ESG and insurance—essentials

Copyright © 2025 LexisNexis
Produced in partnership with Simon Colvin of Weightmans
Practice notes

ESG and insurance—essentials

Copyright © 2025 LexisNexis

Produced in partnership with Simon Colvin of Weightmans

Practice notes

This Practice Note considers the environmental, social, and governance (ESG) initiatives, regulations and legislation that are relevant to (re)insurers and intermediaries. For guidance on ESG risks and liabilities for the insurance industry, see Practice Note: ESG risks and liabilities for the insurance industry.

Global ESG initiatives

The Paris Climate Agreement

The Paris Climate Agreement is a landmark legally binding international treaty on climate change. It was adopted by 196 parties at COP21 in Paris on 12 December 2015 and entered into force on 4 November 2016. The goal is to:

  1. •

    hold the increase in the global average temperature to well below 2°C above pre-industrial levels

  2. •

    pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels

To achieve its aims, greenhouse gas emissions must peak before 2025 and have an overall decline of 43% by 2030.

For more information, see Practice Note: The Paris Agreement 2015—snapshot.

United Nations Principles for Sustainable Insurance (PSI)

The UN Environment Programme Finance Initiative (UNEP FI) has developed a series of sectoral principles-based sustainable financial frameworks. In 2012,

Simon Colvin
Simon Colvin

Partner, Weightmans

I studied Environmental Biology before converting to Law. I have been fortunate enough to pursue a career primarily as an environmental lawyer for over 20 years. In that time I have worked at some great firms with some great people supporting clients with a diverse range of matters that have enabled me to keep my finger on the pulse of the ever changing environmental regulatory landscape at a global, European and UK level. I have been to the Court of Appeal a few times and have worked on some of the most high profile and significant issues and developments we have seen in the UK environmental arena. Highlights include working as part of the Broadway Initiative to support the development of the Environment Act 2021. I help to lead my firm’s ESG program and have been fortunate enough to help a number of clients with their holistic ESG frameworks, while also supporting them with their specific ESG needs. I regularly speak and publish articles on ESG topics and am proud to be a Fellow of IEMA.

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