Farmers Insurance coverage Trade has introduced that it has turn out to be the primary US-based insurer to signal on to the United Nations Atmosphere Programme Finance Initiative’s Rules for Sustainable Insurance coverage (PSI), a world 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 rules since they have been launched in 2012.
“Farmers is dedicated to working in a method that positively impacts our clients, our staff and communities by incorporating environmental, social and governance (ESG) issues into our enterprise,” mentioned Jeff Dailey, CEO of Farmers Group. “We’re honored to turn out to be the primary US-based insurer to signal the Rules for Sustainable Insurance coverage (PSI) and hope to amplify the impression of our efforts by inspiring others within the insurance coverage business to comply with 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 purchasers and enterprise companions to boost 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 recurrently 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 IMPACT Neighborhood Capital, investing in an NGO-led fund that helps owners get better from disasters, transitioning to a totally hybrid and electrical car fleet, switching to paperless billing processes, and embracing versatile work choices for workers.
By signing the PSI, Farmers intends to broaden on these efforts to make extra significant impacts, the corporate mentioned.
“By way of its dedication to implement the Rules for Sustainable Insurance coverage, Farmers Insurance coverage Trade is demonstrating management, elevating its ambition, and interesting with key stakeholders to deal with essentially the most urgent sustainability challenges and to grab the alternatives of a sustainable economic system,” mentioned Butch Bacani, who leads the PSI on the UN Atmosphere Programme. “We sit 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.”