KB Insurance Joins UN Principles for Sustainable Insurance

KB Insurance announced on the 28th that it has joined the Principles for Sustainable Insurance (PSI) of the United Nations Environment Programme Finance Initiative (UNEP FI).

[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 28th that it has joined the Principles for Sustainable Insurance (PSI) of the United Nations Environment Programme Finance Initiative (UNEP FI).

PSI is an international agreement on sustainable management in the insurance sector declared by UNEP FI in 2012. It includes considerations of ESG (Environmental, Social, and Governance) in all management activities such as insurance company operational strategies, risk management, and product and service development. More than 140 insurance companies and related associations worldwide participate in PSI.

Through joining PSI, KB Insurance plans to publicly express its commitment to ESG management and actively incorporate the expertise of UNEP and the UN into ESG management through networking activities and event participation.

As part of ESG management, KB Insurance has decided not to invest in newly constructed coal-fired power plants and has launched a special product exclusively for eco-friendly electric vehicles. Additionally, the company plans to expand renewable energy facilities within its headquarters and introduce eco-friendly vehicles to reduce internal carbon emissions, while increasing investments in renewable energy such as solar and wind power.

A KB Insurance official stated, "With the joining of PSI as an opportunity, we will make decisions that further consider environmental, social, and governance factors throughout our management activities."