Daniel Wang, executive director for insurance at the Monetary Authority of Singapore (MAS), has been named the new chair of the UNDP-convened Sustainable Insurance Forum (SIF).
- Daniel Wang at the Monetary Authority of Singapore has become the new chair of the Sustainable Insurance Forum.
- The SIF is a global network of 37 insurance supervisors and regulators working together to strengthen responses to sustainability and climate change challenges facing the insurance sector.
- The insurance sector is expected to play a key role in the transition to a low-carbon, resilient and sustainable global economy.
Daniel Wang, the head of the insurance department at the MAS, has been appointed as the new chair of the UNDP-convened SIF. He is replacing Anna Sweeney, former executive director for insurance at the Bank of England, who served as chair from December 2020 to December 2022.
The MAS insurance division supervises and regulates insurance companies and oversees policy formulation for the insurance sector in Singapore. Wang is also chair of the Climate Risk Steering Group (CRSG) at the International Association of Insurance Supervisors (IAIS).
The SIF is a global network of 37 insurance supervisors and regulators working together to strengthen responses to sustainability and climate change challenges facing the insurance sector. The insurance sector is expected to play a pivotal role in the transition to a low-carbon, resilient and sustainable global economy, both in terms of the risks it covers and the investments it makes.
Sustainable insurance is a strategic approach where all activities in the insurance value chain are conducted in a responsible and forward-looking manner by identifying, assessing, managing, and monitoring risks and opportunities associated with environmental, social and governance issues. The UNEP FI Principles for Sustainable Insurance are a framework for the insurance industry to tackle these issues.
Launched in December 2016, the SIF is intended to provide a platform for international collaboration among supervisors, facilitating knowledge sharing, dialogue, and the uptake of policy innovations. UNDP is the United Nations organisation dedicated to addressing the injustice of poverty, inequality, and climate change.
As co-founder and strategic partner to the SIF, the IAIS plays a key role in the ongoing work of the UNDP SIF. Romain Paserot, acting IAIS secretary general, said: “With Daniel Wang now chairing both the SIF and the IAIS CRSG, we are provided a great opportunity to further strengthen the coordination and collaboration between the SIF and IAIS and advance a strong and coordinated supervisory response to the risks from climate change.”
Wang said: “It is a privilege and honor to be given the opportunity to lead the SIF. I look forward to work closely with our members, the UNDP, IAIS and other partners to address sustainability issues affecting the global insurance sector, and where we can help to advance climate action in our collective journey towards net zero.”