This year’s violent weather – firestorms, hurricanes and floods – has underscored once more the vulnerability of our economies to climate shocks. Insurance is a crucial tool to both protect people from natural hazards and deliver sustainable development. Insurance supervisors also have a key role to play notably to ensure that firms integrate key sustainability factors into their core operations. This is the backdrop for the third meeting of the Sustainable Insurance Forum on 27-28 October in Kuala Lumpur. The Forum brings together insurance supervisors from across the world seeking to share experience and work together on sustainability issues. Chaired by Insurance Commissioner of California Dave Jones, the Forum is convened by UN Environment, and over 10 jurisdictions will be gathered in Kuala Lumpur from Brazil through France to Singapore, South Africa and the UK. The Forum meets at a time of strong momentum for practical responses by the regulatory community. In July, the Forum issued a statement of support for the Task Force on Climate-related Financial Disclosures recommendations. Membership is growing with Argentina and Italy recently joining. At the meeting, the Forum will hear from Asia-Pacific market experts on sustainability issues, including from Moody’s, the National Reinsurance Corporation of the Philippines, Peak Re and RAM Ratings. Supervisors will also review draft guidance on climate risk and explore how to develop Sustainable Insurance Roadmaps for their jurisdictions. Ultimately, the results of the Forum will help equip insurance supervisors to play their role in delivering a sound, stable and sustainable insurance system.
United Nations Environment Programme