United Nations-backed insurance industry initiative and network of local governments launch global goals to build resilient and sustainable cities

After a year-long global consultation involving insurance industry leaders, mayors and other local government leaders, and key stakeholders, the Insurance Industry Development Goals for Cities were launched today at the ICLEI World Congress 2018. The goals set the global agenda for the industry and cities in the context of economic, social and environmental sustainability—or sustainable development.

The goals cover key urban challenges and opportunities and possible actions across the insurance industry’s risk management, insurance and investment activities. They cover natural disasters, health and pollution, social and financial inclusion, protecting natural and cultural heritage sites, resilient infrastructure, sustainable energy and resource efficiency, and nature-based solutions. The goals also include enabling factors—data, risk analytics and technology; risk management, insurance and financial literacy; climate and disaster risk management, and city sustainable insurance roadmaps.

“Through its risk managementservices, insurance solutions and investments, the insurance industry can strengthen its contribution to the global agenda of building resilient and sustainable cities. The Insurance Industry Development Goals for Cities provide a global framework to guide collaboration between insurers and local governments, and to accelerate action,” said Dr Joachim Wenning, CEO of the Munich Re Group, one of the world’s leading reinsurers, a founding signatory to UN Environment’s Principles for Sustainable Insurance (PSI), and the main sponsor of key events in the global consultation on the goals.

“The insurance industry’s core business is to manage risk, so it’s well-positioned to support urban resilience and sustainability. We encourage our peers in the insurance industry to work together with local governments in promoting the adoption of the Insurance Industry Development Goals for Cities,” said Eric Andersen, Co-President of Aon, one of the world’s leading insurance and reinsurance brokers, and the first global broker and risk advisor to sign the PSI.

“Cities play a key role in the fight against climate change. They are part of the solution to global sustainability challenges such as global warming, natural disasters and pollution. Montréal is proud to host the ICLEI World Congress and the launch of the Insurance Industry Development Goals for Cities. These goals are a shared ambition between the insurance industry and local governments, and a shining example of leadership, innovation and collaboration for sustainable development,” said Valérie Plante, Mayor of Montréal.

The goals are a result of the global partnership between UN Environment’s Principles for Sustainable Insurance Initiative (PSI), the largest collaborative initiative between the UN and the insurance industry, and ICLEI – Local Governments for Sustainability, the leading global network of more than 1,500 cities, towns and regions. The PSI and ICLEI joined forces in December 2016 to create the largest partnership between the insurance industry and cities.

“ICLEI is delighted to have partnered with UN Environment’s Principles for Sustainable Insurance Initiative in creating the Insurance Industry Development Goals for Cities. These goals represent a major opportunity for the insurance industry to work with local governments around the world to better manage risk, build resilience and promote sustainability. Other industries should follow the insurance industry’s leadership,” said Gino Van Begin, Secretary Generalof ICLEI.

“The 1987 Montréal Protocol to protect the ozone layer is one of the most successful environmental agreements ever—andan excellent example of collaborative action involving the public and private sectors. This is why it’s so fitting for Montréal to host the ICLEI World Congress and the launch of the Insurance Industry Development Goals for Cities,” said Butch Bacani, who leads the PSI at UN Environment and who launched the goals at the Congress.

“Each goal includes a menu of actions across risk management services, insurance solutions and investments to show how the insurance industry can support local governments achieve UN Sustainable Development Goal 11 to ‘make cities inclusive, safe, resilient and sustainable’. Actions speak louder than words,” added Bacani.