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Sustainable principles of insurance: from saying to doing

Sustainable principles of insurance: from saying to doing

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03.Dec.2020

The insurance sector is a driving force behind the sustainability goals for our society and our planet.

The insurance sector is part of, and is committed to, compliance with the 17 Principles for Sustainable Insurance (PSI) of the United Nations. Sustainability is the essence of the insurance industry itself, and this explains why these principles are far from being a platitude but constitute a solid framework that supports its practices. We invite you to learn how the sector responds with action to each principle. Discover how it is possible to eliminate the distance between “saying” and “doing”:

The 17 Principles

1. No poverty: insurance promotes the resilience of companies, the self-employed and families in vulnerable situations.

2. Zero hunger: nine out of every ten insurers promote donations. Furthermore, agricultural insurance plays an important role in ensuring an efficient food system.

3. Good health and well-being: health sector entities devote two-thirds of their resources to looking after seriously ill patients. In addition, other types of insurers work to reduce mortality on the roads.

4. Quality education: eight out of every ten insurers participate in or promote financial education programs.

5. Gender equality: insurance rates do not discriminate on the basis of sex and, furthermore, the role of women in senior management is increasingly prevalent in this sector.

More and more female managers

6. Clean water and sanitation: building policies, for example, require efficient and adequate water treatment from their clients.

7. Affordable and clean energy: energy efficiency is also an important component of home insurance management.

8. Decent work and economic growth: 96% of employment contracts in the sector are permanent.

9. Industry, innovation and infrastructures: The insurance sector protects the industrial heritage of our country, which consists mainly of SMEs.

Protected families

10. Reducing inequality: in Spain, insurance protects half of all families with an income of less than 1,000 euros per month.

11. Sustainable cities and communities: 20 million communities and homes are insured.

12. Responsible consumption and production: 50% of insurers measure their carbon footprint, 65% control their water consumption, and 80% have energy-efficient practices.

13, 14 and 15. Climate action. Life below water and life on land: environmental insurance is a powerful tool in these three areas.

16. Peace, justice and strong institutions: more than one million citizens have been able to get access to justice through legal defense policies.

17. Partnerships for the Goals: the sector promotes partnerships with all kinds of institutions and organizations: central, local and regional administrations, the Insurance Compensation Consortium, the financial sector, etc.

The adherence of insurance companies to these Principles confirms the sector as a driver of the Sustainable Development Goals for the good of our society and our planet.

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