At the ICMIF Sustainability Summit in London in early November, ICMIF launched its Insurance SDG Benchmark, which is derived from the insurance SDG (i-SDG) scores of ICMIF members.
Swiss Re Institute developed the underlying framework, which was then calibrated with ICMIF members during 2022.
Throughout this year, a number of ICMIF members working with Swiss Re Institute have used the ICMIF-calibrated framework to derive individual iSDG company scores.
The exercise provides participating members with individual impact metrics and scores across the framework’s current 49 indicators and the 17 SDGs, explains the ICMIF.
Shaun Tarbuck, Chief Executive, ICMIF commented: “The ICMIF-calibrated Insurance SDG Calculator enables members to measure and track impact of their business on sustainability-relevant parameters. The ICMIF Insurance Benchmark provides a quantitative way to measure the success of our 4-year ‘leading with purpose’ strategy launched at the ICMIF Centenary in October 2022.”
Alicia Montoya, Head Research Commercialisation at Swiss Re Institute, added: “ICMIF members can use the iSDG impact metrics and ICMIF SDG Benchmark to inform their business strategies using a data-driven approach. Additionally, insurers can leverage Swiss Re’s SDG Analytics consultancy services to drill into SDG impact metrics at portfolio/product level, identify risks and opportunities, as well as simulate scenarios to help optimise their transition strategies.”
Darin Lord Nessel, Chief Executive Officer of Mutual Fire Insurance of British Columbia, commented: “MFI had the pleasure of working with the Swiss Re Institute on developing the ICMIF-calibrated Insurance SDG Calculator and using it to calculate MFI’s first SDG company score. The overall benefits to our company are immense. The in-depth insights help us understand our current sustainability impact and effectively target measures to improve it across all facets of our company.”
The ICMIF Insurance SDG Benchmark, follows the launch of the ICMIF-calibrated Insurance SDG Calculator, the first tool to quantify insurance sustainability impact against the insurance Sustainable Development Goals at the ICMIF Centenary Conference in Rome in October 2022.
