The Bogota Declaration on Sustainable Insurance- Signatories to the Bogota Declaration on Sustainable Insurance (BDSI), a declaration of commitment by insurance industry leaders in the Latin America and Caribbean region (LAC) to support the UN’s Sustainable Development Goals, recently elected Fasecolda, Federation of Colombian Insurers, as the Technical Secretariat for the first year of the initiative.

Gustavo Morales, President of Fasecolda, said: “It is an honour and a significant commitment for us at Fasecolda to assume the Secretariat of the Bogotá Declaration in its first year of full implementation. We aim to establish the Declaration as the convening and action mechanism for the entire insurance sector in the region regarding sustainability.”

“Insurance plays a vital role in protecting our environment and mitigating the risks that affect it, and the Declaration will be the path to place this challenge at the centre of our sectoral concerns in a coordinated and unified manner.”

Launched in January 2024 during the UNEP FI LAC regional roundtable, the BDSI has since grown to include 34 signatories representing major insurance organisations across seven different member states in the region. Signatory organisations commit to use the collective power of the insurance industry, including risk managers, insurers, and investors, as well as policymakers, and stakeholders in the region to address the region’s unique economic, social, and environmental challenges such as the impacts of climate change on social inequality and economic instability.

During the virtual kick-off meeting, on 28 June 2024,more than 60 executives from the LAC insurance sector gathered remotely to officially establish the  Technical Secretariat. At this meeting, the BDSI also launched two new workstreams for the development and operationalisation of outputs,  the insurance for nature and climate risks group, and the insuring the climate transition Group. These workstreams will be meeting regularly to develop resources for declaration signatories.

The first in-person meeting of the BDSI Secretariat is scheduled to take place at COP16 in Cali, Colombia on 26 October 2024

To learn more about the Bogota Declaration on Sustainable Insurance, click HERE