BILTIR Becomes Supporter Of UNEP PSI
Bermuda International Long Term Insurers and Reinsurers [BILTIR] has become a supporter of the Principles for Sustainable Insurance [PSI], part of the United Nations’ Environment Programme [UNEP].
Launched in 2012, the UNEP PSI is a global framework for the insurance industry to address environmental, social and governance [ESG] issues and opportunities.
BILTIR represents 63 long-term insurance, reinsurance and servicing companies in Bermuda who provide life and annuity products and employ more than 600 people on the island.
BILTIR Chair Sylvia Oliveira said the long-term sector supports ESG initiatives in several ways, such as designing products to reward positive lifestyle changes, helping an ageing population avoid outliving its savings, mitigating the risk of underfunded defined benefit pension schemes, and relocating assets toward renewable energy products.
“Our association is also an ardent advocate and supporter of the power of education to close opportunity gaps,” she added. “BILTIR looks forward to working with UNEP and PSI to play a proactive part in the pursuit of a more sustainable society.”
More than 180 organisations have adopted the four PSI pillars, including insurers representing more than 25% of world premium volume, according to the UN.
“The vision of the PSI Initiative is of a risk aware world, where the insurance industry is trusted and plays its full role in enabling a healthy, safe, resilient and sustainable society,” the PSI website states.
A spokesperson added, “The key principle is to embed relevant ESG principles into insurance decision-making. Supporters also commit to working with clients and business partners to raise awareness of ESG principles when they manage risk and develop insurance solutions.
“Another PSI principle is a commitment to working with governments, regulators and other stakeholders to promote action on ESG matters across society.
“PSI supporters pledge to demonstrate accountability and transparency in regularly disclosing progressing in implementing the principles.”
