Two Philippine insurance organizations have now signed as part of the United Nations’ (UN) largest global initiative for sustainable insurance.

National Reinsurance Corporation of the Philippines (Nat Re) and Philippine Insurers and Reinsurers Association (PIRA) are two of the signatories for UN Environment’s Principles for Sustainable Insurance Initiative (PSI), in partnership with WWF and the UN Educational, Scientific and Cultural Organization (UNESCO).

As part of the PSI, the signatories are obligated to protect UNESCO’s World Heritage Sites by taking action in cutting or defunding projects that damage UNESCO’s 11,000-plus World Heritage Sites, including the Tubbataha Reef and Puerto Princesa Subterranean River in Palawan; the Rice Terraces in Ifugao; Mount Hamiguitan Range Wildlife Sanctuary in Davao Oriental; Vigan City, Ilocos Sur; and the Baroque Churches in across Luzon and Visayas.

“The Philippine Non-Life Insurance Industry, through PIRA, is one with the UN Principles for Sustainable Insurance (PSI) in its commitment to protect World Heritage sites. This is right up our alley as our mandate is asset protection of World Heritage sites as part of our global assets," said PIRA Executive Director Michael Rellosa.

Augusto Hidalgo, CEO of Nat Re, said, "This global initiative is a testament to (re)insurers' profound understanding of their shared responsibility - our actions are guided not only by how they affect the insurance industry but more importantly how they impact the larger society, national economy, and global environment in the long term. This responsibility is particularly important to those (re)insurers in disaster-prone nations such as the Philippines, where natural wonders are highly at risk not just from natural disasters but from man-made events. Through this statement, we hope to raise greater awareness among industry players of the other proactive and creative ways we can help protect these heritage sites."

Other signatories include the global reinsurer, Swiss Re, Peak Re, Interamerican, La Banque Postale, Risk Management Solutions, Certified Sustainable Insurance Partners, Microinsurance Network, Earth Security Group, and ICLEI – Local Governments for Sustainability, the leading global network of more than 1,500 cities, towns and regions.

WWF-Philippines President and CEO Joel Palma lauded Nat Re and PIRA for the commendable initiative. “Conservation of natural assets is vital to the sustainability of any economic and or financial activity. We are glad that the insurance industry recognizes the relevance of protecting natural systems and to ensure that these systems remain viable to support sustainable development,” he said.

For more information, visit this Medium article written by Chris Gee, Head of Campaigns, WWF-UK.