The Guernsey International Insurance Association (GIIA) has awarded its first ESG accreditation to an insurance entity, Dunant Re.
The association launched its framework in collaboration with ESI Monitor in July in accordance with the United Nations’ recommendations to integrate ESG processes and sustainable development goals with financial products, services and investments.
Insurers and insurance managers that are members of GIIA must self-certify and apply for a kitemark in a third-party accreditation process.
In order to receive a kitemark, insurance entities must comply with specific pillars of requirement: embed ESG within decision-making and governance structures; contribute underwriting risks and investments to sustainable development goals; and public disclosure of the insurer on how it has met these obligations.
Launched in March this year, Dunant Re is an incorporated cell of Replexus ICC (Guernsey) and sponsored by the Danish Red Cross as a humanitarian catastrophe bond covering pure volcanic eruption.
It is the first insurance entity to receive the GIIA kitemark.
GIIA chair Mark Elliott comments: “This announcement of the first accredited entity under the framework is a testament to our ambition to position ourselves at the forefront of ESG standards. The time for real action and transparency is here and we congratulate the Red Cross, Dunant Re and Aon Insurance Managers on their achievement.’”
Cedric Edmonds, founder and director of Replexus, adds: “I am delighted that the Red Cross-sponsored Dunant Re is the first entity to receive GIIA's ESG kitemark and I hope, for the good of our world and generations to come, that this is merely the first of very many companies to receive this honour.”
“Guernsey has once again demonstrated how it can innovate and collaborate to stay at the forefront of sustainable finance. We believe this is another important step towards a greener and more sustainable future for the global insurance sector,” concludes Josephine Bush, strategic advisor for green and sustainable finance at We Are Guernsey.
