Our Environment

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ALIGNMENT WITH UN SDGs
  • Climate Change
  • Resource Management

To protect our planet for future generations, we acknowledge that it is imperative to take collective action to mitigate GHG emissions, transition to renewable energy sources and adapt to the impacts of climate change.

Task Force on Climate Related Financial Disclosures – To ensure transparency in our efforts to address climate change and incorporate them into our business strategy, we have adopted the recommendations of the Task Force On Climate-Related Financial Disclosures (“TCFD”), established by the Financial Stability Board. More details regarding TCFD can be found within the 2023 annual report.

  • Decarbonising Towards A Greener Portfolio
    Our business strategy emphasises moving away from commercial lines linked to hydrocarbons and instead focusing on three key segments: Health, Lifestyle, and SMEs.
  • Driving Engagement on Climate Change
    Tune Protect maintains compliance and participates in national discussions on climate strategies through collaborations with different corporate sectors and chapters.
  • Promoting Sustainable Practices
    We incorporated sustainability elements mainly in our Lifestyle products to lower our carbon emissions as well as encourage our customers to reduce their carbon footprint.
  • Products Promoting Adaptation
    We introduced flood coverage add-ons for both motor and home insurance policies to address flooding events that have become more frequent due to climate change.
  • Climate-Related Scenario Analysis
    Tune Protect remains committed to improving the quality of data related to climate risks through the use of various models to refine our risk assessment and pricing of insurance products.
  • Understanding the Impacts on Our Business
    Climate change and our commitment to low-carbon growth impacts our business both as insurers and institutional investors. We are exposed to impacts such as changes to the sectors and business models that we underwrite as well as the need to prioritize investments and evaluate potential reduction to our climate impacts.
  • Metrics and Targets for Our Products and Services – Zero Coal in our Portfolios, Climate Adaptation, and Our Carbon Footprint
    Since 2020, we have started tracking and measuring Scopes 1 and 2 of our greenhouse gas (GHG) emissions using the internationally recognised GHG Protocol Framework. We began our pilot assessments for our Scope 3 emissions in 2023.

We are deeply committed to responsibly managing our natural resources to achieve our sustainable development goals. This involves efforts to mitigate, reduce and recycle energy, water and waste, ensuring our natural resources are utilised responsibly.
Our electricity consumption and the carbon emissions that occur as a result of the purchased electricity is shown below:
We implemented several strategies to reduce our electricity consumption:
  • Earth Hour Fridays – non-essential lighting and electrical appliances were turned off for one hour from 12pm to 1pm
  • ‘The Workplace Green Screen’ – weekly internal newsletter that showcases employees’ eco-friendly practices
  • Lighting in HQ Boardroom replaced with LED lights and programmed water boiler timers
  • Consistent reminders for employees across our premises
We began tracking the water consumption of our 16 branches and HQ in 2022 to allow a deeper understanding of our collective consumption habits.
To reduce our environmental footprint, we have gravitated towards paperless operations and digital delivery.
  • Includes the design, development, and delivery of our products electronically
  • E-billing and e-card features, for paperless transactions
  • Initiated Project KonMari in 2021
We observed an overall reduction in the Group’s sheet-usage, with a total of 372,906 sheets of paper consumed, which was equivalent to a notable 23% drop year-on-year.
Tune Protect Group considers the 5R approach as a highly effective methods for reducing our environmental impact and protecting the environment.
  1. Refuse
    We promote the use of waste bins and collection containers to facilitate waste reduction at its source.
  2. Reduce & Repurpose
    We emphasise the importance of reducing unnecessary purchases to indirectly lower carbon emissions and promote sustainability.
  3. Reuse
    To reduce the use of single-use plastics especially during office meals, we encourage employees to utilise reusable food containers, bottles and bags.
  4. Recycle
    We prioritise recycling fluorescent tubes and e-waste materials to prevent glass, metal and mercury content from polluting landfills and water resources.

Our additional initiatives include:
  • ‘TakNak Plastic’ campaign
  • Group Sustainability Policy updated to prohibit usage of single-use plastic bottles in internal meetings.
  • Incorporated sustainability themes and sourced biodegradable items from suppliers for employee engagement events.