TAL contributing to global sustainability

A global insurance industry sustainability initiative within the United Nations network has agreed to a number of projects following its annual general meeting after its first year, according to board member of the initiative TAL Life Insurance chief corporate governance officer Peter Noble.

TAL was the nation’s first life insurance company to join the United Nations Principles for Sustainable Insurance and through its board role is helping to establish the PSI as a truly global initiative for the benefit of both industry and consumers.

“Our second AGM held recently in Beijing has tasked a number of the members with actions all aimed at developing a framework of standards for the industry in relation to delivering better environmental, social and governance outcomes,” Noble said.

“We also agreed to our vision and purpose as a new group. Insurance companies have long term relationships with their customers and as an industry we want to ensure our actions deliver sustainable, durable outcomes on all levels – for customers, the businesses and the environment.”

At the second PSI AGM, the board agreed to a three-year strategy, developed in consultation with the PSI signatories and supporters worldwide to set the direction for the global initiative in the immediate future.

Noble said that while he was not in a position to divulge details about the projects of the PSI at this stage, the initiative was developing a roadmap for the global insurance industry, with work in 2014 aimed to deliver a framework of standards.

“TAL’s role as one of 11 board positions for the UN Principles for Sustainable Insurance is a demonstration of our belief in the social good of what we do as a life insurer and making a positive influence on people’s lives by providing financial protection.”

TAL has released its own Sustainability Review for 2013 as it continues to develop sustainability practices right across the organisation.

The UN PSI vision is of a “risk aware world, where the insurance industry is trusted and plays its full role in enabling a healthy, safe, resilient and sustainable society”. Its purpose is to “enable the global insurance industry to better understand, prevent and reduce environmental, social and governance risks, and better manage opportunities to provide quality and reliable risk protection”.

The Principles were developed by the United Nations Environment Program Finance Initiative  in collaboration with more than 500 senior representatives from the insurance industry, government and regulators, intergovernmental and non-governmental organisations, business and industry associations, academia and the scientific community.