The global collaborative initiative strengthens the industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies on a healthy planet.
The Principles for Sustainable Insurance (PSI) serve as a global
framework for the insurance industry to address environmental, social
and governance (ESG) risks and opportunities. The global collaborative
initiative strengthens the industry’s contribution as risk managers,
insurers and investors to building resilient, inclusive and sustainable
communities and economies on a healthy planet. Launched at the 2012 UN
Conference on Sustainable Development (Rio+20), with endorsement from
the UN Secretary-General and insurance industry CEOs, the Principles
have led to the largest collaboration between the UN and the insurance industry.
“The Principles for Sustainable Insurance provide a
global roadmap to develop and expand the innovative risk management and
insurance solutions that we need to promote renewable energy, clean
water, food security, sustainable cities and disaster-resilient
communities.” Said ex-Secretary General Ban Ki-moon at the launch of
the PSI in 2012
Building a community of best practice
As risk managers, risk carriers and investors, the insurance industry
plays an important role in fostering sustainable economic and social
development. We believe that better management of ESG issues will
strengthen the insurance industry’s contribution to building a
resilient, inclusive and sustainable society. However, many ESG issues
are too big and complex and need widespread action across society,
innovation and long-term solutions.
From just 30 organisations as founding signatory companies and
supporting institutions when the PSI was launched in 2012, the PSI has
steadily grown to 200 members worldwide. The membership is currently
made up of 111 PSI signatory companies—representing about 30% of world premium volume—and 89 PSI supporting institutions
including insurance associations and initiatives, insurance regulatory
and supervisory bodies, civil society organisations, academia and other
key stakeholders. By implementing the Principles and working together,
PSI members are shaping and amplifying sustainable insurance thinking
and practice worldwide.
“The UN Sustainable Development Goals, Paris Climate
Agreement, and upcoming Post-2020 Global Biodiversity Framework are
shining examples of global policy frameworks to tackle the most pressing
global sustainability challenges in order to achieve prosperity for all
on a healthy planet. Through their commitment to implement the
Principles for Sustainable Insurance, insurers and other market
participants from around the world are demonstrating leadership, raising
their ambition, and collaborating to tackle global sustainability
challenges now—not tomorrow or the day after. Timing is key, and time is
non-renewable.” said Butch Bacani, who leads the PSI at the UN
Environment Programme...
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