Over 200 insurance industry leaders and stakeholders from across the globe gathered in Munich last February to raise the industry’s ambition in tackling the world’s most pressing sustainability challenges.
At the Munich event, the first-ever insurance industry guide to manage environmental, social and governance (ESG) risks was launched. The event was co-organised by UN Environment’s Principles for Sustainable Insurance Initiative (PSI) and Allianz.
The pioneering guide is the result of a multi-year collaborative effort with leading insurers and key stakeholders through a global consultation process. It shows how insurers can develop a systematic approach to managing ESG risks such as climate change, environmental degradation, protected sites and species, animal welfare, human rights, controversial weapons, and corruption.
The guide includes heat maps indicating the level of potential ESG risk across lines of business and economic sectors—from agriculture, chemicals, defence, energy, healthcare and technology; to infrastructure, manufacturing, mining, real estate, transport and utilities.