Insurers asked to go green

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25 June 2012

Companies’ strategies pose the greatest corporate challenge to implementing the United Nations’ Principles of Sustainable Insurance, according to a survey of delegates at the International Insurance Society’s (IIS) annual conference in Rio de Janeiro last week.

The principles, developed over the past five years in consultation with various global insurers, were launched at the IIS conference.

They aim to provide “a holistic approach to managing a wide range of global and emerging risks in the insurance business, from climate change and natural disasters to water scarcity, food insecurity and pandemics”.

Asked which aspect of company activity posed the greatest challenge to the implementation of the principles, 37% of respondents selected company strategy. Risk management and underwriting ranked second at 22%.

Respondents were also asked to identify the most urgent action needed to reduce risk for clients and raise awareness of environmental, social and governance issues. Nearly 35% said access to insurance is the key.

Around 28% of respondents said the extension of risk management analysis and coverage to climate change and extreme weather risks are also important.