Tens of insurers and insurance associations have signed up to the United Nations Environment Programme Finance Initiative’s Principles of Sustainable Insurance, which was launched at the UN Conference on Sustainable Development taking place in Rio de Janeiro.
The principles aim to ‘green the sector’, as well as providing tools for risk management in support of environmental, social and economic sustainability.
Signatory companies will publicly disclose their progress in implementing the principle on an annual basis.
“For years, insurers have been at the forefront of the corporate world in alerting society to the risks of climate change and, more recently, threats such as the loss of biological diversity and the growing pressures on forests, freshwater and other essential ecosystems,” said Ban Ki-moon, UN secretary general.
“Insurers are also increasingly recognizing the need to develop products and services that address the needs of a rapidly changing world, including inclusive insurance that caters to low-income communities, people with HIV/AIDS or disabilities, and ageing populations.
“The Principles for Sustainable Insurance provide a global roadmap to develop and expand the innovative risk management and insurance solutions that we need to promote renewable energy, clean water, food security, sustainable cities and disaster-resilient communities. The United Nations looks forward to working with all sectors of society towards the global embrace of this important new initiative as we shape the future we want.”