ESG

Singapore-domiciled Odeon Insurance Re Pte Ltd is the first Asian captive to become a signatory of the United Nations Principles for Sustainable Insurance.

Captive utilisation in the renewables market can provide companies with the ability to counter increasing rates and allow greater access to capacity, sources have told Captive Intelligence.

There has been a rise in the utilisation of protected cells in the renewables market due to the accessibility for smaller players and a challenging market environment.

Switzerland-domiciled Sonepar International Re is the second captive to become a signatory of the United Nations’ Principles for Sustainable Insurance (PSI). The UNI PSI serves as a global framework for the insurance industry to address environmental, social and governance risks and opportunities.

ESG and the transition to a greener economy is becoming an increasingly prevalent topic for businesses and it raises several insurance challenges.

Aon’s Ciaran Healy is confident more captives will sign up to the United Nations’ Principles for Sustainable Insurance (PSI) with Enel Insurance a “proof of concept” that others should be able to follow.

Antonio Nervini, Head of Insurance in the Netherlands at Enel Insurance N.V., is hoping that other captives follow the Italian multinational's lead in signing up to the United Nations’ Principles for Sustainable Insurance (PSI).

Ciaran Healy, Antonio Nervini and Butch Bacani discuss Enel becoming the first captive signatory of the UN's Principles for Sustainable Insurance.