United Nations Environment Programme Finance Initiative (UNEP FI)’s Post

UNDP x Generali : Teams up for insurance solutions in Malaysia A partnership established between United Nations Development Programme (UNDP) and Generali to reduce the protection gap for vulnerable communities worldwide, through access to insurance and risk finance solutions. These are part of a broader commitment to raise awareness, as well as set the path for insurance to unlock security for SMEs in developing countries. UNDP and Generali are introducing the first parametric insurance framework aligned with the overall Sustainable Development Goals (SDG) Agenda. The collaboration will involve boosting research and advocacy efforts with key stakeholders, including European launch of the Human Development Report in early 2024 based on a recent meeting between the two aimed at enhancing resilience in small and medium-sized enterprises (SMEs) in the face of climate change. Apart from that, the launch of the “Insurance Innovation Challenge Fund” was also announced during the event. This initiative seeks to encourage and support the development and introduction of innovative insurance products and services in Malaysia. The fund will operate through an open selection process in the country, offering the winners US$100,000 for the first year to aid in developing insurance solutions, including financial and technical support. Read it more here: https://lnkd.in/ggMYkwvi

Kenya's insurance industry stands at a critical juncture where embracing ESG principles is not only a moral imperative but also an opportunity to drive transformative change.  #sustainability #insuranceindustry #insuranceinsights #leadership #ESG CIC Insurance Company https://lnkd.in/dJTCURET

Happening Now!! The 4th Annual International Insurance Conference2023 at Las Vegas Hotel in Mbarara City-Uganda. Future Energy Partners CEO and Co founder, Greg Coleman is giving a keynote address on #ESG. Points to consider: 1. Have you included ESG risks in your company’s ESG risks? 2. How do your ESG commitments influence your company financials? 3.Could your Organization be at risk of being accused of green washing? 4. What impact could an energy crisis have on your organization? 5.How could an an extreme weather event impact your company operation? 6.How secure are your supply chains? The Insurance Training College Insurance Brokers Association of Uganda Paul Katabalwa

With the increasing frequency and severity of extreme weather events in Hong Kong and the wider GBA region, there is huge potential for parametric insurance to provide greater certainty of coverage to insureds and address the significant gap between economic losses and insured losses. #insurance #reinsurance #climatechange

Big news in the global marine space is the 2024 implementation of EU Emmissions Trading Scheme (ETS), pushing greenhouse gas emissions regulations onto shipowners calling to the EU. This is the foundation of what is to come on a more expansive basis, and so is important for all to understand.

Dr. Muhammad Farid, Chairman of the Financial Supervisory Authority, participated in the activities of the thirty-fourth regional conference of the General Arab Insurance Federation under the slogan “For a more sustainable and comprehensive Arab insurance industry: How can Arab companies engage in the artificial intelligence revolution,” which was organized by the Omani Insurance Association and the General Secretariat of the Federation. Arab General Insurance, in Muscat, Sultanate of Oman. The first day of the conference witnessed an emphasis on the great growth opportunities enjoyed by Arab economies for the growth of the insurance sector’s performance, while the modest percentage of the sector’s contribution to serving the gross domestic product of the countries of the region is attributed to the existence of a large protection gap from risks that negatively affect the economy and society, such as climate risks, natural disasters, and the health of individuals. . The conference also reviewed the challenges the world is witnessing, including rapid digital and technological developments, climate change, and exceptional natural disasters, which require adaptation, innovation, and rethinking many concepts and practices to confront the new situation and exploit the opportunities it contains. The first sessions of the conference discussed emerging and new insurance technologies that rely on artificial intelligence and the reshaping of the Arab insurance sector, with a focus on sustainability and inclusiveness.

Guidance on the integration of ESG risks into insurance underwriting The first ESG guide for the global insurance industry  https://shorturl.at/cqAN1

Great discussion with Katerina Pavlidi from GrECo Sagauta Lithuania on ESG and insurance in the Baltics. Various segments of the market are at the different stage of development, but overall insurance future green!

🌐 Exciting News in the Insurance Sector! 🌿 Thrilled to share that China's insurance industry has just launched its first Environmental, Social, and Governance (ESG) voluntary guide. 🚀 Key Highlights: Clear Standards: The guide sets clear standards for insurance companies, covering 23 Tier 1 and 49 Tier 2 indicators, aligning with global ESG disclosure standards. Unique Elements: It incorporates elements unique to China and the insurance industry, including rural revitalization, insurance agent management, sustainable insurance products, and green investment of insurance funds. 🌍 Global Impact: Richard Sheng, Ping An's Secretary of the Board of Directors, emphasized China's commitment to global sustainable development. The guide is seen as instrumental in enhancing ESG management and disclosure quality in the insurance industry, positioning it as a societal "stabilizer" and economic "ballast." 🔗 Read More Here:[https://lnkd.in/ds4BdUJp] #ESG #InsuranceIndustry #Sustainability #Actuaries #InsuranceNews #actuary #actuarial

The inclusion of shipping under the EU ETS will require marine insurance to innovate. But rather than suggesting that we have the solution to all the potential insurance issues created by this regulatory development, we think that it is prudent to look at potential loss scenarios to ensure that any product development originates with an analysis of what protection is needed for our ship owning clients. The attached is a closer look at the regulation and its potential insurance implications. https://lnkd.in/df82ThPf