The UN Sustainable Development Goals (SDGs) are a set of 17 global goals aimed at reducing poverty and protecting the planet for the future. The SDGs were born in 2012 at the United Nations Conference on Sustainable Development and are linked to the 2030 Agenda for Sustainable Development, adopted by 193 countries. While the SDGs outline some of the greatest challenges facing governments around the world, achieving them requires collective action, including governments, civil society, the private sector, and individuals and communities.
Insurers, both as risk insurers and investors, can find new ways to support the UN SDGs, a set of globally shared social and economic expectations that are increasingly guiding both insurers and companies across a variety of sectors to develop their environmental, Social and Governance Strategies (ESG). However, the potential role of insurance in achieving the SDGs and promoting ESG more broadly has been underestimated, particularly in broader climate and sustainability initiatives.
The Insurance Information Institute recently collaborated with non-resident scholar Susan Holliday and her partners at the World Bank Group on a report The role of insurance in the Sustainable Development Goals, discussing how the insurance industry can help governments and companies make progress towards the SDGs.
Although insurance is only mentioned once in the SDGs, the sector plays an important role, particularly in the areas of climate, safer cities, health and reducing inequality. However, to fully develop this, the sector needs to become more involved in high-level working groups to make progress towards the SDGs and work together to produce consistent global data showing the role insurance can play.
Click here for those The role of insurance in the Sustainable Development Goals Download report.