Many years ago — writes Eddy Canfor-Dumas — when I was a callow youth not long out of college, I found myself in a private interview with Peter Walker, then Minister for Agriculture in Mrs Thatcher's first government. I was not there willingly...

My dear old dad, worried by my conspicuous lack of success as a writer, had arranged the meeting without telling me, and on the slenderest of pretexts — Walker and I had gone to the same school, albeit more than twenty years apart. Quite shamelessly, he was hoping the old school tie would work its magic and I was there mainly to avoid another family row.

The irony was that Walker had been labelled a total duffer at school, so much so that he'd famously left at 14 with no qualifications. No one expected to hear any more of him.

But Walker had other ideas. He went into the City, made a fortune, and rose through the ranks of the Conservative Party to become a member of Ted Heath's Cabinet — the world's first-ever environment minister, no less. A decade later he was in the Cabinet again under Thatcher.

The conversation started quite well. 'I see you're interested in politics,' he said brightly, pointing to the Politics A-level on the CV my dad had kindly sent him. I nodded. 'What party?' he asked, an expectant smile on his lips.

'Probably the Greens,' I said.

'Ha!' he barked. 'Well, you'll never become prime minister that way!' Very true. 'So what do you want to do, then — as a career?'

'Um — writing, drama, that sort of thing,' I mumbled.

'Ah...' he said, his smile fading as the penny dropped that father and son were at odds. There was an awkward silence. 'Ever thought about insurance?' he suggested. 'Wonderful career, insurance.' It was how he'd made his fortune, after all.  But the word froze my blood. Insurance? How — well — boring could you get?

And how wrong could I be?

Because now, I think insurance has the potential to play a significant role in helping bring about world peace. More importantly, the UN thinks so, too. And even more importantly, so do a growing number of major players in the field.

Two months ago the UN Environment Programme’s Finance Initiative kicked off a year-long, worldwide consultation on how to develop sustainability principles for the insurance industry. First stop was Johannesburg. The Latin American leg has just concluded in Sao Paolo, Brazil. Next stop is Guelph, Canada, followed by somewhere in the Middle East/North Africa (exact location TBC, for obvious reasons); then Auckland, Munich and Tokyo.

The aim is to launch the finalised 'UNEP FI Principles for Sustainable Insurance' in June 2012 at the UN Conference on Sustainable Development in Rio de Janeiro, which will mark the 20th anniversary of the 1992 ‘Rio Earth Summit’.

Involved so far are companies like HSBC Insurance, Munich Re, Tokio Marine — and many more.

So what’s it all about? And why has it changed my mind about insurance? Which, let’s face it, isn’t a subject that often gets the blood pumping.

Well, in the exquisitely corporate lingo of the UNEP FI website:

As a consequence of globalisation, the general public expects businesses to behave responsibly and be accountable for their actions, which includes minimising their environmental and social footprint. While this footprint is relatively small for the insurance industry, due to the nature of its operations, headline risk has nonetheless increased. Through its financial services, the insurance industry enables most of its corporate clients’ extractive, manufacturing and distribution activities. Some of these activities can lead to ESG risks and challenges.

Which translates roughly as ‘The insurance industry is looking hard at no longer covering business investments that lead to environmental, social or other damage.’

The implications of this could be massive. Whether and at what price we can get insurance coverage is a major factor in what we actually do.  For example, it’s becoming increasingly difficult to build a new house on the south Florida coast simply because few insurers will cover the risk – and those that do ask prohibitive premiums. How many of us would drive uninsured?

Flipping to the positive, it’s quite probable that before long insurers will start to reward, through lower premiums and excesses, companies that can demonstrate they adhere to Responsible Business practices on human and labour rights, transparency, the environment and conflict sensitivity.  All of which will help make the world a better place. In the words of Fernando Moreira, CEO of HSBC Insurance Brazil and Board Member for Latin America and the Caribbean on the UNEP FI Insurance Commission:

Insurance practices which routinely consider environmental, social and governance issues reduce risk and uncover new business opportunities. Equally, such practices build a more resilient insurance industry that can better serve its clients and contribute to environmental, social and economic sustainability.

So apologies, Mr Walker. Insurance is a wonderful career choice. Especially if you want to save the world…