Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Trump prepares to unveil sweeping new US tariffs on 'Liberation Day'    At least 22 civilians killed in Israeli strike on UNRWA clinic in Gaza    UK says it won't jump into US trade war as Starmer urges calm response to tariffs    Russia, Ukraine trade fresh accusations of violating US-brokered energy ceasefire deal    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UN, main insurers team up to support green economy
Published in The Saudi Gazette on 24 - 06 - 2012

RIO DE JANEIRO – Close to 30 leading companies from the insurance industry, worth over $5 trillion in total assets and representing over 10 percent of world premium volume, together with insurance associations from different regions around the world, have joined a UN-backed process to promote a set of Principles for Sustainable Insurance that aim to green the sector and provide insurance tools for risk management in support of environmental, social and economic sustainability.
The Principles provide a holistic approach to managing a wide range of global and emerging risks in the insurance business, from climate change and natural disasters to water scarcity, food insecurity and pandemics. They represent the first-ever global sustainability framework tailored for the insurance industry that takes into account the fundamental economic value of natural capital, social capital and good governance.

The Principles also aim to position the insurance industry as a lever for a green economy and sustainable development. Signatory companies will publicly disclose their progress in implementing the Principles for Sustainable Insurance on an annual basis.
The Principles are a result of a six-year global development process carried out by the UN Environment Program's Finance Initiative (UNEP FI), a strategic initiative involving the UN Environment Program (UNEP) and financial institutions worldwide.
In 2006, UNEP FI created a working group of leading insurers to study the impacts of a wide range of environmental, social and governance issues on the insurance business and sustainable development. This group was initially cochaired by AXA and Insurance Australia Group and is currently chaired by Munich Re.
The launch of the Principles marks the start of a United Nations-backed insurance industry initiative that would promote the adoption and implementation of the Principles globally.
Nikolaus von Bomhard, CEO of Munich Re, said: "The insurance industry plays a vital role in developing our economy and society. By managing and carrying risks, our industry protects the welfare of society and fosters innovation. Our industry gives it clients the promise that we will always fulfill both our short-term and long-term obligations assumed under insurance contracts." UN Secretary-General, Ban Ki-moon, and UNEP Executive Director, Achim Steiner, lauded the Principles as a historic initiative and a major contribution to the aims of the Rio+20 Conference, which seeks to advance good governance and environmental, social and economic development.

The Green Economy in the context of poverty alleviation and sustainable development is a major Rio+20 theme. Ban Ki-moon said: "For years, insurers have been at the forefront of the corporate world in alerting society to the risks of climate change and, more recently, threats such as the loss of biological diversity and the growing pressures on forests, freshwater and other essential ecosystems. Insurers are also increasingly recognizing the need to develop products and services that address the needs of a rapidly changing world, including inclusive insurance that caters to low-income communities, people with HIV/AIDS or disabilities, and ageing populations.
"The Principles for Sustainable Insurance provide a global roadmap to develop and expand the innovative risk management and insurance solutions that we need to promote renewable energy, clean water, food security, sustainable cities and disaster-resilient communities. The United Nations looks forward to working with all sectors of society towards the global embrace of this important new initiative as we shape the future we want," the UN chief stressed. The Principles were unveiled by the UN and insurance leaders at a major global event attended by hundreds of CEOs and senior executives.
The event was co-hosted by the International Insurance Society and the Brazilian Insurance Confederation (CNseg). Achim Steiner, said: "Over the past six years, the UN Environment Programme's Finance Initiative has been exploring the possibility of establishing sustainability principles for the global insurance industry that can catalyze and amplify transformational change. Principles that tailor to the needs and aspirations of the insurance industry and the clients and citizens it serves.
"Seven billion people, rising to over nine billion by 2050, are not going to stand still and wait for the future they want. We need to green our economies, build resilient communities, deliver wider ranging social outcomes, and better conserve our forests, freshwaters and other critical ecosystems."

"The Principles for Sustainable Insurance are a foundation upon which the insurance industry and society as a whole can build a stronger relationship-one that puts sustainability at the heart of risk management in pursuit of a more forward-looking and better managed world," Steiner added. – SG


Clic here to read the story from its source.