From: Captive International
More domiciles will follow the lead of Guernsey and develop ESG (environment, social, governance) frameworks, James Stewart, Representative, Guernsey International Insurance Association, suggested speaking on a panel covering this topic at the Captive Insurance Companies Association’s (CICA) annual conference, taking place in Tucson this week (March 6-8).
Stewart was speaking on a panel discussion called ‘Why are ESG Risks Relevant to Captive Insurers?’. It was moderated by Richard Cutcher, Founder and Executive Producer, Global Captive Podcast. Other panellists included Michael Douglas, Director – Business Development, Aon; and Karen Hsi, Program Manager, Fiat Lux Captive Insurance Company, University of California Office of the President.
Developed in May 2021 by the Guernsey’s International Insurance Association, the ESG framework was designed for member insurers operating on the island. It was intended to help organisations manage ESG opportunities and risks and to deliver a more positive ESG impact.
Stewart described the framework as a “handrail for licenced insurers” which can encourage them consider their operations and activities against the UN’s Sustainable Development Goals. He said the framework is far from a finished product, but it is designed to put ESG on the agenda of insurers’ boards. Companies can also be assessed on their implementation of the framework and secure a kitemark indicating their commitment to ESG.