Supporting our Membership in their transition to a greener future
In respect of the impact of environmental issues and as an insurer regulated in many jurisdictions, the Club meets the requirements of regulators in assessing the impact of climate change on the Club’s underwriting and investment portfolios. The Club currently reports on its approach to ESG across the subject areas using as a guide the Climate Change Risk Forum (CFRF), and has the aim of enhancing its reporting practices in line with the Task Force on Climate Related Financial Disclosures (TCFD).
The Club measures its approach to ESG concerns in line with the Sustainability Accounting Standards Board (SASB), and intends to work with SASB successor International Sustainability Standards Board (ISSB) in advancing its measurement, tracking and reporting practices in line with best practice and industry standards.
In relation to frameworks aimed at helping in the push to net zero the Club is working towards signatory status on the UN Principles for Sustainable Insurance which requires the Club to commit to the following actions:
- We will embed in our decision-making environmental, social and governance considerations relevant to our insurance business
- We will work together with our clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions
- We will work together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues
- We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles
The Club is also currently evaluating membership in the Net Zero Insurance Alliance, specifically undertaking an analysis of how membership would support the Club in executing its mutual mission to the transport and logistic industry.