Canada is set to host the third of seven United Nations conferences that aim to establish sustainability principles for the world’s insurance industry.
The United Nation Environment Program Finance Initiative’s Principles for Sustainable Insurance, is a new initiative enacted by the U.N. to help insurance companies manage environmental risks as well as their associated social implications. Insurance officials from all over the world will be attending the conference, hoping to glean some information on how to cope with what appears to be a volatile environmental flux.
The increase in natural catastrophes has many concerned about the threats of climate change. While climate change is often a controversial issue with its share of supporters and deniers, it has been long known that the world’s environment goes through cyclical changes. These changes can often be violent.
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The conference will outline a series of principles to be injected into the insurance industry. Among these principles are methods to augment risk modeling and management as well as encouraging the development of innovative insurance solutions. The U.N. will also be advocating closer working relationships between public service entities and private insurance companies.
Head of the initiative, Paul Clements-Hunt, wants to see a positive transformation in the world’s insurance industry. According to him, insurers are too often seen as shadowy, dubious organizations. With the world’s environment changing in some unexpected ways, insurers can ill afford such characterization.