Work Streams

The Insurance Working Group (IWG) is an alliance of leading insurers and reinsurers committed to integrating environmental, social and governance (ESG) factors into their core business strategies and operations. In 2006, the IWG was established to address current and emerging sustainability issues concerning the insurance industry.

The IWG believes that the systematic analysis, integration and management of ESG risks and opportunities in core insurance processes (e.g. underwriting, product development, investment, claims management, and sales & marketing) is material to enhancing long-term company value. The IWG collectively defines this strategic approach as ‘sustainable insurance’, consistent with the triple bottom line of people, planet and profit.

The concept of sustainability is embedded in the insurance business through the practice of risk management and underwriting. Amid a rapidly evolving risk landscape and increasingly globalised world, the IWG believes that the insurance industry has a critical role to play in addressing global sustainability issues and, ultimately, sustainable development.

Strategic Objectives

• Improve knowledge and understanding of environmental, social and governance (ESG) risks and opportunities
• Integrate ESG factors into core insurance processes, products and services
• Raise awareness on current and emerging sustainability issues
• Promote sustainable insurance thinking and practice
• Underpin the vital role of the insurance industry in sustainable development

Members

Chair

• Catherine Boiteux-Pelletier, Group Head - Sustainable Development, AXA

Current Projects

• Principles for Sustainable Insurance
• Global survey on the understanding and integration of environmental, social and governance factors in insurance underwriting and product development
• Microinsurance, natural catastrophe insurance and risk financing solutions
• Forestry, insurance and the carbon markets

Contact

Butch Bacani
Programme Officer, Insurance & Investment
insurance [at] unepfi.org