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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
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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