A platform launched by the UN Environment Programme Finance Initiative (UNEP FI) is allowing insurance companies to make voluntary contributions to sustainable development through risk management, insurance products, investment, partnerships and disclosure frameworks.
Through the platform and other activities of UNEP FI's Principles for Sustainable Insurance (PSI) Initiative, insurers managing US$14 trillion and 20% of world premium volume are working with the UN toward a greener future.
17 June 2015: A platform launched by the UN Environment Programme Finance Initiative (UNEP FI) is allowing insurance companies to make voluntary contributions to sustainable development through risk management, insurance products, investment, partnerships and disclosure frameworks. Through the platform and other activities of UNEP FI’s Principles for Sustainable Insurance (PSI) Initiative, insurers managing US$14 trillion and 20% of world premium volume are working with the UN toward a greener future.
The platform, which was unveiled by the PSI Initiative at the Global Insurance Forum of the International Insurance Society (IIS) in New York City, US, on 17 June 2015, will support disaster risk reduction (DRR), climate change adaptation and mitigation, financial inclusion, green investment, and accountability and transparency.
Speaking at the Global Insurance Forum, UN Secretary-General Ban Ki-moon commended the insurance industry for commitments made thus far and urged seeing them through to implementation. He noted the “central” role the insurance industry can play in “building a more resilient, climate-smart economy.” The commitments made through the platform will advance work started under the ‘United for Disaster Resilience’ statement signed by insurers in March 2015 to help implement the Sendai Framework for DRR, adopted at the Third UN World Conference on DRR (WCDRR).
The platform is complemented by a Global Risk Map, created by the PSI Global Resilience Project, to highlight the economic and social costs of natural disasters. The Map is an open access, online tool that uses data spanning 115 years to pinpoint areas of highest vulnerability. In addition to natural disaster events, the Map takes into account social and economic exposure and resilience, risk modeling, and insurance penetration and density.
In partnership with the UNEP Inquiry into the Design of a Sustainable Financial System, the PSI Initiative also released a report titled ‘Insurance 2030: Harnessing Insurance for Sustainable Development.’ The report assesses ways to align the insurance industry with sustainable development objectives through 2030. Among its key recommendations are: convening an Insurance Network on Sustainable Development; establishing a Sustainable Insurance Policy Forum; and agreeing to a set of Insurance Development Goals. [UNEP Press Release] [UN Press Release] [UN Secretary-General Remarks] [PSI Initiative Platform] [Global Risk Map] [Publication: Insurance 2030: Harnessing Insurance for Sustainable Development] [PSI Initiative Website] [UNEP FI Website] [UNEP Inquiry into the Design of a Sustainable Financial System] [IIS Global Insurance Forum Website] [IISD RS Story on WCDRR and United for Disaster Resilience Statement]