ICMIF member assets aligned with sustainable frameworks up by 32% in 2022

The International Cooperative and Mutual Insurance Federation (ICMIF) has said that its members have $759 billion of assets under management in investments which are aligned to sustainable frameworks.

This data comes from its 2022 Sustainable Investment Report and represents an increase of 32% from the $576 billion invested by members in 2021. These sustainable investments include green bonds, social bonds and resilience bonds.

The ICMIF notes that the insurance industry is well positioned to assist with delivering climate action, as it has both the assets to invest and the in-depth knowledge of the many risks that need to be mitigated to make people and the planet more resilient.

Shaun Tarbuck, ICMIF CEO, commented, “The ICMIF Members Sustainable Investment Report reveals the results of the 2022 ICMIF Sustainable Investment Framework Survey which are a testament to how our members have gone from strength to strength since the inception of this survey in 2019.

“Our latest findings show continued, solid forward momentum from the mutual and cooperative insurance sector towards a greener future. It is well-documented that sustainable initiatives improve a company’s financial performance; improve efficiency; reduce costs; and drive change.

“This allows the business to gain a competitive edge as well as significantly enhance the business’s image to employees, potential employees and other stakeholders such as member policyholders and investors.”

With mutual and cooperative insurers representing almost 30% of the world’s insurance market and $10 trillion in assets, Tarbuck suggested that, “The cooperative and mutual insurance sector is ideally placed to take a lead in the field of sustainability and sustainable investments to form a ‘coalition of the willing’ and lead by example.”

Source: Reinsurance News, https://www.reinsurancene.ws/icmif-member-assets-aligned-with-sustainable-frameworks-up-by-32-in-2022/