The first guide for the global insurance industry to manage environmental, social and governance (ESG) risks, developed by UN Environment Programme’s Principles for Sustainable Insurance initiative (PSI) was launched in early June 2020. The key objective of the document is to offer guidance in developing approaches to assess ESG risks in non-life insurance business transactions—from climate change, ecosystem degradation, pollution and animal welfare and testing; to child labour, controversial weapons, and bribery and corruption.
The guide outlines eight areas comprising possible actions for insurers to manage ESG risks—also known as sustainability risks—in non-life insurance transactions, focussing on risk assessment and insurance underwriting.
The guide includes optional “heat maps” indicating the potential level of ESG risk across economic sectors and lines of insurance business.“ It also raises awareness of potential benefits of ESG integration in the insurance business model.
In this webinar, four expert speakers provide an overview of the key points of the guide and share insights into insurers’ actions to incorporate a comprehensive ESG approach within their businesses, particularly in the context of marine insurance:
- Butch Bacani, Programme Leader, UN Environment Programme's Principles for Sustainable Insurance Initiative
- Patrizia Kern, Head Marine, Director Products & Global Markets, Swiss Re Corporate Solutions
- Rolf Thore Roppestad, Chief Executive Officer, Gard AS
- Ilias Tsakiris, Chief Executive Officer, American Hellenic Hull Insurance Company Ltd.
The presentations is followed by a Q&A with the audience.