ICMIF launches new insurance sustainability impact quantification tool
The International Cooperative and Mutual Insurance Federation (ICMIF) has launched a tool to quantify insurance sustainability impact against the Insurance Sustainable Development Goals (iSDGs).
Described as the first tool of its kind, the ICMIF-calibrated Insurance SDG Calculator was developed by the Swiss Re Institute under the UN Principles for Sustainable Insurance (UN PSI) iSDG initiative, focused on developing insurance-relevant adaptations to the UN Sustainable Development Goals (SDGs).
According to the announcement, the tool measures iSDG sustainability impact within individual company insurance portfolios and business operations. ICMIF worked with the Swiss Re Institute to develop the ICMIF “commitment framework”, which determines the indicators, their scoring ranges, and the weighting scheme for all indicators and SDGs.
The commitment framework enables ICMIF mutuals and cooperatives to assess their own iSDG impact against a set of ICMIF-calibrated indicators that reflect mutual values and strategic focal areas, such as risk prevention and inclusive insurance, the ICMIF added.
Speaking about the calculator, Shaun Tarbuck, Chief Executive, ICMIF said: “Thanks to our partnership with the Swiss Re Institute, ICMIF is pioneering iSDG impact quantification. Co-created to scale globally, we hope the ICMIF-calibrated Insurance SDG Calculator will help usher a new era of impact underwriting.”
ICMIF said that theInsurance SDG Calculator is a first step towards measuring ICMIF members’ own insurance sustainability impact and continuing to grow the strength of the mutual sector in the global insurance community.
By continuing to work with members and the Swiss Re Institute, the Federation plans to review and refine the ICMIF calibration of the tool as new sustainability data becomes available, new products and services are developed to address sustainability opportunities and challenges, and new regulations are introduced.
Source: Reinsurance News, https://www.reinsurancene.ws/icmif-launches-new-insurance-sustainability-impact-quantification-tool/