Farmers Insurance Exchange becomes first US insurer to sign UN Principles on Sustainable Insurance – UN Environment – ​​Finance Initiative

Los Angeles/Geneva, November 2, 2022— The Sustainable Insurance Initiative (PSI) Principles convened by the United Nations welcomed Farmers Insurance Exchange as the first insurer based in the world’s largest insurance market, the United States, to sign the Principles.

Farmers Insurance Exchange is one of the leading insurance groups in the United States, providing homeowners, auto, commercial and financial services to millions of customers.

“Farmers is committed to operating in a manner that positively impacts our customers, employees and communities by incorporating environmental, social and governance (ESG) considerations into our business.” Farmers Group, Inc. Chief Executive Officer Jeff Daly said: “We are honored to be the first US-based insurer to sign the Principles for Sustainable Insurance (PSI). We want to expand the impact of our efforts.”

After 10 years of history, PSI membership has grown steadily around the world to become the largest joint initiative between the United Nations and the global insurance industry. To date, more than 220 organizations have joined his PSI, including insurance companies that account for approximately one-third of global insurance premiums and his US$15 trillion in assets under management. The addition of the first US-based signatory to his PSI marks a milestone in advancing sustainable insurance thinking and practice across a range of ESG issues, including climate change, nature and biodiversity loss. It’s a step.

“Through its commitment to implement the principles of sustainable insurance, Farmers Insurance Exchange will demonstrate leadership, increase ambition and work with key stakeholders to address the most pressing sustainability challenges. are seizing opportunities for a sustainable economy.” Butch Bacani, who heads PSI at the United Nations Environment Programme, said:“We look forward to more US insurers joining PSI and becoming part of the solution. Now is the time to take decisive action towards sustainability.”

of 4 principles of sustainable insurance It provides a global framework for the insurance industry to address ESG risks and opportunities in core risk management, insurance and investment activities. As a signatory to the PSI, Farmers Insurance Exchange voluntarily commits to better understand, prevent and mitigate ESG risks in the insurance business. To better manage opportunities to provide quality and reliable risk protection. The Principles also promote accountability and transparency in addressing ESG risks and opportunities in the insurance business.

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