ICMIF is pleased to announce that sim2sustain, the Swiss modeling and analytics sustainability consultancy behind the former ICMIF-calibrated Insurance SDG Calculator, developed in partnership with Swiss Re Institute and ICMIF, has joined the Federation as an Associate Member.
Alicia Montoya, who led the initiative at Swiss Re, now at sim2sustain, helps ICMIF members quantify and score their underwriting and operations sustainability impact and compare their company SDG impact scores against an anonymised, aggregated benchmark, derived from participating ICMIF members’ scores.
Since the launch of this benchmarking process in 2022, 16 ICMIF members have participated. The weighted average SDG impact benchmark score rose to 4.7 in 2024.
Alicia Montoya said “This markable achievement is especially meaningful as the SDG index recently showed that only 17% of UN Sustainable Development Goals targets are on track to be achieved by countries worldwide, up from 16% in 2024. It is even more meaningful as this year, 37% of ICMIF’s total premiums were measured under the insurance SDG impact framework, spanning ICMIF members across all continents.”
Of the 16 ICMIF members participating, five are from Canada, and this has allowed sim2sustain to create a Canada Insurance SDG benchmark, the world’s first country-specific insurance SDG impact score. The Canada benchmark reached 4.9, meaning the participating Canadian ICMIF members are nearly halfway (49%) towards achieving the SDGs.
ICMIF CEO, Liz Green said “We are delighted to welcome sim2sustain as an Associate Member of ICMIF. Several of our members worked with Alicia and her team during the development of the pilot and in November 2023 we launched a benchmark derived from the insurance SDG (iSDG) scores of ICMIF members.
“After working with Alicia, the Swiss Re Institute and sim2sustain to develop the underlying framework during 2020-2024, the Insurance SDG Calculator tool has been transferred to sim2sustain, who now market the impact analytics services and update the benchmarks.” Liz added.
sim2sustain’s impact analytics can help insurers identify areas of positive and negative impact, assess trade-offs and co-benefits, run simulations to enable portfolio and impact optimisation strategies, and report on 60+ indicators including carbon Insurance-Associated Emissions, as required by a growing number of regulators.
The framework was inspired by the UN Principles for Sustainable Insurance (UN PSI) iSDG initiative, whose aim is to develop insurance-relevant adaptations to the SDGs. This framework can enable ICMIF members to measure iSDG sustainability impact within a company’s insurance portfolios and business operations.
