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Financial services sector
Prepared by the UNEP FI Australasian Advisory Committee on Insurance
Environment Australia
January 2003
The Report is set out in three sections. The first of these begins with a brief consideration of risk management in general and the role that insurance plays in risk management for businesses. It then focuses on environmental risk as one of the sources of potential liability that a business would manage, before considering what the consequences might be of not properly managing environmental risk.
This section is rounded off with general illustrations of how some companies manage their environmental risks.
The second section of the Report provides a closer examination of what currently happens in Australia in relation to environmental risk issues. It sets out a brief overview of Australian environmental law and how environmental risk management issues might arise for companies under that law.
The final section of the Report looks at how insurance addresses liability for environmental risk at present. It then considers whether there is a broader role for insurance in an environmentally sustainable future.
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