Principles for Sustainable Insurance – PSI

Principles for Sustainable Insurance – PSI

Description

The Principles for Sustainable Insurance (PSI) provide global guidance on the integration of environmental, social, and governance risks into insurance underwriting. The purpose of the PSI Initiative is to better understand, prevent and reduce risks, and better manage opportunities to provide quality and reliable risk protection.

How It Works

UNEP FI applies the principles to a given company focusing on the risks and opportunities associated with ESG issues.

Tool Outcome

The identification, assessment, management, and monitor of risks and opportunities associated with environmental, social and governance issues. Aiming to reduce risks, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability.

Sustainability Criteria

  • Principle 1: We will embed environmental, social and governance issues in our decision-making which are relevant to our insurance business;
  • Principle 2: We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions;
  • Principle 3: We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues;
  • Principle 4: We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.

Additional Information

  • Users of the tool- Insurers
  • Phase when the tool applies- Finance
  • Geographic application- Not specified – Applies globally