Friday, March 27, 2009

HSBC makes 'green' insurance push

Environmental Finance: HSBC plans to integrate sustainability into its insurance business, launching ‘green’ insurance products across its global operations this year. Sunny Sehgal has been appointed as the bank’s first senior manager for sustainable insurance. He was formerly head of environmental risks in the bank’s insurance brokerage business. Based in HSBC’s London headquarters, Sehgal will co-ordinate global strategy for sustainability in the group’s insurance businesses and examine how climate and sustainability risks impact the bank.

“Most of the insurance industry is just starting to address risks associated with climate change and other sustainability issues, even though it is in the front line when it comes to the financial impacts of climate change” Sehgal said.

The bank has already launched of a number of green insurance products, including consumer insurance products in Latin America which put a slice of the premium towards environmental causes. HSBC plans to embed sustainability into insurance products in all the regions where it operates….


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