Transport and logistics insurer Through Transport Mutual Association Limited (TT Club) has announced that it has signed on to the United Nations’ Principles for Sustainable Insurance (PSI) initiative.
The PSI initiative is a global framework for the insurance industry to address environmental, social and governance risks. It was launched in 2012 by the UN Environment Programme Finance Initiative and aims to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive, and sustainable communities and economies.
“As a mutual insurer, our overarching purpose is to make the international transport and logistics industry safer, more secure and, as a result, more sustainable,” said Charles Fenton, CEO of TT Club. “We see the challenges our members face to tackle sustainability head-on and work hard to support them wherever we can. The Principles for Sustainable Insurance align with the club’s approach in servicing its members, and we look forward to working with other like-minded organizations towards this common goal.”
The PSI is the largest collaboration between the insurance sector and the UN, with more than 220 members globally.
“The Principles of Sustainable Insurance provide a global roadmap to develop and expand innovative risk management and insurance solutions,” said Ban Ki-Moon, former secretary general of the UN. “With a world premium volume of more than US$24 trillion, insurers that embed sustainability in their business operations can catalyze the kinds of financial and investment flows and long-term perspectives needed for sustainable development.”
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TT Club will embrace the guidance of the PSI by embedding ESG issues in its decision-making, working with its members and business partners to extend awareness of those issues, demonstrating accountability and transparency in reporting its progress, and working with regulators and other stakeholders to promote action on ESG issues.