Guernsey’s new ESG (environmental, social and governance) accreditation scheme is attracting new insurance business to the island, according to Guernsey Finance.
Guernsey’s new ESG accreditation scheme was launched by the Guernsey International Insurance Association (GIIA) in conjunction with ESI Monitor, the Guernsey-focused environmental assessment company. The scheme is designed to help insurers manage ESG opportunities and risks.
The framework is based on four pillars of governance, risks, insured investments and reporting. It provides a kitemark that validates insurers’ considerations whilst minimising the impact on the environment and communities.
ESI Monitor provides a validation service for those who have signed up to the framework and will review insurers' progress across its four pillars and ensure they have complied with its requirements.
Speaking at a Guernsey Finance event, Kate Storey, a partner at Walkers, said the scheme has drawn interest from new insurers coming to the island to take advantage of this clear framework, as well as insurers already present in Guernsey.
“[This] is going to help them to not only think more about what they're already doing on this front, but also to demonstrate it because there will be a kitemark available to show compliance with the framework and meet the UN Sustainable Development Goals,” she said.
Adele Gale, director and group head of ILS at Robus, said Robus has included the framework in its board packs while its clients have been receptive to investigating further how they could comply.
“We’ve undertaken training sessions for industry and many insurers are considering the relevance of the framework and starting to incorporate ESG into their boardroom discussions,” she said.
Ian Corder, director at ESI Monitor, said the validation gives insurers additional confidence that they have complied with both the letter and the spirit of the framework requirements. “GIIA’s framework points to a growing interest in responsible and sustainable insurance in Guernsey and the wider finance sector,” he added.
Guernsey Finance, Kate Storey, Walkers, Adele Gale, Robus, Ian Corder, ESI Monitor, Guernsey International Insurance Association, ESG