Page 12 - March 2022 Issue 604 Part 2

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Second Panel: ESG: Rising to the challenge – Middle East Potential

Insurers and brokers who undercut the environmental, social, and cor- OQhh Ohh …~fGh õªdƒg ¿~fôH ,¢ùJÉj ø«∏«g ,áfQÉëÑdG ô°SÉj ,»fG~«°U ~«dh :ø«ª«dG øe
porate governance standards (ESG) will face “catastrophic” conse-
quences, a roundtable on the topic heard. The packed room at the Dubai
World Insurance Congress roundtable, which included Helen Yates
Conference Chair, Global Reinsurance, Brandan Holmes VP - Senior
Credit Officer, Moody’s Investors Service, An Woodward Regional
Head Middle East & Turkey, Lloyd’s, Walid Sidani Managing Director,
Kay International AMEA and Yassir Albaharna Executive Director,
Trust Re, heard concerns that insurers and brokers could undercut
standards to make more money for themselves by investing, underwrit-
ing or broking in areas which fall short of ESG standards. Another con-
cern was that companies see ESG as a “box ticking” exercise, with no
auditing process. Another issue with ESG was that there is no universal
definition of ESG, the roundtable agreed. There was a lively debate
around defining ESG, but nobody came out with a strict definition. One
area of ESG that already had a clear definition was the Task Force on
Climate-related Financial Disclosure (TCFD).

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