International Partnership
IAG has accepted a leadership role in developing the business case for sustainability in the insurance sector around the world. IAG is active in the World Business Council for Sustainable Development and jointly chairs a UN working group addressing sustainability challenges for the insurance sector.
Major insurers around the world are acknowledging that the business case for sustainability is compelling. This acknowledgement is based on the growing understanding that environmental, economic and social sustainability are cornerstones for the future viability of the insurance industry.
IAG is working with a range of international bodies to assess sustainability issues and bring an industry perspective to them. For example, IAG is a member of the World Business Council for Sustainable Development, and jointly chairs a United Nations working group on sustainability challenges for the insurance sector.
Pauline Gregg, IAG's Senior Specialist Sustainable Business Practices, co-chairs the Insurance Working Group within the United Nations Environment Programme Finance Initiative (UNEP FI), established in 2006. The working group has membership from insurance companies and re-insurance companies from Australia, Bermuda, France, Germany, Greece, Japan, Norway, Spain, Sweden, Switzerland, the Netherlands, the United Kingdom and the United States.
The Insurance Working Group has now produced a report - 'Insuring for Sustainability', which is available online at www.unepfi.org.
The report summarises the importance of environmental, social and economic sustainability both locally and globally for the future viability of the insurance industry.
It discusses the business case for sustainable insurance, sustainability issues and insights for insurers, how to make insurance processes more sustainable, and integrating sustainability into products and services.
The working group confirmed climate change as the greatest environmental risk confronting the insurance industry. They also identified microinsurance, lifelong income, health, environmental liability, natural resources, recycling, emerging man-made risk and internal efficiency as emerging issues for the insurance industry.
The report seeks to raise awareness of these issues in the short and long term viability of the industry and considers some steps insurers can take now to contribute to that viability.
The working party is now working towards two further reports - 'Principles for Sustainable Insurances', and 'How can insurance assist developing countries grow more sustainably?'
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IAG has accepted a leadership role in developing the business case for sustainability in the insurance sector around the world.
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