Guernsey insurance industry signs up to UN's green programme

The Guernsey International Insurance Association (GIIA) has signed up to a United Nations green programme as part of its commitment to the development of green and sustainable finance.

GIIA will support the United Nations’ Principles for Sustainable Insurance (PSI) Initiative, which serves as a global framework for the insurance industry to address environmental, social and governance risks and opportunities.

In 2019, Guernsey Green Finance and GIIA set out a strategic view on ways to develop green insurance products in the island, in a response to a discussion paper from the Guernsey Financial Services Commission.

Its response was developed in a collaborative effort between the insurance industry association, and the industry organisation driving the development of green and sustainable finance in the island.

GIIA chairman Mike Johns said: “This demonstrates Guernsey’s insurance sector’s commitment to the green and sustainable agenda and this aligns with our commitment to develop bespoke products and services to cater for this growing market.”

Andy Sloan, chair of Guernsey Green Finance, said the development was an opportunity to further drive the widespread adoption of sustainable finance across the insurance sector.

“The participation of the insurance sector is key to ensuring we become the leading jurisdiction for green finance in Europe,” he said. “This is possible given the unique breadth of our island as a specialist financial services sector.”