ICMIF-calibrated Insurance SDG Calculator

During its Centenary Conference in Rome (October 2022), ICMIF launched the ICMIF-calibrated Insurance SDG Calculator, the first tool to measure insurance sustainability impact against the insurance SDGs. Swiss Re Institute developed the underlying tool under the UN Principles for Sustainable Insurance (UN PSI) iSDG initiative, focused on developing insurance-relevant adaptations to the UN Sustainable Development Goals (SDGs). The tool measures iSDG sustainability impact within individual company insurance portfolios and business operations. Working with Swiss Re Institute, ICMIF developed the ICMIF "commitment framework", which determines the indicators, their scoring ranges, and indicator 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.

This tool supports ICMIF's corporate and sustainability strategy by making available to members a tangible measure for their SDG efforts whilst identifying focus areas for development. Once a scoring exercise is completed by a member and areas for potential improvement are identified, members can leverage the ICMIF network to share best practices and further develop their own SDG strategies whilst working towards a sustainable future.

The ICMIF-calibrated Insurance SDG Calculator has been co-created and tested by and with ICMIF members to ensure it takes into account the mutual difference, eg  highlighting the way in which mutual and cooperatives place the needs of their employees and members/policyholders first. The tool is a first step towards measuring ICMIF members' insurance sustainability impact and continuing growing the strength of the mutual sector in the global insurance community.

ICMIF plans to continue to work with members and the Swiss Re Institute 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.

"Thanks to our partnership with the Swiss Re Institute, ICMIF is pioneering iSDG impact quantification. This is the most innovative and potentially impactful development in insurance analytics of the decade. Co-created to scale globally, we hope the ICMIF-calibrated Insurance SDG Calculator will help usher a new era of underwriting."

Shaun Tarbuck, ICMIF CEO

ICMIF-calibrated Insurance SDG Calculator

For more information on this please contact Liam Carter, Senior Vice-President, Sustainability, ICMIF.

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The "Insurance SDG Calculator" is inspired by the work of the UN Principles for Sustainable Insurance in aligning insurance with the SDGs. The calculator's insurance sustainability impact quantification is powered by Swiss Re Institute.

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