The Luxembourg Fund Labelling Agency (commonly-known as LuxFLAG) has announced the launch of its Sustainable Insurance Product Label certification product.
This certification will be awarded to “eligible insurance products that assist with the transition to mitigate and adapt to the climate crisis, as well other environmental and social issues” that are part of the United Nations Sustainable Development Goals.
The Luxembourg insurance industry and the Luxembourg Insurance and Reinsurance Association (ACA) cooperated closely in the development of the certification.
“The new and highly anticipated LuxFLAG Sustainable Insurance Product Label (LSIP) opens up many positive promising outlooks for the insurance industry and their clients,” said Marc Lauer, ACA chairman.
As with LuxFLAG’s other certifications, which includes microfinance, climate finance, environment, green bond and ESG, applications for the LSIP Label certification are accepted every quarter from eligible insurance products.
Selection for the certification follows a three month ISAE (International Standard on Assurance Engagement) 3000 certified process, including a thorough review by LuxFLAG and an independent eligibility committee made up of industry and ESG experts. Each LuxFLAG certificate is valid for a one-year period. Insurance firms can apply to have the label renewed.
From 1 December, 2021, full information on the LSIP Label will be available on the LuxFLAG website
LuxFLAG, the Luxembourg Finance Labelling Agency, is an independent and international, non-profit labelling agency that aims to contribute to sustainable development and promotes transparency by awarding a recognisable label to financial products.