Several companies took steps towards addressing environmental, social and governance issues during April.
The most notable of these was the launch of the Net-Zero Insurance Alliance, which saw seven European carriers join together in an initiative as part of the newly launched Glasgow Financial Alliance for Net Zero.
Axa, Allianz, Aviva, Munich Re, Scor, Swiss Re and Zurich all committed to the initiative, which is significant from an industry perspective as it seeks to address the consistency of reporting frameworks as carriers pursue net-zero goals.
As outlined elsewhere in this edition, April also saw the launch of the Axa Climate School, a training programme geared towards building employee understanding of climate issues which will enable them to help drive transformation at their companies.
And Scor has also stepped up its efforts to reduce the carbon intensity of its investments, with the reinsurer committing to reduce the carbon intensity of its corporate bond and equity portfolios by 27 percent by the end of 2024.
April also saw the first ESG report from newly merged Bermudian carrier SiriusPoint, which outlined some of the initiatives the company is planning over the coming year.
Munich Re has this month revamped the remuneration system for its senior management to introduce a category of ESG targets.
From 1 January 2022, these ESG targets will represent 20 percent of the multi-year bonus for senior management, the reinsurer has said.
Rival Swiss Re has previously announced it is taking steps to integrate ESG targets into its remuneration strategy.
In an interview in April’s edition of The ESG Insurer, Swiss Re CEO Christian Mumenthaler said the group was moving towards “increasingly quantitative” ESG targets in 2021.
Below are the key ESG announcements within the sector during April: