UN consults on new sustainability industrial and commercial business guidance for global insurance sector
- March 18, 2019
- Posted by: Elaine Coles
- Category: Environmental, Investment and Finance
The United Nations Environment Programme – Finance Initiative (UNEP FI) has launched a new consultation on the first guidance designed for the global insurance industry to integrate sustainability into industrial and commercial business.
The guide “Underwriting environmental, social and governance risks in non-life insurance business” will help non-life insurers manage environmental, social and governance risks in insurance underwriting—the core process of evaluating, defining and pricing insurance risks.
Environmental, social and governance (ESG) issues—also known as sustainability issues— pose a shared risk to insurers, communities, businesses, cities, governments and society at large, providing a strong incentive for innovation and collaboration.
As risk managers, insurers and investors, the insurance industry plays an important role in promoting economic, social and environmental sustainability—or sustainable development.
The consultation period will run until 30 June 2019. Feedback will be reviewed by members of the Principles for Sustainable Insurance project team, with the first edition of the guideto be published in December 2019
The guide is a result of a multi-year initiative co-led by UNEP FI’s Principles for Sustainable Insurance and leading insurer, Allianz, and was launched in in Munich in February 2019 at a joint UNEP FI-Allianz event, Insuring for Sustainable Development: Raising the industry’s ambition.
Click here to download the draft Guidance document Underwriting environmental, social and governance risks in non-life insurance business
Email comments to psi-underwriting@unepfi.org or click here to complete the online consultation