The broker trade body has pledged to get its ‘own house in order first’, so that the support given to its members is built on a ‘strong foundation’
Biba has revealed its new commitments to environmental, social and governance (ESG) policies as its c-suite seeks to promote sustainability and “nurture greater diversity in broker staff”, said main board director Ryan Bond.
Bond also serves as head of insurance innovation for climate and sustainability at Marsh.
As part of its latest manifesto, entitled Managing risk – delivering stability and published on 24 January 2023, Biba said that while “identifying, measuring and managing ESG-related risks was becoming paramount” as businesses face increasing scrutiny from investors and regulation, so was “identifying the opportunities”.
The association said its goal was to therefore “get [its] own house in order first”, so it could ensure its support given to members was built on a “strong foundation”.
Biba’s latest commitments include:
- To publish Biba’s ESG Policy in Q2 2023.
- To publish an ESG guide for members, which will focus on helping them identify and work through key issues – including advancing towards carbon reduction in their businesses.
- To help members to navigate new ESG trends and regulations.
- To identify, share and learn from the experience of its members.
- To support members in disclosing their performance against ESG issues.
- To report on Biba’s ESG performance in Q4 2023.
Bond added that the Biba guide “to support members” will be rolled out this year.
More specifically, Biba’s other ESG commitments include:
- To broaden the diversity of members on Biba’s various advisory boards and technical committees.
- To provide mental health training courses for its members’ line managers via mental health facility provider Mental Health in Business (MHIB).
- To support members in understanding how to apply ESG principles, with the aim of broadening the diversity within their organisations.
- To work with its insurer partners to help them engage with their claims value chain in a sustainable manner – for example, increase green repair in claims instead of replacement.
The manifesto further noted that Biba is working to reduce its carbon footprint and will share its lessons learnt to its members. The association will also review and measure its carbon emissions for its annual conference, which will be offset using an accredited initiative.
Biba launches 2023 manifesto with focus on risk management and stability
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Manifesto 2023: Biba reveals new ESG commitments for 2023