In a significant event held at Ascott, BGC recently, industry leaders from various sectors gathered for a roundtable discussion titled “Ensuring Your Future: Protecting the Planet, Premises, and People.”
The discussions, which provided a vital platform for rigorous deliberation on pressing concerns that the country now faces, focused on critical environmental challenges and the need to develop effective risk management strategies.
Industry leaders gathered at the “Ensuring the Future: Protecting the Planet, Premises, and People” conference to address urgent environmental issues and risk management strategies. Discussions emphasized the importance of collaboration/education for proactive stewardship, plus the need to mitigate pollution risks, improve accessibility of protection measures, and leverage big data to safeguard the environment.
Legislative support and collaboration highlighted
Cielo Canta, Country President of Chubb, a world leader in insurance, opened the discussions by underlining the importance of legislative backing in comprehensively addressing environmental risks.
The need to revisit and expand existing legislation to encompass a wider range of industries, including small and medium-sized enterprises (SMEs), was also a key point of emphasis.
The gathering highlighted the importance of advocacy initiatives to garner support for more comprehensive environmental protection measures.
Diverse environmental risks discussed
Presentations helped shed light on the pressing need to address environmental risks across various industries, from heavy industries to SMEs.
The discussions also centered on mitigating risks, like pollution impacting large areas, groundwater contamination, and worker health hazards.
The roundtable likewise addressed the dangers associated with improper disposal of computer hardware, posing threats to institutions, properties, and residences. The need for affordable and accessible environmental protection measures was similarly emphasized, alongside the crucial role of insurance in risk management.
Expert insights on risk management and insurance
Thought leaders offered valuable perspectives on tackling environmental risks and promoting insurance solutions.
Oliver James McCaughly, Head of Environmental Risk Portfolio for Chubb Asia, stressed the importance of advocacy and collaboration in developing insurance programs, acknowledging the societal benefits of comprehensive coverage.
Viviene Villena, Head of Broking at Chubb, highlighted the need for an educational campaign to democratize insurance access through technology and digitalization.
For her part, Amor Maclang, Convenor of Digital Pilipinas, emphasized the importance of driving impactful change through investments and collaboration.
Charting a course for the future
The roundtable yielded actionable strategies for effectively managing environmental risks.
Proposals included broadening existing legislation to incorporate SMEs and fostering collaboration with the government to advocate for stronger environmental safeguards.
Insurers committed to developing and promoting specialized environmental risk insurance products, like Premises Pollution Liability (PPL) policies, catering to diverse industries, including SMEs.
Recognizing the significance of education and awareness, calls were also made for intensified campaigns targeting businesses and individuals to promote environmental protection and risk mitigation.
Technology and collaboration are keys to success
In the end, the discussions underscored the importance of leveraging technology, particularly proptech, to enhance the tracking and management of environmental risks.
Encouraging collaborations between the public and private sectors emerged as a central strategy for driving innovation and the adoption of effective environmental risk management practices.
The roundtable concluded with a compelling message: “A concerted effort from all stakeholders is vital to safeguarding the environment, premises, and communities, and this requires acknowledging the interconnectedness of environmental protection, business resilience, and community well-being.”