GUELPH, ON / GENEVA, June 13, 2011 /CNW Telbec/ - After two ground-breaking consultation meetings in the Southern
Hemisphere, Canada is hosting from 12 to 13 June 2011 the third of
seven United Nations-convened regional consultations that make up a
global process to develop a set of sustainability principles for the
Once fully fleshed out, the United Nations Environment Programme Finance
Initiative's Principles for Sustainable Insurance (UNEP FI-PSI) will
serve as the global framework for insurance companies to better manage
environmental, social and governance risks and opportunities in their
core business strategies and operations. The principles will include
concrete actions to enhance risk management and underwriting practices,
stimulate innovative insurance solutions, and catalyse industry action
on a range of sustainability issues such as natural catastrophe risks,
climate change, ecosystem degradation, ageing populations and emerging
Insurance industry CEOs and other senior executives from Bermuda, Canada
and the United States are attending the consultation meeting for North
America, which represents roughly one-third of world insurance premium
The meeting is hosted by the Canadian insurer The Co-operators in
"The sharp increase in natural catastrophes, extreme weather events, and
environmental disasters are taking a huge toll on populations,
economies, governments and the insurance industry. Greater
public-private collaboration is needed to reduce risk and develop
appropriate solutions, and the insurance industry can contribute
significantly with its risk management expertise," said Kathy
Bardswick, President and CEO of The Co-operators.
"Proper management of environmental, social and governance risks is
crucial not only to the health and safety of our communities, but also
to our ongoing economic prosperity," she added.
Storms, tornadoes, floods and other severe weather conditions in North
America resulted in over $ 15 billion USD of insured losses and over
$20 billion USD of economic losses in 2010, according to global
reinsurer, Swiss Re.
This year has also witnessed the deadly tornado in Missouri, massive
flood events in Canada and the United States, and wildfires in Slave
Lake, Alberta that have collectively resulted in hundreds of
fatalities, thousands of injuries, and billions of dollars in total
damages to property, agriculture and infrastructure.
"The shared goal of UNEP FI insurance partners worldwide is to catalyse
a positive transformation in the insurance industry so that it can
better manage emerging and systemic risks, propel the transition to a
low carbon, resource efficient and inclusive economy, and ultimately
advance the sustainable development of societies," said UNEP FI's head
The global consultation process started in Africa, Latin America and the
Caribbean. Following North America, the meetings will span Oceania, the
Middle East and North Africa, Europe and Asia.
The finalised Principles will be launched at the 2012 United Nations
Conference on Sustainable Development in Rio de Janeiro, Brazil as a
landmark contribution and long-term commitment of the global insurance
industry to building a sustainable global economy.
About the United Nations Environment Programme Finance Initiative (UNEP
UNEP FI is a unique global partnership between the United Nations
Environment Programme (UNEP) and the global financial sector. UNEP FI
works closely with nearly 200 financial institutions who are
Signatories to the UNEP FI Statements, and a range of partner
organisations to develop and promote linkages between sustainability
and financial performance. Through peer-to-peer networks, research and
training, UNEP FI carries out its mission to identify, promote, and
realise the adoption of best environmental and sustainability practice
at all levels of financial institution operations.
About The Co-operators
The Co-operators Group Limited is a Canadian-owned co-operative with
more than $40 billion CAD in assets under administration. Through its
group of companies it offers home, auto, life, group, travel,
commercial and farm insurance, as well as investment products. The
Co-operators is well known for its community involvement and its
commitment to sustainability. The Co-operators is ranked #1 among the
50 Best Corporate Citizens in Canada and listed among the 50 Best
Employers in Canada.
SOURCE The Co-operators
For further information:
For further information or to arrange interviews, please contact any of the following:
Leonard Sharman, Senior Advisor, Media Relations, The Co-operators, Tel: 519-767-3937 / Mobile: 519-820-4133, email: firstname.lastname@example.org;
Sebastien Malo, UNEP FI Communications, Tel: +41 22 917 8465 / Mobile: +41 78 686 7022, email: email@example.com;
Butch Bacani, Programme Leader, UNEP FI Principles for Sustainable Insurance and Insurance Commission / Mobile: +41 79 958 1958, firstname.lastname@example.org.