The Bogota Declaration on Sustainable Insurance- The Bogota Declaration on Sustainable Insurance (BDSI), recently elected Fasecolda, Federation of Colombian Insurers, as the Technical Secretariat for the first year of the initiative. In this role, Fasecolda will manage the strategic operations of the Declaration and ensure the delivery of work outputs under its workstreams.
Gustavo Morales, President of Fasecolda, said: “It is an honour and a significant commitment for us at Fasecolda to assume the Secretariat of the Bogotá Declaration in its first year of full implementation. We aim to establish the Declaration as the convening and action mechanism for the entire insurance sector in the region regarding sustainability.”
“Insurance plays a vital role in protecting our environment and mitigating the risks that affect it, and the Declaration will be the path to place this challenge at the centre of our sectoral concerns in a coordinated and unified manner.”
Launched in January 2024 during the UNEP FI LAC Regional Roundtable, the BDSI is a declaration of commitment by insurance industry leaders in the Latin America and Caribbean region (LAC) to support the UN’s Sustainable Development Goals. Since its launch it has grown to include 34 signatories representing major insurance organisations across Colombia, Costa Rica, El Salvador, Honduras, Surinam, Argentina, Panama and Spain.
Signatory organisations commit to use the collective power of the insurance industry, including risk managers, insurers, and investors, as well as policymakers, and stakeholders in the region to address the region’s unique economic, social, and environmental challenges such as the impacts of climate change on social inequality and economic instability.
“The operationalisation of the Bogota Declaration on Sustainable Insurance through Fasecolda’s Secretariat marks the beginning of a new season for the insurance industry in Latin America, where it can play its full role in enabling a healthy, safe and resilient society” said Eric Usher, Head of UNEP FI.
During the virtual kick-off meeting, on 28 June 2024, more than 60 executives from the LAC insurance industry gathered remotely to officially establish the Technical Secretariat. At this meeting, the BDSI also launched two new workstreams for the development and operationalisation of outputs:
- Nature Positive Insurance, aiming at building capacity around nature-related risks and opportunities and accelerating the development of insurance products for nature
- Insuring the Climate Transition in LAC: aiming at building capacity and developing tools for the management of climate-related risks
To learn more about the Bogota Declaration on Sustainable Insurance, click HERE