Global re/insurance group Chaucer has signed up to the UN Principles for Sustainable Insurance (PSI), which provides a global framework for the industry to address environmental, social and governance (ESG) risks and opportunities.
The PSI was developed through a partnership between risk management leaders and the United Nations Environment Programme Finance Initiative.
The four Principles are: Embedding ESG issues relevant to the insurance business into decision-making; and working together with clients and business partners to raise awareness of ESG issues, manage risk, and develop solutions.
As well as working together with governments, regulators, and other key stakeholders to promote widespread action across society on ESG issues; and demonstrating accountability and transparency in regularly publicly disclosing progressing in implementing the Principles.
John Fowle, CEO of Chaucer, commented that the company is proud to be a signatory of the UN PSI, adding: “The framework plays a key role in ensuring all signatories are held to account and deliver the four PSI principles, including meeting Net Zero targets.”
“Becoming a signatory reaffirms Chaucer’s commitment to playing a leading role in accelerating the transition to a net-zero economy and helping our partners become more sustainable businesses.”
The latest ESG initiative follows recent innovations, such as its ESG Balanced Scorecard programme that Chaucer developed jointly with Moody’s, the leading global provider of financial intelligence.
Chaucer has also invested in and is providing lead capacity for carbon credit insurance specialist Kita, whose Carbon Purchase Protection Cover insures buyers of forward-purchased carbon credits.