AFM confirmed as a Supporting Institution of the UN Environment Programme’s Principles for Sustainable Insurance

8 July, 2021

Later this year, COP26 in Glasgow will be a vital opportunity to re-focus attention on climate change.  It feels in the UK like we no longer need the prompt, though the Government needs to command astonishing changes to the economy to achieve our goals.

Insurance is- and will continue to- play a vital part in that change.  Making portfolios carbon neutral is a key aspect of that, but so too is redesigning products and services to reflect the changes to the way we are living.  Regulation has of course been the spur for action for many, but today we are seeing increasing calls from members to demonstrate a stronger commitment to doing our bit.  That is starting to feed through into disclosures in the report and accounts- albeit the momentum for more comprehensive reporting is growing quickly.

And it’s not just about climate change: ESG action can be seen in the way the sector supports employees, customers and local communities, and works in an inclusive way.  To reinforce the sector’s commitment to good environmental, social and governance practices, AFM has just been accepted as a supporting institution for the UN Environment Programme’s Principles for Sustainable Investment (PSI).

AFM’s CEO, Martin Shaw, comments:

“The mutual insurance sector in the UK has a long pedigree of working in the best interests of its customers- who are also its owners- and for the benefit of the communities it operates in.  By becoming a supporting institution for the UN Environment Programme’s Principles for Sustainable Insurance, the Association of Financial Mutuals is reinforcing that commitment.  We aim to help our members share from the wider experience of UN PSI to add to their growing knowledge of ESG factors, and to better meet the needs of society today.”

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