Our fields of action
The insurance industry in Colombia has defined three roles of action to promote sustainability: insurer, employer, and investor, in order to the sector’s activity has greater value in the country’s economic development.
We have set up actions for each role, aimed at managing environmental, social, and governance (ESG) risks; these actions, through innovation, allow the search for and implementation of strategic solutions to achieve sustainable development.
As insurance industry, we want to reduce economic uncertainty by offering financial support to those who are affected by unforeseen events, such as fires, earthquakes, etc., which may affect the continuity of their activities.
As an association, we support the economic sectors through protection solutions aimed at proper risk management.
We have made available to families, companies, and the government value offerings that allow policyholders to effectively face the environmental and social challenges they may deal with.
These value offerings are made through different types of insurance and continuous support by the association, to prevent damages due to external events and compensate losses in case they occur.
Insurance is a financial tool that has proven to be effective in providing support in adverse situations and has made policyholders aware of the risks they face so preventive actions can be taken to avoid damages.
In order to manage the unforeseen events to which individuals and organizations are exposed, the insurance industry has a wide network of providers that allow policyholders to use the financial support we offer when buying insurance.
Insurance becomes tangible when life or assets are affected and one of our providers is called to guarantee the well-being of the insured person. For example, in a traffic accident, it is necessary to have the services of a lawyer, a tow truck, an ambulance, and a workshop to repair the vehicle; is at this moment when we must provide an excellent service to our policyholders. Therefore, we promote the sustainability of the sector as employers, favoring the strengthening of our suppliers, as well as the correct environmental, social, and governance risk management in their operation.
We are the second-largest institutional investor in Colombia, after pension funds, so we have a high influence on the country’s economic performance, and we can provide significant resources to leverage various activities. In addition, we are drivers of the implementation of best practices due to the influence we can have on the behavior of financial instruments issuers.
From this role, we want to support sustainable development, with an environment that favors responsible production and consumption, through economic leverage and the promotion of investment in environmentally friendly, socially responsible, and economically viable activities. Additionally, we promote the evaluation of ESG issues to improve investment decision-making and we assess the exposure of portfolios to new risks such as climate change.
- For more information, the Sustainable Growth Strategy is available at the following link: https://revista.fasecolda.com/index.php/revfasecolda/article/view/623/585
- The following video may be useful to understand the importance of sustainable investments: