Global re/insurance group Chaucer has signed 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 Program Finance Initiative.
The four Principles are: Putting ESG issues relevant to the insurance business into decision-making; and work with clients and business partners to raise awareness of ESG issues, manage risk, and develop solutions.
As well as working with governments, regulators, and other key stakeholders to promote widespread action across society on ESG issues; and demonstrating accountability and transparency in regularly disclosing to the public the progress of the implementation of the Principles.
John Fowle, CEO of Chaucer, commented that the company is proud to be a signatory to the UN PSI, adding: “The framework plays an important role in ensuring that all signatories are held to account and deliver on the four principles of PSI, 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 the ESG Balanced Scorecard program developed by Chaucer with Moody’s, the leading global provider of financial intelligence.
Chaucer has also invested in and provides lead capacity for carbon credit insurance specialist Profit, whose Carbon Purchase Protection Cover insures buyers of carbon credits purchased forward.