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PSI Member Update – March 2023

PSI 2023 Work Programme – For Information

Net-Zero Insurance Alliance (NZIA)- Members of the NZIA are currently working to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios as outlined in Version 1.0 of the NZIA Target-Setting Protocol. As shared in the February NZIA Member Update, the PSI Secretariat is available to answer any questions members may have about the target setting process.

The NZIA Life and Health Workstream is in the process of developing a white paper on the role of life and health insurance business in net-zero. The paper is scheduled to be released later this year.

Seth Eshun has recently joined the PSI Secretariat in the role of NZIA Project Coordinator. Seth comes to the NZIA with extensive experience in the insurance sector, including as Head of Supervision at the National Insurance Commission of Ghana.

White Paper on Nature-Positive Insurance- Thank you to all members who participated in the workshops held in February to inform the development of the Nature-Positive Insurance White Paper. The insight shared by the membership was extremely valuable and we look forward to releasing the final paper later this year.

PSI Canadian Taskforce- As part of UNEP FI’s North America Regional Roundtable, the PSI Canadian Taskforce will be presenting its work on closing the protection gap. The group’s full paper will be shared with the PSI membership later this year.

UNEP FI Regional Roundtables- For Action

UNEP FI will be holding five Regional Roundtables on Sustainable Finance over the course of 2023. The roundtables provide an opportunity for members to come together locally to discuss the latest trends, innovations and share good practices.

The North America Regional Roundtable was held 1-2 March 2023 in Toronto, Canada.

The next roundtable will be the Asia Pacific Roundtable 24-25 May 2023 in Seoul, South Korea. Registration is free to UNEP FI members and the public (click here to register).

Upcoming Regional Roundtables:

• Africa Middle East: 14-15 June, Windhoek, Namibia

• Latin America and the Caribbean: (TBC)

• Europe: (TBC)

Upcoming Events and Recorded Webinars– For Action

Workshop on Climate Risk Management and TCFD in the MENA Region (14 March and 20 March, 13:30-15:30 CET) - UNEP FI, in collaboration with the Green for Growth Fund Technical Assistance Facility (GGF TAF) will deliver a series of online workshops on Climate Risk Management and TCFD. (To register, please fill out the application form by Friday, 3 March 2023)

Recorded Webinar on Assessing Sovereign Climate-related Opportunities and Risks (ASCOR) project consultation - In this webinar, the ASCOR and Transition Pathways Initiative team will introduce the ASCOR framework and its methodology and will also answer audience questions. Click here to watch the recording)

Reminder Membership Requirements – For Action

PSI Disclosures – As a condition to maintain the PSI membership, all Signatories are required to submit an annual disclosure outlining how your organization is implementing the Principles for Sustainable Insurance.

All members who joined in 2021 or before must make sure that your 2021 disclosure is available on the PSI website.

Please click here for more information on the disclosure process.

New Members of the PSI- For Information

We would like to take the opportunity to welcome Reale Group, Sonepar International RE SA and TM Tryggingar as the newest members of the PSI.

Other Updates from UNEP FI – For Information

Climate Risk and TCFD Programme- If you are looking to learn from peers and climate experts while exploring the most pressing climate risk topics, join our 2023 Climate Risk and TCFD Programme! Since 2017, UNEP FI has worked with over 100 financial institutions and over a dozen partners to advance best practices in climate risk and opportunity identification, assessment, management, and disclosure. Complete the information form to join us or find out more.

Finance Leadership Group on Plastics- This new group of around ten banks and insurers will provide input and suggestions to the Intergovernmental Negotiation Committee (INC) on the desired outcomes of the historic international legally binding agreement to end plastic pollution by 2024 endorsed by UN Member States last year. To get involved, please contact Peggy Lefort.

Opportunity to Join Just Transition Consultative Committee and Human Rights Community of Practice-The Just Transition Consultative Committee will provide feedback on guidelines and practical resources for financial institutions on a just transition. The Human Rights Community of Practice will give feedback on the development of a human rights resource kit for members. To find out more, or get involved, please contact Joana Pedro.

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