the industry, actively promote the implementation and application of the results of the guidance, guide the industry to further improve management efficiency and disclosure quality, and contribute the power of the insurance industry to high-quality economic and social development,” IA China said.
The Insurance Association of China says the guidance will help improve the quality of #ESG disclosures in the insurance industry.https://t.co/B4wdh1LbJC
— Regulation Asia (@RegulationAsia) December 21, 2023
