The Swiss Insurance Association SIA has joined the UN Principles for Sustainable Insurance (PSI) initiative as its 100th supporting institution. The Principles for Sustainable Insurance serve as a global framework for insurers for integrating ESG criteria into their business processes.
Insurers have various levers for integrating sustainability across all their business processes. Consideration of ESG criteria (environmental, social, governance) plays an important role in prevention, underwriting, product and investment management. The Principles for Sustainable Insurance initiative, founded by the United Nations in 2012, has created standards for the insurance industry in order to give consideration to sustainability principles along the entire value chain. The Swiss Insurance Association SIA joined this initiative in March 2023 as its 100th supporting institution. In doing so, the association has committed to the four PSI principles, which include objectives such as the integration of ESG criteria, collaboration and transparency. This membership will enable the SIA to benefit from guidelines, support in the implementation of recommendations and from the knowledge transfer between the insurers represented worldwide, which also include some SIA member companies. "We believe that the insurance industry has the potential to make an even more valuable contribution to the economy and society. Through joining the PSI, we want to encourage our members to expand their risk management skills to include sustainability aspects and to continuously refine their approach to ESG integration," explains Kristine Schulze, Sustainability Specialist at the SIA.
Principles for Sustainable Insurance
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.
Embedding sustainability in strategy
The Swiss insurance industry is contributing to the achievement of the Paris climate targets and is taking economic responsibility for ensuring Switzerland’s future as a sustainable financial and business location. Accordingly, “sustainability” is one of the association’s core strategic focal points. The SIA has published an annual sustainability report, which reports on the activities of the insurance industry in this area, since 2020.
Note to editors
The Swiss Insurance Association (SIA) represents the interests of the private insurance industry at national and international level. The association has approximately 70 members, which include many nationally oriented specialist non-life, life and supplementary health insurers, and global primary insurers and reinsurers. The sector is one of the most productive and highest value-added sectors of the economy. The private insurance sector employs about 50,000 people in Switzerland. With its expertise in risk coverage and hazard prevention, it assumes economic responsibility. Private insurers make a significant contribution to the stability of the economic system and prosperity within Switzerland. With that in mind, the SIA is committed to the sustainable development of the sector and its locations.
Swiss Insurance Association SIA
Lisa Schaller, media spokesperson
Phone: +41 44 208 28 56
Email: mediasvv [dot] ch
Head office phone: +41 44 208 28 28