U.N.,insurance release sustainability report

The Insurance Working Group of the United Nations Environment Programme Finance Initiative issued Wednesday its inaugural report which aims to raise awareness on global sustainability issues and the role insurers can play.

The 64-page report,titled"Insruing for Sustainability:Why anc how the leaders are doing it ," alsoaddresses some of the "major challenges and opportunities" for the industry,according to the report's executive summary.

"While insurers are already involved in sustainability issues,three areas cry out for greater attention ,"according to the summary."Providing microinsurance linked to microfinance;researching emerging risks and sharing such knowledge with stakeholders;developing insurance products and services for natural resources."

Established in 2006,the Insurance Working Group is made up of sixteen insurers,reinsurers and broders from Australia,Bermuda,France,Germany,Greece,Japan,Norway,Spain,Sweden,Switzerland,the Netherlands,the United Kingdom,and the United States.

The companied on the IWG are "committed to advancing the principle of sustainability in their operations as an integral part of their corporate responsibility," according to a joint statement from cochairs Catherine Boiteus-Pelletier,Group Head-Sustainable Development at AXA S.A. in Paris,and Pauline Gregg,Senior Manager-Sustainable Business Practices,Insurance Australia Group in Sydney.
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