Work Streams

News

• Natural Capital Declaration open to signatures
  The Natural Capital Declaration is open for endorsement by CEOs of financial institutions - banks, institutional investors, asset managers and (re)insurers. Other parties, including governments, corporations, NGOs, and other civil society members, are can 'support' this declaration.
• UNEP FI Principles for Sustainable Insurance consultation lands in Europe
  The pioneering global process to develop Principles for Sustainable Insurance (PSI) reached its penultimate region in October.
• UNEP FI Principles for Sustainable Insurance consultation heads to the Middle East & North Africa
  After four regional insurance markets, the Middle East & North Africa (MENA) takes its turn to partake in the United Nations-convened global consultation process to develop principles for sustainable insurance.

Our Work

The UNEP FI Insurance Commission comprises leading insurance industry institutions committed to embedding in their decision-making environmental, social and governance (ESG) issues relevant to the insurance business. In 2006, UNEP FI established an Insurance Working Group (now the Insurance Commission) to address current and emerging ESG issues in the context of the insurance business and sustainable development.

The Insurance Commission’s mission is to promote the adoption of sustainable insurance—the strategic insurance approach that includes the systematic identification, analysis, management and monitoring of material ESG issues in the insurance business. The aim is to have a more complete understanding of material risks and holistic risk management practices in order to reduce risk, stimulate innovation, enhance business performance and contribute to environmental, social and economic sustainability.

Amid a changing global risk landscape and the increasing interconnectedness and diversity of risks, the Insurance Commission believes that an insurance industry proactively, responsibly and fully embracing ESG issues in its insurance and investment activities can contribute more significantly to reducing risk; to achieving a resilient, resource efficient, low carbon and inclusive global economy; and to advancing the sustainable development of societies.

The Principles for Sustainable Insurance Initiative of the UNEP FI Insurance Commission

The Principles for Sustainable Insurance (PSI) are a set of voluntary and aspirational global principles—including possible actions—to address ESG issues in the insurance business, spanning risk management, underwriting, product and service development, claims management, sales and marketing, and investment management. Equally, the PSI framework will establish a UN-backed initiative of insurance industry signatories to drive the global promotion, adoption and implementation of the principles.

UNEP FI will launch the PSI during the UN Conference on Sustainable Development (‘Rio+20 Conference’) in June 2012 in Rio de Janeiro, Brazil. The Rio+20 Conference marks the 20th anniversary of the historic 1992 UN Conference on Environment and Development (‘Rio Earth Summit’), which produced the Rio Declaration on Environment and Development, Agenda 21, the Convention on Biological Diversity, the Forest Principles, and the Framework Convention on Climate Change.

The PSI launch will represent a landmark contribution and long-term commitment of the global insurance industry—in partnership with the UN—to build a sustainable economy and advance sustainable development. It will also mark the start of the UNEP FI initiative to implement the principles globally.

The UNEP FI Principles for Sustainable Insurance Team

Members

Observers

Chair

• Dr Astrid Zwick, Head of Corporate Responsibility, Munich Re

Contact

Butch Bacani
Programme Leader, Principles for Sustainable Insurance Initiative & Insurance Commission
insurance [at] unepfi.org