reported yesterday that some of the world’s largest insurance and reinsurance companies will meet in Ruschlikon, Switzerland, to finalize the Principles for Sustainable Insurance (PSI), the UNPRI equivalent for ESG integration into the insurance sector.

The four principles, similar to the six UNPRI principles, include signing up to look at integrating ESG issues into insurance business lines and promoting ESG across the insurance industry. Members of this working group include Munich Re, Swiss Re and Tokio Marine. The principles will be formally launched after this meeting and were developed under the United Nations Environment Programme Finance Initiatives (UNEP FI) Insurance Commission. The Commission comprises leading insurers and reinsurers committed to considering ESG issues in their business strategies.

The four Principles are:

  1. We will systematically consider ESG issues in our business principles, strategies and operations.
  2. We will engage with insurance industry participants to raise awareness on ESG issues, reduce risk and develop solutions.
  3. We will work together with society to enhance our effectiveness in implementing the Principles.
  4. We will be transparent by reporting on our progress and activities in implementing the Principles.

To read the full article please click here. Do you think these principles are a good idea? Do you think insurance companies should adhere to them? Discuss!