ClimateWise, the global insurance industry leadership group that is part of the Cambridge Institute for Sustainability Leadership, has updated its reporting framework principles to help insurers prepare for an evolving disclosure environment.

The organisation promotes excellence in reporting, undertaking impact-orientated, collaborative research into how the insurance industry can support the transition to net-zero.

Rachel Delhaise, head of sustainability at Bermudian-based Convex Group, said: “As we in the insurance sector look increasingly to find efficiency and structure to our climate-related principles and disclosures, ClimateWise, with its unique lens of a forward-looking, insurance-specific perspective, offers real value.

“In addition, the insights gained through the strong support of the University of Cambridge Institute for Sustainability Leadership are a terrific asset in our understanding of climate and nature related considerations.”

The ClimateWise principles guide members’ contribution to addressing climate change and help annually benchmark their activities.

In 2018, the ClimateWise principles were aligned with the Task Force for Climate-related Financial Disclosures to help members with climate-related disclosure.

The updated principles, which are to be launched this month, will help members prepare for changes to meet not only TCFD requirements but also the Task Force on Nature-related Financial Disclosures; Corporate Sustainability Reporting Directive; International Sustainability Standards Board; Transition Plan Taskforce; and US Securities and Exchange Commission disclosure requirements.

Sid Miller, programme director at ClimateWise at CISL, said: “The new principles represent a strong commitment by ClimateWise members to transitioning to a sustainable economy.”