Sompo Japan Insurance Inc. (President and CEO: Kengo Sakurada; hereinafter “Sompo Japan”) became a signatory to the United Nations Environment Programme (UNEP) Finance Initiative “Principles for Sustainable Insurance (PSI)” (hereinafter “the Principles”), having agreed to its objectives.
1. About the “Principles for Sustainable Insurance (PSI)”
The PSI is the first international initiative focused on the insurance business. It was developed under the leadership of the UNEP Finance Initiative (UNEP FI), member companies and supporting organizations around the world.
Principle 1: We will embed in our decision-making ESG* issues relevant to our insurance business.
Principle 2: We will work together with our clients and business partners to raise awareness of ESG issues, manage risk and develop solutions.
Principle 3: We will work together with governments, regulators and other key stakeholders to promote widespread action across society on ESG issues.
Principle 4: We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.
*ESG refers to environmental, social and corporate governance.
2. Development of the PSI
In the development process of the Principles, lively discussions were conducted among the UNEP FI member insurance companies and supporting organizations. Consultation meetings were held in 2011 to review the draft, and opinions that reflected upon the Principles were gathered from various sectors around the world. Sompo Japan has been a member of the PSI Team since 2011, and has made active contributions to the development of the Principles.
3. Launch at Rio+20
The Principles were officially launched on June 19, 2012 along with the United Nations Conference on Sustainable Development (Rio+20) held in Rio de Janeiro, Brazil, hosted by the International Insurance Society (IIS) and the Brazilian Insurance Confederation. The Chairman of Sompo Japan, Masatoshi Sato, announced that Sompo Japan, as a founding signatory to the PSI, would like to contribute in promoting the Principles.
Sompo Japan will continue to contribute to the creation of a sustainable society by providing a range of preventive and adaptive solutions that address social changes and risks.