UNEP FI Convenes Oceania Consultation on Sustainable Insurance Principles

UNEP FISeptember 2011: As part of its work to develop sustainability principles for the insurance industry, the UN Environment Programme Finance Initiative (UNEP FI) convened a consultation with Oceania stakeholders from 11-12 August 2011, in Auckland, New Zealand. The meeting was the fourth of seven UN-convened regional consultation meetings on the sustainability principles for the insurance industry.

The consultation was hosted by Sovereign, New Zealand's largest life insurer. Once complete, the UNEP FI's Principles for Sustainable Insurance (UNEP FI-PSI) are intended to serve as the global framework for insurance companies to manage environmental, social and governance risks and opportunities in their core business strategies and operations. It is envisaged that the principles will include concrete actions that: enhance risk management and underwriting practices; stimulate innovative insurance solutions; and catalyze industry action on sustainability issues including natural catastrophe risks, climate change, ecosystem degradation, ageing populations and emerging health risks. [UNEP FI September 2011 Newsletter] [Oceania Consultation Website]