Bermuda International Long Term Insurers and Reinsurers (BILTIR) has become a supporter of the Principles for Sustainable Insurance (PSI).
The principles were introduced in 2012 as part of the United Nations’ Environment Programme (UNEP) to provide the insurance industry with a global framework to address environmental, social and governance (ESG) considerations and opportunities.
Over 180 organisations have adopted the four PSI pillars, with the UN noting that this includes insurers representing over 25 per cent of world premium volume.
The first two pillars state that supporters will embed ESG issues in decision-making processes, and collaborate with clients and business partners to raise awareness of ESG issues, manage risk and develop solutions.
The remaining pillars encourage supporters to work with governments and regulators to promote action on ESG issues, and to hold accountability and transparency in disclosing their progress in implementing the principles.
As a representative of 63 long-term insurance, reinsurance and servicing companies in the jurisdiction of Bermuda, BILTIR aims to support ESG initiatives through innovative product design, relocation of assets towards renewable energy products, and mitigating the risk of underfunded defined pension schemes.
Sylvia Oliveira, chair of BILTIR, comments: “Our association is also an ardent advocate and supporter of the power of education to close opportunity gaps. BILTIR looks forward to working with UNEP and PSI to play a proactive part in the pursuit of a more sustainable society.”
