Risk experts have to consider climate risk also

Key information

The purpose of the insurance sector is to understand, manage and carry risk on behalf of people, companies and governments. With the increasing focus on ESG issues, the industry has to adapt.

Leading this is the United Nations Environment Programme Finance Initiative, which has identified four principles to integrate ESG into insurance:

  1. We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.

  2. We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.

  3. We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.

  4. We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.

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