“Jen's expertise on sustainability matters and in-depth understanding of AIG's businesses uniquely position her for success in this important role,” Thomas B. Leonardi, AIG's executive vice president and AIG Life Holding Inc.'s vice chair, said in a statement. (Photo: AIG)

American International Group Inc. (AIG) has created the position of chief sustainability officer to lead the development and implementation of a company-wide sustainability strategy and appointed Jennifer Waldner to fill the role, effective immediately.

She will lead a cross-functional team to drive global sustainability initiatives while influencing and mobilizing the execution of AIG's sustainability strategy across the organization. Waldner brings more than 20 years of experience working on matters related to corporate citizenship and sustainability. For the past 10 years, she has held positions of increasing responsibility within AIG focused on these areas, most recently as head of citizenship for AIG Life and Retirement.

“The creation of a chief sustainability officer position reflects AIG's ongoing commitment to sustainability as an insurer, investor, employer and corporate citizen, along with our efforts to take a thoughtful, coordinated approach across our global footprint,” Thomas B. Leonardi, AIG's executive vice president and AIG Life Holding Inc.'s vice chair, said in a statement. “Jen's expertise on sustainability matters and in-depth understanding of AIG's businesses uniquely position her for success in this important role.”

Changing tides

The move by AIG to create the position of chief sustainability officer reflects a larger pattern in the insurance industry to directly confront climate change. Chubb recently announced that it will stop underwriting the construction or operation of new coal-fired plants, as well stop underwriting or making new debt or equity investments in companies that derive more than 30% of their revenue from coal-mining or energy production from coal.

AXA SA, Zurich Insurance Group AG, Munich Re Group, Swiss Re AG, Hannover Re and Allianz SE have also announced similar policy changes regarding insuring and investing in coal plants.

In addition to helping insureds prepare for climate change and reining in potential future losses, the industry's shift towards actively confronting climate change represents a change in consumer expectations. Just as the public either becomes more aware of the issue or experiences the effect of climate change firsthand, more consumers expect companies with the financial means — like those in the insurance industry — to be an active part of the solution.

For more coverage like this, explore our The impact of climate change on P&C insurance Instant Insights page.

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AIG appoints Jennifer Waldner as first chief sustainability officer

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