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SCOR sponsors a global statement supporting stronger regulation around tobacco control
Fifty-three investors, health systems, pension funds and insurers, representing USD 3.8 trillion in assets under management, have signed a statement, led by AMP Capital, AXA, CalPERS and SCOR, to World Health Organization (WHO) representatives and national health ministers openly supporting stronger regulation around tobacco control.
The statement was released on World No Tobacco Day, marked every year on 31 May – its purpose is to highlight the threat posed by tobacco consumption to global health and economic well-being. This year, several institutions have come together to lend their support to global action against tobacco, to openly support tobacco control measures already taken by governments, and to encourage further action. The statement, led by AMP Capital, AXA, CalPERS and SCOR, recognises the significant economic impact of tobacco. It cites a figure from the WHO and the US National Cancer Institute which estimates the cost of smoking to the global economy at USD 1 trillion a year.
Denis Kessler, CEO of SCOR, speaking at a round-table on No Tobacco Day 2017
Butch Bacani, Programme Leader of UN Environment’s Principles for Sustainable Insurance (PSI), the largest collaborative initiative between the UN and the insurance industry, said, “As risk managers, insurers and investors, the insurance industry has a key role in reducing risk and promoting economic, social and environmental sustainability. This first-ever investor statement to address the global tobacco crisis shows how insurers and their peers in the investment community can collaborate to reduce health risks and promote human and economic wellbeing, in line with the UN Sustainable Development Goals. Indeed, an ounce of prevention is better than a pound of cure.” SCOR is a founding signatory of the Principles for Sustainable Insurance.
Managing Director of the Principles for Responsible Investment (PRI), Fiona Reynolds, added that “Aside from the obvious health issues, investors are increasingly becoming aware of the material financial risks around tobacco. These include regulatory, litigation, and supply chain risks.” SCOR Investment Partners is a signatory of the United Nations Principles for Responsible Investment.
Other investors wishing to join this global movement can still sign the statement here. This statement will remain open for others to sign until 27 September.