Aon has become the first risk advisor and broker to sign up to the United Nation’s Principles for Sustainable Insurance (PSI), which were created to serve as an international framework and initiative for the insurance sector to leverage its unique risk expertise to create a safer, healthier, and more sustainable society.
The four Principles target a broad range of environmental, social and governance (ESG) risks and opportunities in core business activities, which includes analysing and lowering disaster and health risks, insurance products for vulnerable cities and communities, as well as investments in resilient infrastructure and green technologies.
Eric Andersen, Co-President of Aon, commented: “Aon has a longstanding commitment to empowering clients, colleagues, and communities, and I am proud that we are leading our sector in becoming a signatory to this important initiative. As a professional services firm focused on reducing volatility and improving performance, we and the wider insurance industry must be prepared to address critical economic, social and environmental challenges. In this regard, de-risking cities and countries has never been more important.
“As a signatory to the UN’s Principles for Sustainable Insurance, Aon will help to build strong and resilient societies in partnership with insurers and the UN. The global, collaborative effort of the PSI Initiative is well positioned to contribute to a sustainable future for all.”
Aon says it is proud to have signed up to the Principles, which shows its commitment to supporting the UN’s aim of leveraging the insurance industry’s risk knowledge, experience and expertise to develop more inclusive and sustainable communities and economies.
The four Principles are as follows:
- We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.
- We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
- We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.
- We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.
Butch Bacani, who leads the UN Environment’s PSI, said: “Insurance brokers have a fundamental role to play in the insurance industry value chain. They work together with clients, insurers and reinsurers; deliver risk management services and insurance products; and create insurance markets.
“As the first global insurance broker to sign the Principles for Sustainable Insurance, Aon is demonstrating unparalleled leadership and commitment from the insurance broking community to support the global effort of building resilient, inclusive and sustainable communities and economies. Aon is leading by example.”
