The Guernsey International Insurance Association (GIIA) has signed up to a United Nations climate program to support the development of sustainable finance.
GIIA is now a supporting institution of the United Nations’ Principles for Sustainable Insurance (PSI) Initiative.
PSI serves as a global framework for the insurance industry to address environmental, social and governance risks and opportunities.
Last year, Guernsey Green Finance and GIIA set out a strategic view on ways to develop green insurance products in the island, in a response to a discussion paper from the Guernsey Financial Services Commission.
“This demonstrates Guernsey’s insurance sector’s commitment to the green and sustainable agenda and this aligns with our commitment to develop bespoke products and services to cater for this growing market,” said GIIA Chairman Mike Johns.
Andy Sloan, Chair of Guernsey Green Finance, also commented: “The participation of the insurance sector is key to ensuring we become the leading jurisdiction for green finance in Europe.”
“This is possible given the unique breadth of our island as a specialist financial services sector,” he added.