The accreditation scheme for managing environmental, social and governance (ESG) opportunities, risk and impact in Guernsey has attracted new insurance businesses to the island, according to Guernsey Finance.
The scheme was constructed by the Guernsey International Insurance Association (GIIA) with environmental assessment company ESI Monitor, following GIIA’s launch of an industry-first ESG framework in July 2021.
Accreditation is designed to validate insurer’s considerations while reducing the impact on communities and the environment, based on four pillars of governance, risks, insureds investments and reporting.
ESI Monitor will provide the validation service to review insurers’ progress across the four requirements.
Ian Corder, director of ESI Monitor, adds: “Our validation gives insurers additional confidence that they have complied with both the letter and the spirit of the framework requirements. GIIA’s framework points to a growing interest in responsible and sustainable insurance in Guernsey and the wider finance sector.
Kate Storey, partner at Walkers, a Guernsey-based law firm providing legal and compliance services to captives, insurance-linked securities, reinsurance structures, funds and special purpose insurers, affirms: “We have already had a lot of interest of not only existing insurers looking at using it, but also new insurers coming to the island to take advantage of this clear framework.”
“[This] is going to help them to not only think more about what they are already doing on this front, but also to demonstrate it because there will be a kitemark available to show compliance with the framework and meet the UN Sustainable Development Goals,” she explains.
