Asia ‘needs to hurry’ towards net zero: Zurich HK CEO

Eric Hui, chief executive of Zurich Insurance (Hong Kong), and chairman of the Hong Kong Federation of Insurers Task Force on Green Insurance, shared his insights with EAIC Today on digitisation, environmental, social, and corporate governance (ESG) strategies, and the impact of global trends on Asia. 

He highlighted the growing importance of these issues globally and how the Asian market is responding, pointing out that while progress has been made, there is still untapped potential in the region.

“Tech will drive further transformation,” Hui stated. “Currently, products are becoming simpler, more transparent, and easier to use. We’re already digitising our policies to make them more user-friendly, but there’s more to come.” 

He believes that artificial intelligence (AI) and other technologies will further streamline operations and improve customer experience.

“Many small and medium-sized insurers in Hong Kong may not have the same resources to invest in tech, but the potential is still there.

“It’s a ‘half full, half empty’ situation,” he remarked, acknowledging the challenges companies face in keeping up with technological advancements.

Looking ahead, Hui sees regulatory changes as another key driver of transformation.

“As we digitise, there will be more regulations to ensure fairness and simplicity in products,” he said. “Insurance policies are often too complicated. We need fewer exclusions, so people can easily understand what they’re covered for,” he explained.

Sustainable goals

Hui spoke about his key area of focus—climate resilience, which ties directly into Zurich’s ESG goals. He highlighted Zurich’s commitment to environmental sustainability, and explained how the organisation ensures accountability at all levels, particularly among top leadership.

“We practise it,” he emphasised, noting that ESG targets are closely monitored, and leadership performance is directly linked to achieving these goals.

“Other than metrics, we have real actions to help the environment, such as our reforestation project in Brazil. We’re planting trees at a fast pace, and we know how important that is for carbon sequestration,” he said.

“We need governments, industries, and technology providers working together.”

Hui highlighted the complexity of supporting high-emission industries in Asia, such as agriculture and oil and gas production, which are vital to many economies. “Transitioning these industries to net zero carbon is not easy, but we are working with governments, technology providers, and industries to provide coverage and incentivise change.

“But in Asia we need to hurry up,” he noted.

Collaboration, Hui stressed, is essential to achieving net zero greenhouse gas emissions. “It’s not just a slogan; we need governments, industries, and technology providers working together,” he said, noting that insurers have a significant role in guiding and protecting industries through the transition to a low-carbon economy.

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