Products & Services
 

Working Togther

We believe in working collaboratively with our competitors and business partners to encourage appropriate policies and action on climate change.

Codan Marine runs a series of seminars to share knowledge and experience with customers. One of these covered environmental issues for shipping, with guest speakers from organisations including the Swedish Maritime Administration focusing on reducing ship emissions of sulphur dioxide, nitric oxide and carbon dioxide.

Internationally, we are a member of the UN Environment Programme Finance Initiative (UNEP FI). In 2008, RSA was a member of a working group on risk finance which highlighted the increasing importance of Insurance Linked Securities (ILS) such as Catastrophe Bonds and Weather Derivatives in protecting customers in developing countries against risks of drought and other natural catastrophes. Other working groups focused on microinsurance as well as looking at ways to integrate environmental, social and governance issues into underwriting.

In the UK, MORE TH>N is one of the partners of Together, a campaign associated with The Climate Group to help consumers reduce their impact on the climate.

ClimateWise

We are also members of ClimateWise, an insurance industry group stimulating action and new thinking. The ClimateWise principles commit us to:

  • Taking a lead in analysing and reducing risks;
  • Informing and engaging in public policy debate;
  • Supporting climate awareness among our customers;
  • Incorporating climate change into our investment strategies;
  • Reducing the environmental impact of our businesses;
  • Reporting and being accountable for our actions.

We continue to actively support ClimateWise both directly in its governance and through promotion of its ongoing aims and activities as well as in our own actions.

An independent review in 2008 undertaken by ClimateWise recognised our progress, highlighting our Green Wheels initiative (see Environment). Our major actions relating to the six ClimateWise principles through 2008 are identified in the GRI table (GRI Index) of our Corporate Responsibility Report.

Other activity related to the individual principles is shown below, in some cases this work was started before 2008 and is only therefore highlighted where there is an ongoing commitment , for example there has been substantial growth in our renewable energy insurance business since the previous ClimateWise progress report.

Lead in Risk Analysis

  • We continue to strengthen our renewable energy insurance business supporting risk management and thereby the development of the sector. In 2008 we launched our wind proposition in China and bioenergy covers in Scandinavia, Canada, UK and Italy.
  • We sponsor Tropical Storm Risk a collaborative project offering resources including seasonal prediction of hurricane activity. We are a shareholder in EuroTempest – a subscription weather risk service including storm tracking
  • We continue investment in our geographical risk analysis tool (GRAU) allowing us to assess flood and subsidence risk.

Inform Public Policy Making

  • We engage in  activities (both as RSA and as part of wider sectoral activity) to ensure proper flood risk management – particularly on adaptation concerns - going forward including  the recent UK Flood Bill.
  • Climate change and related issues continue to feature strongly on our Living website (http://living.morethan.com/)
  • We continue to work closely with emergency services, local government and others in case of major events
  • We respond to relevant government consultations (eg on carbon neutrality) in addition to the flood related issues mentioned above
  • We sit on the steering committee of the current ABI project on the financial risks of climate change

Support Climate Awareness Among our Customers

  • We have developed a range of eco products for both our commercial and  domestic customers
  • Through MORE TH>N in the UK we continue to offer our innovative GreenWheels motor policy along with discounts for hybrid and alternative fuelled vehicles
  • In 2008 we ran a campaign called ‘More IQ less CO2’ with our broker and commercial business partners promoting the benefits of our energy management services. At the recent BIBA conference we discussed the requirements of the upcoming UK Carbon Reduction Commitment.
  • Our products developed in partnership with the National Trust link lower car CO2 emissions to lower insurance premiums
  • In conjunction with UNEP, Munich Re and Carbon Re we supported the launch of the Global Renewable Energy Insurance Facility, which aims to provide insurance cover and related tools for renewable energy project developers operating in developing countries.

Incorporate Climate Change into our Investment Strategies

  • Our equities are managed by F&C Asset Management who apply a ‘responsible engagement overlay process’ to client funds.  This includes encouragement for appropriate climate risk disclosure as well as periodic reports back to RSA.
  • We have initiated a review of our pension fund’s Statement of Investment Principles with a view to engagement with Trustees and other stakeholders, with particular reference to climate change.
  • We are currently planning research on investments to understand further how they might accommodate climate change issues.

Reduce the Environmental Impact of our Business

  • We continue our tradition of robust public reporting on our climate change impacts in both our Annual Report and Accounts and our dedicated Corporate Responsibility report.
  • We set public targets for reducing our impacts and report on progress against them
  • Our disclosures take account of recognised guidance including DEFRA, ISO 14064, Carbon Disclosure Project , GRI and the Greenhouse Gas Protocol
  • We have been encouraging staff to work together in groups to identify and reduce their carbon footprint at home and in late 2008 we also introduced a flexible benefits programme for employees which allows them to measure their footprint and buy (discounted) carbon offsets
  • Our procurement function has upgraded its consideration of corporate responsibility issues (including climate change) and we have also been working with key partners in the claims supply chain to understand their impacts

Report and be Accountable

  • In 2008 we refreshed our governance framework. Responsibility for climate change (as a major element within our overall corporate responsibility programme) rests with the Group CEO who chairs the twice annual review of CR by the Group Executive Committee and also the annual review by the Board
  • Full information on our management of climate change is given in our Corporate Responsibility report

Finally we fully support the public statement by ClimateWise on the need for a new climate change framework to follow on from the Kyoto Protocol. The framework (to be agreed in December 2009 in Copenhagen) needs to address three key areas:

  • A commitment by all countries to develop and implement national adaptation plans to effectively manage climate risks;
  • A clear, long-term international arrangement for collecting and sharing climate data;
  • A review of synergies between adaptation and mitigation.