Work Streams

Insurance Working Group

Established in 2006, the Insurance Working Group (IWG) addresses current and emerging sustainability issues concerning the global insurance industry.

The concept of sustainability is embedded in the insurance business through the practice of risk management and underwriting. The core function of insurance - to transfer risk - entails that the insurance industry plays a critical role in mitigating the adverse economic, social and environmental consequences of financial losses arising from fortuitous events. This role is particularly evident during the occurrence of major natural catastrophes and man-made disasters.

Amid a rapidly evolving risk landscape, the IWG undertakes a proactive work programme that finds innovative ways of addressing environmental, social and corporate governance (ESG) issues in the areas of products, services, investment and operational ecology. Ultimately, the IWG believes that its work will help redefine the conventional perception of insurance: from an instrument to transfer risk - to a vital tool for sustainable development.

Strategic Objectives

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

Members

Co-Chairs

• Catherine Boiteux-Pelletier, Group Head - Sustainable Development, AXA
• Pauline Gregg, Senior Manager - Sustainable Business Practices, Insurance Australia Group (IAG)

Current Projects

• Principles for Sustainable Insurance
• Publication on Sustainability & The Insurance Industry
• Study on Microinsurance, Natural Catastrophe Pools and Alternative Risk Transfer (ART) Products

Contact

Butch Bacani
insurance@unepfi.org