The United Nations’ Principles for Sustainable Insurance Initiative (PSI) has welcomed Beneva as the first Canadian-domiciled insurer to join its Net-Zero Insurance Alliance (NZIA).
The NZIA initiative is a consortium of the world’s largest insurers and reinsurers who have committed to transitioning their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas emissions by 2050.
Beneva is an insurance mutual formed by two Canadian member insurers, La Capitale and SSQ Insurance.
Since PSI’s launch at the 2012 UN Conference on Sustainable Development, its membership has grown to become the largest collaborative initiative between the UN and the global insurance industry.
The PCI launched the NZIA at the 2021 G20 summit, and membership has included insurers and reinsurers across all regions worldwide.
Beneva’s membership follows Hannover Re’s exit from the NZIA last week. Hannover Re became the third major underwriter to leave the alliance for climate change, but it maintained it was still committed to a sustainability strategy.
Zurich Insurance Group and Munich Re left the alliance earlier this month.
Commenting on Beneva’s new membership Jean-François Chalifoux, president and CEO of Beneva, says: “By joining the UN’s Principles for Sustainable Insurance Initiative and NetZero Insurance Alliance, we proudly contribute to building a better tomorrow for generations to come,”
He adds: “The accomplishments stemming from the important work of the PSI and NZIA will not only benefit our members, clients and partners, they will also be shared with society.”
