ESG
GIIA has developed the World’s first Environmental, Social and Governance (“ESG”) Framework for insurers with an accreditation and kitemark. The central feature of the Framework is the United Nation’s (“UN”s) 17 Sustainable Development Goals (“SDG”s). Adopted by all UN Member States in 2015, the SDGs provide a shared blueprint for peace and prosperity for people and planet and are the most widely accepted benchmark for ESG. The Framework is exclusively for circulation to member’s of GIIA and their clients, if you would like to join the association please complete the membership form here.
In developing the Framework GIIA are seeking both to recognise and validate the work Guernsey insurers are already doing but also to provide a “handrail” to enable all Guernsey insurers to start the conversation about their impact on people and planet and consider adopting their own ESG Policies.
The Framework is compiled of four pillars:
Pillar 1 - Governance
Principle: ESG is embedded within decision making and the governance structures of the insurer
Pillar 2 - Risks Underwritten
Principle: Risks underwritten by the Insurer must contribute to achieving the SDGs either directly or by supporting policyholders to indirectly achieve the goals.
Pillar 3 - Investments Held
Principle: Investments held contribute to achieving the SDGs.
Pillar 4 - Reporting
Principle: transparency is at the heart of the framework.
GIIA encourages members and clients of our members to self-certify their adherence. We are also pleased to partner with ESI Monitor to provide an accreditation process. Once validated by Un1ty https://www.un1ty.gg/we permit the use of the Kitemark.
The Framework is exclusively for circulation to members of GIIA and their clients, if you would like to join the association please complete the membership form here.
GIIA is also a signatory to the UN’s Principles of Sustainable Insurance.
The principles are as follows:
Principle 1
We will embed in our decision-making environmental, social and governance issues relevant to our insurance business.
Principle 2
We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.
Principle 3
We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.
Principle 4
We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.