Wawanesa Adopts UN Sustainable Insurance Framework

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by KnowESG
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To bolster the development of more resilient communities, the Wawanesa Mutual Insurance Company, known as Wawanesa, has made a significant announcement.

They proudly announced their commitment as a signatory to the United Nations Principles for Sustainable Insurance (PSI), a global sustainability framework housed under the United Nations Environment Programme (UNEP). This marks a remarkable collaboration between the United Nations and the insurance industry, making it the largest of its kind.

Kimberly Palatnick, Wawanesa's Chief Strategy & Member Experience Officer, emphasised the company's dedication to fostering safer, healthier, and more sustainable communities. As a mutual insurer, they are delighted to align with the UNEP and fellow PSI signatories to address pressing concerns that impact their members and communities.

As a PSI signatory, Wawanesa has set its sights on five key focus areas, all to usher in a more sustainable, just, and climate-resilient future for its members and communities:

  • Sustainable Solutions: Initiating solutions that promote sustainable behaviours and mitigate potential future losses.

  • Sustainable Operations: Pioneering sustainability integration into day-to-day activities, setting an example for others.

  • Sustainable Investing: Leveraging the power of investment assets to support sustainability and resilient infrastructure.

  • Stakeholder Engagement: Actively fostering collaborative dialogues that advance sustainability and climate issues.

  • Transparency & Disclosure: Demonstrating accountability for commitments and actions taken.

As a PSI signatory, Wawanesa joins a community of like-minded insurers committed to upholding the four Principles, which include diligently managing and monitoring risks and opportunities associated with environmental, social, and governance issues.

Wawanesa has been making noteworthy strides in its sustainability efforts, including the introduction of their Eco-Friendly Homes and Stronger Homes products, the establishment of internal emission reduction targets, and advocating for changes to building codes that enhance homes' resilience to climate change.

Additionally, they've earmarked $2 million annually for their innovative community impact programme, Wawanesa Climate Champions, aimed at providing funding to support individuals and organisations actively working on the frontline to enhance climate resiliency in communities throughout Canada.

For further insights on the United Nations Principles for Sustainable Insurance, you can explore the official website here: UN Principles for Sustainable Insurance.

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Source: Wawanesa 

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