UNEP FI Principles for Sustainable Insurance Consultation for MENA

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Dubai, United Arab Emirates | 18-19 September 2011

After four regional insurance markets, the Middle East & North Africa (MENA) takes its turn to partake in the United Nations-convened global consultation process to develop principles for sustainable insurance. The global process is being held under the auspices of the United Nations Environment Programme Finance Initiative (UNEP FI), a strategic partnership between the UN’s environmental arm and the global financial sector, and organized in collaboration with UNEP FI insurance members and partners worldwide. The regional meetings are part of UNEP FI’s pioneering initiative to develop global principles that tackle environmental, social and governance risks and opportunities in the core business strategies and operations of insurance companies. The principles include concrete actions that enhance risk management and underwriting practices, stimulate innovative solutions, and catalyze industry action on sustainability issues such as natural catastrophe risks, climate change, ecosystem degradation, ageing populations and emerging health risks. Moreover, the initiative will form a unique partnership between the UN and the insurance industry to drive the adoption and implementation of the principles worldwide. “MENA is a key economic region and the insurance industry is integral to its development. The major challenge is how to make this development sustainable in economic, environmental and social terms. The principles are anchored on risk management, innovation and transparency. They set a solid foundation for insurers to systematically address emerging risks and develop solutions that accelerate the transition to a sustainable economy – one that is low carbon, resource efficient, disaster resilient and socially inclusive,” said Paul Clements-Hunt, Head of UNEP FI. The global insurance broker, The Willis Group, is hosting the event from 18 to 19 September in Dubai, United Arab Emirates.