Beneva becomes first Canadian insurer to join UN net-zero alliance

Beneva becomes first Canadian insurer to join UN net-zero alliance | Insurance Business Canada

Insurance News

Beneva becomes first Canadian insurer to join UN net-zero alliance

Announcement bucks the trend of recent departures from the alliance

Insurance News

By
Miko Pagaduan

Beneva, the largest insurance mutual in Canada, has become the first insurer domiciled and fully-based in North America to join the United Nations’ Principles for Sustainable Insurance Initiative (PSI) Net-Zero Insurance Alliance (NZIA).

The PSI was launched in 2012 at the UN Conference on Sustainable Development and has since become the largest collaborative initiative between the United Nations and the global insurance industry. Meanwhile, the NZIA was launched at the 2021 G20 Climate Summit by the PSI and world-leading insurers and reinsurers committed to transitioning their respective insurance and reinsurance underwriting portfolios to net-zero greenhouse gas emissions.

“By joining the UN’s Principles for Sustainable Insurance Initiative and Net-Zero Insurance Alliance, we proudly contribute to building a better tomorrow for generations to come,” said Jean-François Chalifoux, president, and CEO of Beneva. “The accomplishments stemming from the important work of the PSI and NZIA will not only benefit our members, clients, and partners, but they will also be shared with the society.”

Responding to the climate emergency

Butch Bacani, programme leader of the PSI, said, “By joining the Net-Zero Insurance Alliance and adopting the Principles for Sustainable Insurance, Beneva is responding to the climate emergency and demonstrating sustainability leadership and ambition. Equally, Beneva is positioning itself for the unprecedented opportunity to insure the transition to a sustainable net-zero economy. We look forward to more North American insurers joining the NZIA and the PSI. Tackling global challenges to achieve a sustainable future requires collaboration, not just individual action.”

As a PSI signatory, Beneva has made a voluntary commitment to better understand, prevent, and reduce environmental, social, and governance (ESG) risks—such as climate change, biodiversity loss, and the degradation of natural ecosystems—in their insurance business. The principles also promote accountability and transparency in addressing ESG risks and opportunities in the insurance business.

Advancing insurance thinking and practices

The addition of the first North American member of the NZIA is a landmark step in advancing insurance thinking and practices to support the net-zero transition globally. Beneva joins a growing number of leading insurers and reinsurers across all regions worldwide that have committed to transitioning their underwriting portfolios to net-zero greenhouse gas emissions.

The PSI and NZIA are collaborative initiatives that aim to strengthen the insurance industry’s contribution to building a resilient, inclusive, and sustainable global economy. The membership of the PSI has grown steadily around the world since its launch in 2012, while the NZIA was launched in 2021 and has seen a rapid increase in membership.