As a global (re)insurer whose customers range from individuals to businesses of all shapes and sizes, including other insurers, we take the challenge that climate change presents very seriously. Almost every part of our business is affected by climate-related risks, which is why we are helping our customers and business partners adapt, through our products and services, as well as looking to limit our environmental impact.
Our recently published 2021 climate report sets out the progress we have made on environmental issues – the ‘E’ in ESG - over the last 12 months. This report is designed to lift the lid on all of our climate-related work – whether that’s how we invest and underwrite, how we manage our office buildings, how we share our climate expertise, or how we influence on climate-related matters.
Despite the challenges of a global pandemic last year, we’re proud to have taken some important steps that will ensure we continue to play our part in an orderly transition to a low-carbon economy.
Highlights include:
- In underwriting and investments, we’ve committed to reduce steadily, and eliminate by 2030, our exposure to thermal coal; oil sands; Arctic energy exploration, beginning with the Arctic National Wildlife Refuge; and controversial weapons such as land mines.
- We’ve signed up to the UN-convened Principles for Responsible Investment (PRI), demonstrating our commitment to responsible investing. Our responsible investment policy sets out our expectations of our asset managers, including adherence to recognised standards such as the PRI, engagement on ESG issues, considering ESG in decision-making, and impact investing.
- We’ve evolved our internal structures for increased climate accountability, establishing a new Sustainability Steering Committee. Chaired by the Group Chief Executive Officer and comprising c-suite membership, this committee will bring greater senior management involvement in climate issues to drive our progress.
- We gave $9 million to good causes, including environmental causes such as Bees for Development – which supports biodiversity – and Kids on the Reef – which works to conserve Bermuda’s precious coral reefs.
- We’ve reduced our carbon emissions per full-time employee by 45% between 2014 and 2020, with new Science Based Targets initiative (SBTi)-aligned targets in development.
- We marked our sixth year as an operationally carbon neutral business in 2020.
- One-in-ten eligible UK employees signed-up to our first cycle to work scheme.
Whilst we’re proud of these achievements, we know that there is more to do, and you can read more about our plans and ambitions for 2021-22 in the report.
