By, Nan Shan Life, Insurance Co., Lt
In a groundbreaking move, Nan Shan Life, a trailblazer in Taiwan's insurance sector, made history by participating in the World Climate Summit held in Dubai, United Arab Emirates. At the helm of this historic venture is Chairman Chung Yao Yin, who shared his insights during a fireside chat titled “Ensuring a Climate Resilient Future Through Insurance” on December 7th, solidifying Nan Shan Life's position as the first Taiwanese insurance provider to engage in the global climate dialogue.
Termed the "Investment COP," the concurrent event surrounding the World Climate Summit witnessed Yin emphasizing the transformative role of the insurance industry in forging a resilient future against climate challenges. Drawing attention to Taiwan's insurance assets, which surpassed $1.1 trillion in 2022 and represent 34% of total financial assets, with a global fifth position in insurance penetration, Yin underscored the sector's profound contribution to Taiwan's economic and industrial landscape. In the face of demographic shifts and advancements in medical technology, commercial insurance emerged as a critical pillar of societal safety nets.
Delving into the social impact of the insurance industry, Yin highlighted its substantial influence and called upon businesses and partners to embrace ESG practices, advocating for a low-carbon transition to safeguard both the environment and Taiwanese citizens. Leveraging Nan Shan Life's extensive network of over 6.6 million policyholders and 40,000 staff and agents, he showcased ongoing efforts to elevate public awareness about climate change and sustainable development.
Simultaneously, Yin emphasized the paramount role of health in the global climate change discourse. Acknowledging the widespread impact of climate change on human health, he showcased Nan Shan Life's "Health Protection Circle" established at the end of 2020. Through collaboration with over 50 major players in the health industry, the initiative provides holistic "Wellness" and "Healthcare" value-added services, fortifying public resilience against climate-related risks.
Yin further highlighted Taiwan's active participation in the net-zero transition, citing government initiatives such as the "Climate Change Response Act" and the "2050 Net-Zero Emission Policy Blueprint." At the financial regulatory level, the Financial Supervisory Commission's "Green Finance Action Plan 3.0" aims to integrate carbon assessment, climate risk management, and collaborative efforts to support the net-zero transition. Nan Shan Life actively responds to these initiatives, aligning with the government's push for a net-zero transformation.
In conclusion, Yin invoked the mantra, "With great power comes great responsibility," emphasizing Nan Shan Life's substantial capabilities and high influence in Taiwan. With over 60 years of service, catering to more than 6.6 million policyholders and collaborating with 40,000 staff and agents, Nan Shan Life remains committed to fulfilling corporate social responsibility, actively participating in impact investing, and contributing to Taiwan's progress in climate change and environmental sustainability.
About Nan Shan Life
Founded in July 1963, Nan Shan Life is one of the most long-standing insurance companies in Taiwan known for professional management and sound finances. It is an industry leader in agents’ quality, education and technological application, product innovation, and policyholder service. With well-earned public recognition, Nan Shan Life continues to implement sustainable management in Taiwan. By offering excellent care services and innovative products to meet policyholders’ expectations, Nan Shan Life aspires to be the best in Taiwan among the top pranking insurance companies in Asia. Simultaneously, it has also been awarded the title of Health Insurance Company of the Year for 2022 by AIIA.
Nan Shan Life serves customers and cares for society based on the philosophy of “making earnest commitments and taking protective actions”. Through the sustainable strategy H.E.A.R.T. (Health, Earth, Action for Good, Reliability, Talent), the Company builds a vibrantly innovative, resilient business that drives positive changes in the environment, society, and governance.