Sustainable insurance forum launched

A new international network of insurance regulators and supervisors has been launched to promote cooperation on critical sustainable insurance challenges, such as climate change.

Held in San Francisco, the first meeting of the Sustainable Insurance Forum included insurance supervisors and regulators from Brazil, California, France, Ghana, Jamaica, Morocco, the Netherlands, Singapore and the UK, as well as the International Association of Insurance Supervisors.

The insurance sector is pivotal to an effective response to sustainable development. This includes providing coverage against natural disasters as well as integrating environmental, social and governance (ESG) factors into the management of their assets, stated a media report.

Increasingly, insurance regulators and supervisors are exploring how these factors impact upon their goals of ensuring the safety, soundness and accountability of the sector. For the first time, the Forum provides an international platform for insurance regulatory and supervisory bodies to share experience and explore common approaches.

UN Environment’s assistant secretary general Elliott Harris said: “Insurance is one of the pivotal sectors underpinning the transition to sustainable development. As part of this, regulators and supervisors will play a vital role and UN Environment is delighted to be the secretariat for the new Forum.”