TAL signs on to UN sustainable principles
TAL has become the first Australian life insurer to sign on to the United Nations Principles for Sustainable Insurance (PSI).
TAL head of corporate governance Peter Noble has joined 11 other insurance company leaders on the UN Board that oversees the principles.
The principles challenge insurers to enhance risk management practices and insurance solutions to promote renewable energy, clean water, food security, sustainable cities and disaster-resilient communities.
"As the PSI initiative matures, it will cement its place as the global authority on risk management.
"Its signatories, through practice of the principles, will act as examples for companies that are still in the early stages of sustainable thinking," Noble said.
TAL managing director Jim Minto said the company's responsibility extended beyond performance to its broader actions in the community.
"We believe that insurers around the world have the power to galvanise tremendous change - change that facilitates social progress," he said.
He said change should also embrace the natural environment and hold integrity and diligence as its focus.
Butch Bacani, program leader of the PSI Initiative at the United Nations Environment Program - Finance Initiative (UNEP FI), said that by embracing the principles, TAL was "championing the proactive management of environmental, social and governance risk and opportunities".
"The nature of the life insurance business entails that sustainability is essential to keeping trust, fulfilling promises and delivering long-term value," he said.
The principles were developed by the UNEP FI in collaboration with over 500 senior representatives from the insurance industry, government and regulators, intergovernmental and non-governmental organisations, business and industry associations, academia and the scientific community.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
