The General Insurance Council is pleased to announce that it has become PSI Supporting Institution of UN Principles for Sustainable Insurance Initiative. The Council, representing 45 non-life insurance and reinsurance companies in India, had decided in an Executive Committee meeting to join the PSI initiative to promote awareness about sustainable insurance and ESG norms in the Indian non-life insurance industry. 

 The PSI—a global sustainability framework and the largest collaborative initiative between the UN and the insurance industry—aims to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies on a healthy planet. 

 Sustainable insurance is a strategic approach where all activities in the insurance value chain, including interactions with stakeholders, are done in a responsible and forward-looking way by identifying, assessing, managing and monitoring risks and opportunities associated with environmental, social and governance issues. Sustainable insurance aims to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability. (https://www.unepfi.org/)

 “The General Insurance Council will endeavour to promote the adoption and implementation of the Principles for Sustainable Insurance throughout our membership. The Council is focused on efforts to work with members and key stakeholders in accelerating the transition to a zero-carbon future while helping people build resilience to climate change,” said Mr MN Sarma, Secretary-General, General Insurance Council. By working together with the PSI, we can ensure that the Indian insurance industry can join with our international partners to amplify the PSI’s agenda-setting work on sustainability.”

 The General Insurance Council joins other insurance associations from across the globe that have become PSI supporting institutions, including insurance associations in Australia, Brazil, Canada, China, Colombia, Eastern and Southern Africa, Finland, France, Guernsey, HongKong,Ireland, Italy, Luxembourg, Mexico, Morocco, New Zealand, Norway, South Africa, the Caribbean, the Netherlands, and the Philippines and UK.

 The General Insurance Council will soon be launching a series of programs to create awareness about sustainability issues in the Indian market.

 For more information, please contact:

UN Environment Programme (Geneva, Switzerland)

Diana Diaz, Programme Supervisor, UNEP’s Principles for Sustainable Insurance Initiative: diana.diazcastro@un.org  

 Sanjiv Singh, Advisor, General Insurance Council: sanjiv@gicouncil.in