Corporate Social Responsibility
Driving positive change for business and society
We are committed to the sustained development of the insurance sector, which will help society grow and prosper by alleviating risk and providing protection to more people. This is not just for tomorrow; we’re planning for the next century and beyond.
At Peak Re, we are guided by our mission to modernise reinsurance and support industry growth, while also delivering benefits to communities where insurance is scarce.
Rural Doctor Poverty Alleviation Programme
A joint initiative with the Fosun Foundation, the Rural Doctor Poverty Alleviation Programme, aims to improve access to medical care in remote Chinese regions. We visited Yunnan in 2018 as part of the programme and brought donations of computers and writing boards to Yong Ping county where 75 clinics and 175 rural doctors look after the region’s population of 200,000 people. On average one doctor takes care of 1,143 people, with scare access to medical supplies and equipment. The region has high exposure to natural catastrophes and tops the agenda of the Chinese government’s National Poverty Alleviation Programme.
As part of Peak Re’s commitment to provide resilient protection to communities in need and to further support our efforts in the disaster-prone Yunnan region we are helping local farmers by sourcing different teas from Yong Ping county. Located in northwest Yunnan, Yong Ping is among the highest tea growing regions in the world and their teas are handpicked by local farmers and free from pesticides or chemicals. Peak Re purchases the teas as gifts for friends and associates for them to enjoy and so they can help spread word of the delightful brew.
Principles for Sustainable Insurance
Peak Re is a signatory to the Principles for Sustainable Insurance (PSI) of the United Nations Environment Programme Finance Initiative (UNEP FI).
The initiative serves to better understand, prevent and reduce environmental, social and governance risks to improve people’s quality of life without comprising that of future generations. The PSI are standards that facilitate a responsible and forward-looking way of conducting activities throughout the insurance value chain.
Peak Re has been an active contributor and adviser to the Himalayan Consensus, a community empowerment initiative created to enhance the Himalayan region’s resilience to natural disasters.
The Consensus aims to encourage grassroots solutions to improve economic sustainability while protecting ethnic diversity and local identity. Peak Re has moved beyond its original sponsorship role to engage more actively in providing ideas on investment structures that can help communities respond to natural disasters, both in the Himalayan region and in other parts of the developing world.
National Insurance Trust Fund – Sri Lanka
The Government of Sri Lanka provides natural disaster protection to its citizens through the National Insurance Trust Fund (NITF), which covers physical damage, accidental death and emergency relief expenses.
The initiative provides a safety net to people who previously had no access to insurance. Peak Re supports this government programme, helping to deliver greater financial certainty and stability and facilitating the expansion of the insurance scheme to Sri Lanka’s wider population.
Partnership with Shanghai Typhoon Institute
Since 2015, Peak Re has partnered with the Shanghai Typhoon Institute (STI) on research projects related to North-West Pacific basin and South China Sea tropical cyclones.
Protection against typhoons, a major peril in China and the wider region, is compulsory for all insurance policies. The research allows insurers to better understand these cyclones and mitigate the risks. STI and Peak Re issue two reports each year – one in May on pre-cyclone season predictions and one in August providing a mid-season review and corrections for the remainder of the season. Peak Re reviews and provides suggestions for these reports, which are prepared by STI.