BILTIR becomes supporter of UN Principles for Sustainable Insurance
Industry association 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), the principles provide a global framework for the insurance industry to address environmental, social and governance (ESG) issues and opportunities.
BILTIR chair Sylvia Oliveira said the long-term sector supports ESG initiatives in several ways, including designing products to reward positive lifestyle changes, helping ageing populations fund their retirements, mitigating the risks of underfunded pension schemes, and relocating assets towards 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.”
According to the UN, more than 180 organisations, including insurers representing more than 25% of world premium volume, have adopted the four PSI pillars. Supporters are tasked with embeding relevant ESG considerations into insurance decision-making and must also commit to working with clients and business partners to raise awareness of ESG principles.
BILTIR, which celebrated its tenth anniversary in June, represents 63 long-term insurance, reinsurance and servicing companies in Bermuda who provide life and annuity products and employ more than 600 on the island.
