Principles for sustainable insurance
In June 2012, IAG became a founding signatory to a new set of voluntary and aspirational global principles, Principles for Sustainable Insurance (888.17 KB), which were launched as part of the United Nations Environment Programme Finance Initiative.
The Principles for Sustainable Insurance (PSI) is a catalyst for creating a more risk aware and resilient society. IAG is committed to delivering outcomes that help communities better prepare for and respond to risks, protect the environment, and sustain economies. By working together with the UN, governments and other key stakeholders, IAG and the insurance industry can achieve far more than they would on their own.
In June 2013, the PSI Initiative celebrated its first anniversary and reported on solid progress made over the past year. Some 60 leading insurers, insurance market bodies and international organisations have embraced the landmark Principles, doubling the number of organisations now involved.
To demonstrate accountability and transparency to the public, a fundamental aspect of the Principles is for insurers to publicly disclose their implementation progress every year. IAG provides progress updates on its adherence to the principles through its annual sustainability reports.
The PSI Initiative has released a statement about its first year’s progress. As a founding signatory, IAG’s progress, amongst others, can now be found online.
The Principles for Sustainable Insurance are to:
- Embed in our decision-making environmental, social and governance issues relevant to our insurance business.
- Work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
- Work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.
- Demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the UNEP FI Principles for Sustainable Insurance.
Complementing the objectives of the PSI, IAG is also a long-standing signatory to the United Nations Principles for Responsible Investment (PRI).