Interest in the relevance of insurance-linked securities (ILS) from an ESG standpoint continues to grow, but while there’s consensus that the market has a role to play, being viewed as positive is not enough, according to Vincent Prabis, Managing Principal at Hiscox ILS.
We spoke with Prabis as part of our series of sponsor showcase video interviews for the fast-approaching Artemis ILS NYC 2022 conference, held April 22nd in New York City.
Hiscox ILS is a Gold sponsor of the event, and during a broad discussion, the company’s Managing Principal told Artemis that investors are certainly interested in the relevance of ILS from an environmental, social and governance (ESG) viewpoint.
“What’s interesting is, of course, as I say, it comes from investors but to be honest, at the moment, there is interest in the ESG performance also from regulators, from the media, but also from the employees internally and it’s never been greater,” said Prabis.
Across the space, the general view is that ILS, in providing insurance or reinsurance capital, is intrinsically ESG positive an asset class, given its role in protecting societies against natural perils.
Prabis highlighted this point, but stressed that being viewed as positive simply isn’t enough.
“We’re trying to attract ESG-focused capital, we just need to do more,” he said. “The sheer fact that the asset class itself is positive is not enough and it was maybe a bit naive of us managers to believe that from the beginning. There’s a lot more work that needs to be done in the background.
“So, being part of a larger organization, at Hiscox our ESG committee drives day-to-day progress and reporting to ensure our underwriting function is acting as a steward of nature, encouraging the transition to a low carbon economy. And that is embedded in what we do at the ILS level, the reinsurance level, and the Group level,” said Prabis.
Hear more from Vincent Prabis of Hiscox ILS during a panel discussion he will moderate at the upcoming Artemis ILS NYC 2022 conference in New York on April 22nd.
For details about the conference, visit the event website: www.artemis.bm/ils-nyc-2022/.
The full video interview is embedded below and can also be viewed in full, along with previous Artemis Live video interviews here.
You can also listen in audio to our interviews by subscribing to the Artemis Live podcast here.
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