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Farmers Insurance coverage Trade has introduced that it has grow to be the primary US-based insurer to signal on to the United Nations Surroundings Programme Finance Initiative’s Ideas for Sustainable Insurance coverage (PSI), a global framework for the insurance coverage business to handle environmental, social and governance dangers. Farmers joins greater than 200 insurance coverage organizations worldwide which have signed on to the ideas since they have been launched in 2012.
“Farmers is dedicated to working in a approach that positively impacts our clients, our workers and communities by incorporating environmental, social and governance (ESG) issues into our enterprise,” mentioned Jeff Dailey, CEO of Farmers Group. “We’re honored to grow to be the primary US-based insurer to signal the Ideas for Sustainable Insurance coverage (PSI) and hope to amplify the influence of our efforts by inspiring others within the insurance coverage business to observe our instance.”
PSI signatories are referred to as to:
- Embed ESG points related to the insurance coverage enterprise into decision-making
- Decide to working with shoppers and enterprise companions to lift consciousness of ESG points, handle danger and develop options
- Conform to work with governments, regulators and different stakeholders to advertise motion on ESG points
- Show accountability and transparency by usually making public disclosures on progress on implementing the PSI
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Farmers has been concerned in quite a lot of efforts to handle ESG points for a while, together with: making socially accountable investments in underserved communities via IMPACT Neighborhood Capital, investing in an NGO-led fund that helps owners get well from disasters, transitioning to a completely hybrid and electrical automobile fleet, switching to paperless billing processes, and embracing versatile work choices for workers.
By signing the PSI, Farmers intends to develop on these efforts to make extra significant impacts, the corporate mentioned.
“By its dedication to implement the Ideas for Sustainable Insurance coverage, Farmers Insurance coverage Trade is demonstrating management, elevating its ambition, and interesting with key stakeholders to deal with probably the most urgent sustainability challenges and to grab the alternatives of a sustainable financial system,” mentioned Butch Bacani, who leads the PSI on the UN Surroundings Programme. “We stay up for extra US insurers becoming a member of the PSI and changing into a part of the answer. The time for decisive sustainability motion is now.”
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