Wawanesa signs UN sustainability framework for insurers

Wawanesa signs UN sustainability framework for insurers | Insurance Business Canada

Insurance News

Wawanesa signs UN sustainability framework for insurers

It joins over 150 company signatories across the globe

Insurance News

By
Mika Pangilinan

Wawanesa Mutual Insurance Company has become a signatory of the Principles for Sustainable Insurance (PSI), a global sustainability framework established under the United Nations Environment Programme’s Finance Initiative (UNEP FI).

By becoming a PSI signatory, the Winnipeg-headquartered insurer joins the largest collaborative initiative between the United Nations and the insurance industry.

Kimberly Palatnick, chief strategy & member experience officer, spoke of Wawanesa’s decision to take part in the initiative, highlighting the organization’s commitment to “building safer, healthier, and more sustainable communities” in a news release.

“As a mutual insurer, we’re proud to join the UNEP and other PSI signatories on priority issues affecting our members and communities,” Palatnick said.

UNEP FI’s PSI outlines a comprehensive framework addressing environmental, social, and governance (ESG) risks. It has over 150 signatory companies, as well as 103 supporting institutions.

In adopting the PSI, Wawanesa has identified five focus areas to achieve its ESG goals:

Develop solutions that promote sustainable behaviours and mitigate future losses
Integrate sustainability into its day-to-day operations
Leverage investment assets to support sustainability and resilient infrastructure
Facilitate active and collaborative dialogue to advance sustainability and climate-related efforts
Demonstrate accountability for sustainability commitments and actions

Wawanesa has demonstrated its commitment to sustainability through recent initiatives, including the launch of its Eco-Friendly Homes and Stronger Homes products. It also has internal emission targets and has advocated for changes to building codes.

Additionally, the insurer has allocated $2 million annually to its community impact program, Wawanesa Climate Champions. The funding will go towards supporting individuals and organizations working to enhance climate resiliency in communities across Canada.

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