Article date: 7 July 2014
On Friday 27 June Mark Wilson, Group Chief Executive Officer, hosted the United Nations Principles of Sustainable Insurance (UNPSI) in London.
The UNPSI currently brings over 70 insurers and supporting organisations together to tackle issues relevant to both the insurance industry and sustainable development. These include issues like climate change and resilience to extreme weather events, environmental degradation, insurance access and affordability, ageing populations, good governance and ethical business practices.
The event was attended by other insurers from all areas of the world, regulators and rating agencies as well as other UN bodies.
As well as highlighting the social purpose of insurance, Mr Wilson also advised that he “believes sustainability is arguably the world’s most significant contemporary market failure.” He suggested that “left unchecked, issues arising from unsustainable development would affect the actuarial assumptions underpinning the insurance products that our industry provides potentially rendering significant proportions of the economy uninsurable and shrinking our addressable market.”
This is why, at Aviva, we are taking steps today that will provide solutions now and create a more resilient future. You can find out more about our approach to climate change and the environment here.
Finally he commended the White paper that Aviva Investors has produced, A Roadmap to Sustainable Capital Markets. This and Mark Wilson’s speech can be found here.