A year after its launch, the Principles for Sustainable Insurance (PSI) initiative has become the largest collaboration between the United Nations and the global insurance industry.

The scheme addresses issues such as climate change, extreme weather, environmental degradation, access and affordability, ageing populations and ethical business practices.

Sixty leading insurers, market bodies and international organisations have signed up to the principles – double the number involved a year ago.

IAG was a founding signatory, and Chief Strategy Officer Leona Murphy is one of two co-chairmen of the PSI board.

“The PSI initiative is a catalyst for creating a more risk-aware and resilient society,” she said.

“We are committed to delivering outcomes that would help our communities better prepare for and respond to risks, protect our environment and sustain our economies.

“By working together with the UN, governments and other key stakeholders, the insurance industry can achieve far more than it would on its own.”

To demonstrate accountability and transparency, insurers must publicly disclose their progress every year.

United Nations Under-Secretary-General Achim Steiner says the initiative is “a shining example of how a global industry can put the environmental, social and economic dimensions of sustainable development at the heart of its business”.

While the first year was focused on raising support, the next phase will involve turning principles into practice.

Other local signatories include life insurers TAL and Sovereign.