TT Club Endorses Sustainable Insurance Initiative Principles

Published on: 27 October 2022
by KnowESG
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TT Club, an insurance company that specialises in international freight transport, has agreed to join a UN initiative that aims to bring together the efforts of the global insurance industry to make the world healthier and more sustainable.

Through Transport Mutual Insurance Association Limited (TT Club), TT Club is acutely aware of the need for all businesses to take responsibility for achieving a sustainable future for the natural environment, as well as to go further by adhering to the broader environmental, social, and governance (ESG) goals.

By using the principles of this UN initiative in its global risk management and insurance operations, the company is showing its commitment in a way that makes sense for its business.

The UN Environment Programme Finance Initiative (UNEPFI) created the Principles for Sustainable Insurance (PSI) in 2012 as a global framework for the insurance industry to deal with ESG risks and opportunities.

It is a global, collaborative initiative that strengthens the industry’s contribution as risk managers, insurers, and investors to building resilient, inclusive, and sustainable communities and economies on a healthy planet.

Charles Fenton, CEO said: 

“As a mutual insurer our overarching purpose is to make the international transport and logistics industry safer, more secure, and as a result, more sustainable. We see the challenges our Members face to tackle sustainability head-on and work hard to support them wherever we can. The Principles for Sustainable Insurance align with the Club’s approach in servicing its Members, and we look forward to working with other like-minded organisations towards this common goal.”

The insurance industry is in a great position to help move forward sustainability policies because it does a triple role as risk carriers, risk managers and investors. So, insurers can have a big impact on helping the economy and society grow sustainably.

Ban Ki-Moon, ex-Secretary General of the UN supports the PSI initiative, said: 

“The Principles of Sustainable Insurance provide a global roadmap to develop and expand innovative risk management and insurance solutions. With a world premium volume of more than US$24 trillion, insurers that embed sustainability in their business operations can catalyse the kinds of financial and investment flows and long-term perspectives needed for sustainable development.”

TT Club will follow the advice given by the PSI by taking ESG issues into account when making decisions. It will also work with its members and business partners to raise awareness about these issues, show accountability and transparency when reporting its progress, and work with regulators and other stakeholders to encourage widespread action on ESG issues.

Source: TT Club

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