Ratings agency AM Best has signed up to the UN’s Principles for Sustainable Insurance (PSI), which were developed in an initiative with the insurance industry and adopted by 140 organisations across the world. AM Best is the first credit ratings agency to adopt the principles.
They are based on environmental, social and governance issues (ESG) and form part of AM Best’s financial strength ratings for insurers.
“We’ve long captured environmental and governance issues in our ratings opinions through catastrophe stress tests, A&E tests and ERM. ESG is a repackaging of these. Through the PSI, we are making a further commitment of disclosure and transparency to forward an ESG agenda,” said Matthew Mosher, president and CEO of AM Best Rating Services.
Butch Bacani, who leads the PSI at the UN Environment Programme, said: “As the largest credit ratings agency specialising in the insurance industry, this is a clear and strong signal from AM Best that sustainability matters in the insurance business, that sustainability counts. In the final analysis, the bottom line is sustainability.”
CRE
© Commercial Risk Europe
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article