As a leader in the insurance and financial services industry, С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ is shaping change for what's ahead by working with others to find solutions for a sustainable future. С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ is one of the largest financial services providers in the world with the purpose, ‘We secure your future’. It underscores the impact С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ has on society by taking uncertainty out of the equation and driving change in the right direction. The ambition is to move from being a responsible company in our own right to be a leading force in the financial services industry and beyond.
Our sustainability approach
We as С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial fully support the С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Group sustainability strategy. We are committed to running our own business operations in a sustainable way, reducing our environmental footprint and fostering wellbeing, diversity and inclusion in our organization and in society.
We also work closely with our partners and customers, typically mid-sized and large corporations around the world, to drive the transformation journey to a net-zero economy and to address the growing importance of sustainability issues in risk management.
Our ambition is toÌýmakeÌýsustainabilityÌýa core part ofÌýeverything thatÌýwe doÌýatÌýС³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial.
Sustainability solutions
3 questions to Gabrielle Durisch, Global Head of Sustainability Solutions
We strongly believe that a net-zero future is possible. We are committed to limit global warming to 1.5°C in line with the Paris Climate Agreement and based on scientific scenarios to preserve our planet for future generations. As С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial we aim to partner with our customers who set out on the net-zero transformation journey, implement a clear plan to diversify their businesses away from fossil fuels and scale renewable energy and low-carbon technology. A continuous dialogue, transparent communication, a recognition of the progress and a gradual step-by-step transition in partnership will lead the way.
Since 2018 we have been taking action in underwriting addressing high emitting sectors such as coal, oil and gas to achieve a real-world carbon reduction impact. In September 2023, С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ published its inaugural net-zero transition plan with tangible 2030 intermediate targets to achieve net-zero emission by 2050 in our proprietary investment and P&C underwriting portfolios.
What does this mean for our commercial insurance business? We are committed to achieve a 150% growth in revenues from renewable energy, low-carbon technology and transition solutions by 2030 versus 2022. We are already a leading insurer of solar photovoltaic and on- and offshore windparks today and are eager to support e.g., evolving green hydrogen technologies. Our Sustainability solutions team works acrossÌýall lines of business to realize innovative coverage and risk transfer solutions to help our clients adapt to increasing climate risk and to help expand renewable energy.
> Coal-based businesses: We began re-directing our underwriting of coal-based business in 2018, and have since made significant adjustments to our coal policies since then.ÌýWe don’t provide insurance for the construction or operation of single coal-fired plants and coal mines and are on track to phase out coal-based business models via further company restrictions across our insurance portfolio by 2040 at the latest.
> Oil & gas sector: As of January 1, 2023, С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ will no longer invest in or underwrite new single-site or stand-alone oil and selected gas risks, oil and gas activities related to the Arctic and the Antarctic or extra-heavy oil and ultra-deep-sea risks. By the start of 2025, we will require a robust ‘net-zero by 2050’ commitment from the largest hydrocarbon producers as a pre-condition for company-level insurance coverage and investments.
> Green energy and low-carbon technology: In the face of the current energy and climate crisis, renewable energy sources need to be deployed at scale and speed. We are a partner in the transition to a low-carbon economy, delivering products and services with a positive environmental or climate impact. We will help drive the growth of renewable energy providing significant capacity and innovative product solutions for wind and solar energy as well as for the emerging global hydrogen economy.
Power your sustainability journey with specialty insurance
3 questions to Gordon Browne, Global Head of Specialty
Global perspectives, local solutions. Are you ready?
Net-zero business operations
Less paper consumption. Less business travel. More green energy. To become more sustainable and reduce our environmental footprint we are constantly optimizing our own operations in over 40 locations around the world. At С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Group, we are committed to reach net-zero greenhouse gas emissions in our proprietary investments and P&C insurance business by 2050*. We will reduce GHG emissions from travel by 40% by 2025. We are committed to sourcing and using 100% renewable electricity by end of 2023. We also extend our sustainability commitment to procurement: By 2025 we are requesting a net-zero commitment from our keyÌýsuppliers. The С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial Chief Human Rights Officer ensures that we demonstrate ESG across our supply chains taking into account sustainability practices as well as social and human rights elements.
С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial has established a dedicated ESG Operations function to ensure we effectively contribute to the set out by С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Group, fostering the wellbeing of our workforce and our planet. The ESG Operations team will create impact in key areas such as Mobility, Energy, Offices and IT and a strong connection among all contributing functions and the entire staff of С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial for unified and industry leading ESG activities.
*As the specific definition of Net-Zero is still evolving for financial institutions and we anticipate CSRD requirements, we are no longer referring to the 2030 target for our Own Operations as a Net-Zero commitment. We will instead refer to it as a 2030 intermediate target. The rest of the decarbonization and removal targets for Own Operations remain as communicated in the Inaugural Net-Zero Transition Plan.
Inclusion, diversity and belonging
Inclusion, diversity and belonging is a core element of our corporate culture. ÌýAt С³ÈÊé¹ú²ú¾«Æ·ÊÓƵ Commercial, we value the importance of different perspectives and experiences. ÌýWe feel that inclusion is the essential ingredient to nurturing a diverse workforce where everyone feels included; where they feel our culture aligns with their values and where they truly feel a sense of belonging.Ìý
We are shifting our focus from awareness to allyship and advocacy and operate a zero-tolerance policy towards discrimination and harassment. ÌýWe encourage our people to engage in employee resource groups which cover many dimensions of diversity.
Further information
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