The first ever ESG guide for the global health and life insurance industry has been published by the United Nations Environment Programme Finance Initiative (UNEP FI). Following a survey of Principles for Sustainable Insurance (PSI) members, a project team led by HSBC Life and the PSI Secretariat developed the ESG guide for the industry with the aim of drawing attention to the range of ESG considerations in underwriting and how industry participants can address ESG risks. The guide also includes several tools for those in the industry to use, including a life and health risk heat map which can be used to break down ESG risks into specific themes and risk criteria and the potential impact of ESG risks on four key life and health underwriting risks. Additionally, there are recommendations for possible actions to manage ESG risks during the underwriting process, including establishing risk appetite and integrating ESG risks into decision-making. Founded by the UNEP FI in 2012, PSI has more than 200 member organisations, including insurers representing about one-third of world premium and US$15 trillion in assets under management.
This morning at UNEP FI's @PSI_Initiative anniversary we announced an upcoming work stream paper with @FSB_TCFD focused on the life and health #insurance industry. Stay tuned! pic.twitter.com/rr2nc69NGF
— UNEP FI (@UNEP_FI) June 21, 2022