In­sur­ance firms ‘need to catch up’

China Daily (Canada) - - BUSINESS -

Top five com­pa­nies per­form best in terms of CSR con­tri­bu­tion, says re­port

Reg­u­la­tory Com­mis­sion (CIRC) and the Cor­po­rate Social Re­spon­si­bil­ity Re­search Cen­ter of the Chi­nese Academy of Social Sci­ences.

It sur­veyed 137 in­sur­ance com­pa­nies in China and pro­vided anal­y­sis on the cur­rent sit­u­a­tion of CSR among the Chi­nese in­sur­ance in­dus­try in terms of social re­spon­si­bil­ity man­age­ment, en­vi­ron­men­tal re­spon­si­bil­ity and social re­spon­si­bil­ity in­for­ma­tion dis­clo­sure.

The re­search found that the top five in­sur­ers — with their to­tal pre­mium in­come ac­count­ing for 63 per­cent of the in­dus­try — scored the high­est in CSR per­for­mance, an av­er­age of 54.15 points, while 90 per­cent of the firms scored lower than 50.

Ping An In­sur­ance Group scored the high­est, or 68.92 points, fol­lowed by the Peo­ple In­sur­ance Com­pany Group of China and China Life In­sur­ance Group, ac­cord­ing to the re­search.

Zhong Hongwu, di­rec­tor of the CSR Re­search Cen­ter of the Chi­nese Academy of Social Sci­ences, said: “We will get a much lower re­sult if we take the top five com­pa­nies out of the equa­tion. Among the 137 in­sur­ance com­pa­nies, there was not a sin­gle one reach­ing the top stan­dard.”

Mean­while, do­mes­tic in­sur­ers scored higher in their CSR per­for­mance than their for­eign peers, the re­search showed.

Zhang Zhongn­ing, deputy di­rec­tor of the CIRC’s gen­eral of­fice, said good CSR per­for­mance of in­sur­ers is di­rectly re­lated to their main busi­ness.

“The in­dus­try should do a good job first in the main busi­ness. The in­dus­try has shown an in­creas­ing aware­ness and has had a cer­tain de­gree of suc­cess in­CSRper­for­mance in re­cent years,” Zhang said.

“But there is a de­lay in­terms of the edit­ing and pub­lish­ing of CSR re­ports, which needs to be im­proved in the fu­ture,” Zhang added.

Zheng Yi­ran this story.

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