UN, WWF and world’s insurers launch insurance industry guide to protect UNESCO World Heritage Sites

The first guide for the insurance industry to protect the world’s priceless and irreplaceable assets was launched yesterday at a major event by UN Environment’s Finance Initiative (UNEP FI) in São Paulo, Brazil, convening leading insurers, investors and banks.

The pioneering guide, Protecting our World Heritage, insuring a sustainable future, builds on last year’s launch of the first insurance industry statement of commitment to protect World Heritage Sites.

The statement is supported by leading insurers—writing about $170 billion in gross premiums and managing $2.7 trillion in assets—as well as by insurance associations and key stakeholders around the world.

To develop the guide, UN Environment’s Principles for Sustainable Insurance Initiative (PSI) —the largest collaboration between the UN and the insurance industry—worked with its member insurers, WWF and the UN Educational, Scientific and Cultural Organization (UNESCO) World Heritage Centre, and was supported by ECOFACT, a sustainability service provider.

The main aim is to provide practical guidance to insurers on how to prevent or reduce the risk of insuring and investing in companies or projects whose activities could damage World Heritage Sites, particularly in relation to sectors such as oil and gas, mining, and large-scale hydropower. Other relevant sectors include logging, fishing, agriculture, plantations, and large-scale infrastructure such as pipelines, roads and mega-ports.

“This guide will help insurers protect our world’s most prized assets in their risk management, insurance and investment activities, while curbing carbon emissions, building disaster resilience, and ensuring healthy ecosystems,” said Butch Bacani, who leads the PSI at UN Environment and who launched the guide in São Paulo. “We call on insurers around the world to unite behind the science, show decisive leadership, and take ambitious action in insuring a sustainable future.”

The PSI-WWF-UNESCO guide explains the risks that insurers face and outlines a set of basic and advanced recommendations that insurers can implement in their risk management, insurance and investment activities.

Signatories to the insurance industry statement of commitment to protect World Heritage Sites include: AGROASEMEX (Mexico), Allianz (Germany), Caixa Seguradora (Brazil), Interamerican (Greece), La Banque Postale (France), Liberty Seguros (Brazil), Mongeral Aegon (Brazil), Nat Re (Philippines), Peak Re (Hong Kong SAR, China), Porto Seguro (Brazil), RepRisk (Switzerland), Risk Management Solutions (USA), SCOR (France), Seguradora Líder DPVAT (Brazil), Sompo Japan Nipponkoa (Japan), Swiss Re (Switzerland), Tokio Marine Seguradora (Brazil), the Brazilian Insurance Confederation (CNseg), Certified Sustainable Insurance Partners (USA), Earth Security Group (UK), ICLEI – Local Governments for Sustainability, the Insurance Council of New Zealand, the Microinsurance Network, and the Philippines Insurers & Reinsurers Association.

Jean-Paul Conoscente, CEO of SCOR Global P&C (France) said: “As a founding signatory of the Principles for Sustainable Insurance, an early adopter of the first-ever insurance industry statement to protect World Heritage Sites, and amidst mounting pressure on ecosystems and biodiversity, SCOR welcomes the release of the first collaborative industry guide to better understand, prevent and reduce risks that threaten the outstanding universal value of World Heritage Sites”.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​​Climate change, technology and geopolitical instability head up main future risks: AXA
Verifly secures $22M funding, rebrands as Thimble

Dorian and Faxai combine to push Everest Re to $280 million loss

Quantemplate closes $12 million+ funding round

Life Insurance Settlement Association unveils focus on legislative affairs

Teresa Fitzgerald joins Lakeshore and Penn Mutual

Mapfre included in key Socially Responsible Investment list

The Hilb Group acquires Campisano Insurance Agency

Two directors join Cowbell Cyber’s board

Feature:  10 ways insurers are using insurtech to drive new business