Thaipat joins UN’s Principles for Sustainable Insurance Initiative, as a supporting institution to promote ESG in Thai insurance business
27 October 2022 — The Thaipat Institute — a leading advocate in corporate sustainability and ESG in Thailand —has joined the UNEP Finance Initiative’s Principles for Sustainable Insurance (PSI), building greater industry momentum on environmental, social and governance (ESG) towards the growing insurance market in Thailand.
For more than 30 years the United Nations Environment Programme Finance Initiative (UNEP FI) has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda, establishing the world’s foremost sustainability frameworks that help the finance industry address global ESG challenges.
The frameworks UNEP FI has established or co-created include:
| - | Principles for Responsible Banking (PRB), launched in September 2019 and now signed by over 300 banks representing almost half of the global banking industry. |
| - | Principles for Sustainable Insurance (PSI), established 2012 by UNEP FI and comprised of over 200 members including some of the world’s largest insurers (over 33% of global premiums). Among other initiatives, the PSI has developed industry guidance on integrating ESG risks in non-life and life & health insurance businesses. |
| - | Principles for Responsible Investment (PRI), established in 2006 as a partnership between UNEP FI and the UN Global Compact, and applied by half the world’s institutional investors (USD 83 trillion) by 2022. |
These frameworks establish the norms for sustainable finance, providing the basis for standard-setting and helping to ensure private finance fulfils its potential role in contributing to achieving the 2030 Agenda for Sustainable Development and Paris Agreement on Climate Change agreed by governments around the world in 2015.
“On behalf of the UNEP FI, I am pleased to welcome Thaipat Institute as a new supporting institution starting in October 2022. This commitment is an expression of corporate leadership and sustainability stewardship, and I am sure that Thaipat Institute can contribute to sustainable insurance and will be a leader in highlighting the importance of sustainability issues,” said Eric Usher, UNEP FI Head.
Sustainable insurance is a strategic approach where all activities in the insurance value chain, including interactions with stakeholders, are done in a responsible and forward-looking way by identifying, assessing, managing and monitoring risks and opportunities associated with ESG issues. Sustainable insurance aims to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability.
“Thaipat has long-time experiences, since its inception in 1999, in providing platform and knowledge of corporate sustainability and ESG practices to many organizations and companies in Thailand. We are proud to become a supporting institution of the Principles for Sustainable Insurance Initiative. We are committed to creating ESG value through PSI principles for our business clients and making our contribution to achieving the UN SDGs,” said Vorranut Piantam, Executive Director of the Thaipat Institute.
Launched at the 2012 UN Conference on Sustainable Development (Rio+20), with endorsement from the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) have led to the largest collaboration between the UN and the insurance industry. the PSI has steadily grown to over 200 members worldwide. The membership is currently made up of 132 PSI signatory companies—representing about 33% of world premium volume—and 97 PSI supporting institutions.
Contact persons
For more information, please contact:
UN Environment Programme (Geneva, Switzerland)
- Emily Banzet, Communications Lead, UNEP FI Principles for Sustainable Insurance: emily.banzet@un.org
Thaipat Institute (Bangkok, Thailand)
- Jintana Junson, Senior Liaison Officer: jintana@thaipat.org
- Sita Siriakdiporn, Corporate Relations Officer: sita@thaipat.org
About the Principles for Sustainable Insurance Initiative
Endorsed by the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) Initiative serve as a global framework for the insurance industry to address environmental, social and governance (ESG) risks and opportunities—and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies on a healthy planet. Developed by UNEP FI, the PSI initiative was launched at the 2012 UN Conference on Sustainable Development (Rio+20) and has led to the largest collaborative initiative between the UN and the insurance industry. Read more.
About the UNEP Finance Initiative
The United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between UNEP and the global financial sector to mobilise private sector finance for sustainable development. UNEP FI works with more than 400 banks, insurers and investors—and over 100 supporting institutions—to help create a financial sector that serves people and planet while delivering positive impacts. We aim to inspire, inform and enable financial institutions to improve people’s quality of life without compromising that of future generations. By leveraging the UN’s role, UNEP FI accelerates sustainable finance. Read more.
About the Thaipat Institute
Thaipat is a non-profit organization with its mission to work with organizations and companies—individually and collectively—to develop effective solutions by integrating of environmental, social and governance (ESG) factors into companies’ core business activities. Since its inception in 1999, Thaipat has been recognized as a leading advocate in corporate responsibility and sustainability movement in Thailand. Thaipat has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI) in 2016, an endorser of the Principles for Responsible Banking (PRB) in 2019, and a supporting institution of the Principles for Sustainable Insurance (PSI) in 2022.
[News Release]
