By adhering to broader environmental, social, and governance (ESG) objectives, Through Transport Mutual Insurance Association Limited (TT Club) is well aware of the demands placed on all businesses to assume responsibility for ensuring a sustainable future for the environment. TT Club is demonstrating its commitment in a way that is pertinent to its international risk management and insurance operations by implementing the guidelines of this United Nations initiative.
The UN Environment Programme Finance Initiative introduced the Principles for Sustainable Insurance (PSI) in 2012 as a framework for the insurance industry to handle ESG risks and opportunities (UNEPFI). It is a multifaceted, cooperative effort that increases the industry’s ability to manage risks, insure policies, and invest in communities and economies that are inclusive, resilient, and sustainable while also protecting the environment.
Charles Fenton, CEO of TT Club, commented on the announcement that the company has been recognised as a PSI signatory, saying, “As mutual insurance, our ultimate goal is to make the global transport and logistics sector safer, more secure, and consequently more sustainable. We are aware of the difficulties our Members have in addressing sustainability head-on, and we make every effort to help them. The Club’s approach to serving its members is consistent with the Principles for Sustainable Insurance, and we look forward to collaborating with other like-minded organisations to achieve this shared objective.
The insurance sector, which serves three functions as risk managers, risk carriers, and investors, is especially well-positioned to push sustainability measures. Therefore, insurers can have a significant impact on promoting sustainable economic and social growth.
With more than 220 members from all over the world, the PSI is the greatest partnership between the insurance business and the UN. The PSI initiative, “The Principles of Sustainable Insurance provide a global framework to develop and spread innovative risk management and insurance solutions,” has the backing of former UN Secretary-General Ban Ki-Moon. Insurers that include sustainability in their business practices can catalyse the types of financial and investment flows and long-term perspectives required for sustainable development, with a global premium volume of more than US$24 trillion.
In accordance with the PSI’s recommendations, the TT Club will incorporate ESG considerations into its decision-making, collaborate with members and business partners to raise awareness of these issues, be accountable and transparent in its reporting of progress, and collaborate with regulators and other stakeholders to encourage widespread action on ESG issues.