Farmers Insurance Exchange has introduced that it has grow to be the primary US-based insurer to signal on to the United Nations Environment Programme Finance Initiative’s Principles for Sustainable Insurance (PSI), a global framework for the insurance coverage trade 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 committed to operating in a way that positively impacts our customers, our employees and communities by incorporating environmental, social and governance (ESG) considerations into our business,” mentioned Jeff Dailey, CEO of Farmers Group. “We are honored to become the first US-based insurer to sign the Principles for Sustainable Insurance (PSI) and hope to amplify the impact of our efforts by inspiring others in the insurance industry to follow our example.”
PSI signatories are referred to as to:
- Embed ESG points related to the insurance coverage enterprise into decision-making
- Commit to working with purchasers and enterprise companions to boost consciousness of ESG points, handle danger and develop options
- Agree to work with governments, regulators and different stakeholders to advertise motion on ESG points
- Demonstrate accountability and transparency by often making public disclosures on progress on implementing the PSI
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Farmers has been concerned in a wide range of efforts to handle ESG points for a while, together with: making socially accountable investments in underserved communities by way of IMPACT Community Capital, investing in an NGO-led fund that helps owners get well from disasters, transitioning to a completely hybrid and electrical car 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.
“Through its commitment to implement the Principles for Sustainable Insurance, Farmers Insurance Exchange is demonstrating leadership, raising its ambition, and engaging with key stakeholders to tackle the most pressing sustainability challenges and to seize the opportunities of a sustainable economy,” mentioned Butch Bacani, who leads the PSI on the UN Environment Programme. “We look forward to more US insurers joining the PSI and becoming part of the solution. The time for decisive sustainability action is now.”