IUMI becomes Principles for Sustainable Insurance (PSI) Supporting Institution

By Hendrike Kühl, IUMI Policy Director

During the 2020 Winter Meeting in London IUMI’s Executive Committee approved the application for IUMI to become a Principles for Sustainable Insurance (PSI) Supporting Institution. The application was subsequently approved by the United Nations (UN) Environment Programme and IUMI officially became a PSI Supporting Institution in February 2020.

The PSI Initiative is the largest collaborative initiative between the UN and the insurance industry. Over 140 organisations worldwide have adopted the four principles for sustainable insurance, including insurers representing more than 25% of world premium volume and USD 14 trillion in assets under management. The four principles are:

Principle One: We will embed in our decision-making environmental, social and governance (ESG) issues relevant to our insurance business.

Principle Two: We will work together with our clients and business partners to raise awareness of ESG issues, manage risk and develop solutions.

Principle Three: We will work together with governments, regulators and other key stakeholders to promote widespread action across society on ESG issues.

Principle Four: We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the principles.

As a PSI supporting institution, IUMI will strengthen sustainable insurance aims related to marine underwriting and run activities to support the adoption and implementation of the principles. An initial action will be a joint webinar about the “ESG guide for the global insurance industry” with a specific focus on marine insurance which is planned for this summer.

IUMI will further provide updates and information about PSI projects to raise awareness and educate members about such initiatives. This is in line with the request by IUMI members as expressed in the ESG membership survey conducted in 2019 to provide information about relevant sustainability matters.

For more information about PSI please click HERE.