Insurance
The insurance industry has an important role to play in meeting the challenges of climate change. NN Group can help enable the transition to a low-carbon economy by offering products and services that address the environmental challenges our customers face. Such as developing new products and services that contribute to a low-carbon economy and helping insure our customers against the impacts of climate change.
Commitment to net-zero underwriting portfolio
NN’s objective is to transition our underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.
Our approach
Decarbonise our underwriting portfolio by reducing insurance-associated GHG emissions
Engage in the value chain to accelerate action to reach net-zero in the real economy
Insure climate solutions to play our part in enabling the transition to a net-zero economy
Contributing to the decarbonisation of the economy is a relatively new area for insurers, with work still being done to assess how to approach this. We believe that knowledge sharing with key players in the international (re)insurance market is an important part of exploring how insurance companies can play a role. We are, for example, a member of the Forum for Insurance Transition to Net Zero (FIT) where we collaborate to advance net-zero insurance thinking and practices.
Thermal coal mining and unconventional oil & gas exploration for insurance underwriting
In the NN Group Responsible Insurance Underwriting (RIU) Framework policy, we have defined specific sustainability sensitive sectors. Thermal coal mining and unconventional oil and gas exploration are examples. We consider there to be a high risk of negative impact from these two sectors, especially in relation to reaching net-zero targets in 2050 and limiting global warming. This is why the RIU policy restricts providing insurance services to companies that derive their revenues from thermal coal mining or unconventional oil and gas (shale gas, shale oil, oil shale, Arctic oil and oil sands). There are some exceptions, however. Package and company insurance within our marine cargo business is exempt from this coal exclusion policy. Furthermore, if products or services are intended for the benefit of employees, such as pension products and workers compensation, a case-by-case evaluation might lead us to waiver this restriction. On a more general note, while our insurance underwriting exposure to coal-related business is limited, we believe this more stringent approach sends a strong signal to the market.
