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Finance Finland FFI > News > New guidance for sustainable non-life insurance

New guidance for sustainable non-life insurance

​​Climate change will make floods and other environmental hazards more frequent. These will present the insurance sector with entirely new types of risks to manage.

The United Nations Environment Programme (UNEP) has produced a guide on sustainable insurance business. The guide "Underwriting environmental, social and governance risks in non-life insurance business" aims to assist insurance companies in managing these types of risks.

Climate change has been recognised as a major risk by the insurance sector already since the 1980s. "Insurance companies are not only bearers of risks, but also major investors. They therefore have an important role in enabling sustainable development", says Esko Kivisaari, Deputy Managing Director at Finance Finland.

UNEP's guide has been launched for public consultation. The consultation period will end on 30 September, and the first edition will be published in December. UNEP plans to update the guide annually based on the feedback it receives.

Read the working draft of the guide on UNEP's website:
Underwriting environmental, social and governance risks in non-life insurance business