Sustainable Underwriting
At SCOR we use a range of techniques to assess the overall environmental, social and governance (ESG) quality of our business activities.
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To support our ambition in sustainable underwriting, we have developed practices and guidelines that include the following:
- Engaging with clients representing at least 30% of SCOR Specialty Insurance Single Risk premiums to understand how energy transition may impact them, their targets, challenges and needs, over the period of “Forward 2026” strategic plan.
- Supporting sustainable solutions: multiplying insurance and facultative reinsurance coverage for low carbon energy by 3.5 by 2030(1).
- Assessing and disclosing the climate alignment of our hull and machinery marine portfolios and benchmarking them against two trajectories linked to a 50% reduction of annual greenhouse gas emissions by 2050 compared to 2008 and a 100% reduction of emissions by 2050 (in line with the Poseidon Principles for Marine Insurance):
- Incorporating ESG performance criteria in the insurance and facultative reinsurance underwriting of oil and gas, mining, power generation, construction.
- Aligning with the UNESCO Principles for Sustainable Insurance and World Wildlife Fund initiative to protect endangered World Heritage Sites
- Excluding insurance and facultative reinsurance coverage for the tobacco industry
On coal:
- excluding any new direct insurance and facultative reinsurance coverage (projects and operations) in respect of standalone
- thermal coal mines, lignite mines and unabated coal-fired power plants
- dedicated thermal coal mining infrastructure (e.g. ports, washing and handling facilities) projects
- excluding Appalachian Mountain top removal operations
- phasing out standalone direct insurance and facultative reinsurance coverage for thermal coal mines and unabated coal-fired power plants by 2030 in OECD countries and by 2040 for the rest of the world
On oil and gas:
- excluding standalone direct insurance and facultative reinsurance coverage for:
- new greenfield oil field development projects and gas field development projects(2)
- oil and gas exploration, production or related dedicated infrastructure projects in the Arctic Monitoring and Assessment Programme (AMAP) Region, with the exception of the Norwegian Arctic Region
- excluding any new (or any increase in commitments on existing) standalone direct insurance and facultative reinsurance coverage in respect of oil sands operations (both extraction and upgraders)(2)
Footnotes:
(1)Using SCOR’s Estimated Gross Premium Income (“EGPI”) for 2020 as the baseline.
(2) Exceptions may be made for direct insurance and facultative reinsurance coverage for insureds with a verified strategy that is aligned with a credible net-zero by 2050 transition plan and will be based on the Science Based Targets initiative (SBTi), once available, or comparable third-party issued science-based target setting guidance for the upstream oil and gas sector
More about our Sustainability initiatives:
Sustainability at the core of our strategy
Sustainable Commitments and Stories
Sustainable Investments
Sustainable Operations