Montreal, Canada- The UN Environment’s Principles for Sustainable Insurance (PSI) and ICLEI Local Governments for Sustainability successfully launched the Insurance Industry Development Goals for Cities at the ICLEI World Congress.

The goals are set for cities and industries and encompass economic, social, and environmental sustainability. It also serves as a global action framework for the insurance industry to contribute to the achievement of Sustainable Development Goal 11, “make cities inclusive, safe, resilient, and sustainable.” To achieve that, the formulation of the goals took into consideration the insurance industry’s risk management, insurance, and investment activities in the context of urban development.

A product of year-long consultations with insurance industry leaders, mayors, local government leaders, and other stakeholders, the goals have set out standards that 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 document summarized enabling factors that include data, risk analytics and technology, risk management, insurance and financial literacy, climate and disaster risk management, and city sustainable insurance roadmaps.

“Through its risk management services, 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 goals are a result of a strong global partnership between ICLEI Local Governments for Sustainability and PSI, the largest collaborative initiative between the United Nations and the insurance industry. In December 2016, PSI and ICLEI joined forces and created the largest partnership between cities and the insurance industry.

“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 General of ICLEI.