Today, at its Centenary Conference being held in Rome (Italy), ICMIF has launched the ICMIF-calibrated Insurance SDG Calculator, the first tool to measure insurance sustainability impact against the Insurance Sustainable Development Goals (iSDGs). 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 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. Learn more here.
Speaking about the calculator, Shaun Tarbuck, Chief Executive, ICMIF said: “Thanks to our partnership with the Swiss Re Institute, ICMIF is pioneering iSDG impact measurement. Co-created to scale globally, we hope the ICMIF-calibrated Insurance SDG Calculator will help usher a new era of underwriting.”
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 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 that it takes into account the mutual difference, eg highlighting the way in which mutuals and cooperatives prioritise the needs of their employees and member policyholders. The tool is a first step towards measuring ICMIF members’ own insurance sustainability impact and continuing to grow the strength of the mutual sector in the global insurance community.
ICMIF plans to continue to work with its 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.
For more information on this please contact Liam Carter, SVP Sustainability, ICMIF.