Blog SCOR Live
Striving for sustainable and socially-responsible development
SCOR released its 2017 ESG Report on investments, in compliance with Article 173 of the French law on energy transition for green growth. Find out what this ESG approach means for SCOR.
"The SCOR group has been committed to climate risk issues for the past 15 years and strives, at its level and with its resources, to develop in a sustainable and socially responsible way.
SCOR signed the UN Global Compact in 2003 and the Kyoto Declaration in 2009, under the aegis of the Geneva Association. In 2012, SCOR was a founding member of the Principles for Sustainable Insurance and continues to be a signatory today.
In 2015, the Group reaffirmed its commitment to the management of climate risk by announcing its full divestment from companies deriving more than 50% of their revenue from coal, and by signing the French Business Pledge on Climate alongside major French companies as part of COP21. These two commitments were renewed and strengthened in 2017 in that SCOR made a commitment on September 6 to divest from the shares of companies that derive more than 30% of their revenue from coal. In addition, SCOR renewed its commitment in favor of the environment by signing the French Business Climate Pledge and by presenting specific initiatives at the One Planet Summit in December 2017. In March 2017, SCOR also signed the Decarbonize Europe Manifesto. Finally, the Group has announced its full divestment from tobacco companies. With this decision, which confirmed SCOR’s position as a responsible Life & Health reinsurer, the Group demonstrated that the investment community can play a role in support of the common good.
As chief executive of the SCOR Group, I have co-chaired the Geneva Association’s working group on extreme events and climate risks since May 2015, and I am also a member of the steering committee of the Insurance Development Forum (IDF). This international body, created in 2016 in partnership with the World Bank and the United Nations, aims to build greater resilience to climate risks by allowing the insurance and reinsurance industries to share their expertise in risk management and coverage with the public sphere. The IDF is particularly involved with developing countries, which are significantly affected by natural catastrophes and currently have only a very low level of insurance or reinsurance protection.
SCOR also works toward sharing knowledge about the main climate challenges threatening the world today. The SCOR Foundation for Science, created in 2011, bears witness to the Group’s long-term commitment to creating and disseminating risk awareness. In March 2017, the Foundation organized an international seminar on climate risk modeling, which brought together numerous researchers and insurance industry professionals. The aim of this seminar was to look at how to improve risk modeling in developing countries and to create databases.
In an ever more risky and uncertain world, the insurance and reinsurance industries have a leading role to play in working toward sustainable and responsible development. Environmental, social and governance considerations are an integral part of the identity and culture of the SCOR group."
Chairman and CEO of SCOR